Recent numbers indicate consumers are shopping for health insurance earlier than ever before.
CHICAGO, Ill. (November 10, 2015) — Private insurance exchange ConnectedHealth, which helps employees and individuals achieve better health and financial security, today announces early results from 2016 open enrollment. The company’s award-winning Smart Choices™ Marketplace platform experienced more traffic in the first week of the current open enrollment period than the first full month of the 2015 season.
“ConnectedHealth’s strong numbers early on underscore the growing reception we’re seeing in the private exchange industry from employers and consumers alike, particularly at a time when recent reports indicate that state exchanges and co-ops are struggling to find their footing,” said Joe Donlan, president of ConnectedHealth. “As healthcare affordability continues to be a primary concern, we’ve introduced financial wellness tools and other engagement tactics that help consumers weigh coverage options against their personal situation and preferences, so they can make the best decisions possible.”
Additional data points from the first full week of ConnectedHealth’s 2016 open enrollment period include:
- More than half of ConnectedHealth consumers are already shopping for plans and/or have started or completed the application process for medical coverage — a 31 percent increase from week one of the 2015 season.
- One-third of consumers on the platform are shopping for subsidy-eligible plans.
- 15 percent of early shoppers are looking to purchase coverage for the remainder of 2015 because they experienced a qualifying life event (e.g., a new job or relocation to a new state) — indicating an increase in consumer awareness of the importance of health coverage.
- ConnectedHealth’s call center experienced a 32 percent decrease in call volume last week compared to the same time last year, despite having a higher number of customers shopping for coverage online during the start of this 2016 season. This suggests consumers are feeling better equipped to make important decisions about their coverage online with the help of decision-support tools.
A recent ConnectedHealth survey supports that healthcare affordability is a top concern, with 44 percent of U.S. adults who purchase their own health insurance experiencing out-of-pocket costs higher than expected, and more than one-third reporting that they’re not confident they could pay their premium if it increased by 10 percent. Consequently, ConnectedHealth shoppers are encouraged to use free financial wellness tools, such as My Thrive Score, which offers a “credit score” for an individual’s health and financial security status. ConnectedHealth will offer other resources and products in the coming months to help consumers navigate the complexities in insurance products today.
ConnectedHealth makes it easy for consumers and employees to shop for personalized insurance benefits online. Founded by the pioneers in consumer healthcare transparency, the company’s award-winning e-commerce platform helps businesses control costs and supports their entire workforce in protecting their health and financial security. Learn more at ConnectedHealth.com or on LinkedIn, Facebook and Twitter.