CHICAGO, Ill. (February 10, 2016) — ConnectedHealth, a leading private insurance exchange that aims to help individuals and employees achieve better health and financial security, today announced that it saw a 125 percent increase in applications for medical insurance through its award-winning Smart Choices™ Marketplace platform during the 2016 open enrollment season, compared to 2015.
“This major increase in traffic is an indication of how far consumers have come in understanding how individual insurance works now under the Affordable Care Act. Choosing insurance is often confusing, and ConnectedHealth focused the last year on making it easier for people to understand what they need to do and how to select the right coverage for their own unique needs,” said Joe Donlan, president of ConnectedHealth. “By combining new financial wellness resources with our signature cost comparison tools, we’ve taken important steps in our mission of helping consumers achieve improved health and financial security for the long term.”
ConnectedHealth also reported the following results for the 2016 enrollment season, which began on November 1, 2015, and ended on January 31, 2016:
- Female shoppers outnumbered males by 44 percent.
- There was a 97 percent increase in the number of people who applied for ancillary coverage, specifically dental insurance.
- Plans with lower benefits were more popular in 2016. Seventy-five percent of the plans purchased were either Bronze or Silver (which covers an estimated 60–70 percent of costs), compared to 2015, when most people favored either Silver or Gold plans (covering 70–80 percent of costs).
- Bronze plans were the most popular among both genders, followed by Silver.
- More consumers chose coverage to meet their perceived needs. Females, ages 26 to 40, were almost twice as likely as their male counterparts to buy a Gold plan, yet males, ages 41 to 50, were 50 percent more likely to purchase a Gold plan than females in the same age group.
- Overall, more than 25 percent of users purchased health plans via mobile technology (phone or tablet). Among some of ConnectedHealth’s larger clients, more than 35 percent of shoppers used mobile technology to purchase benefits.
These data points support the following consumer behaviors and trends:
- Consumers purchased more than just health insurance. This implies that individuals seem to understand the importance of both medical and ancillary coverage, taking a more holistic approach to their healthcare. The higher tax penalty for not having health insurance in 2016 may also have led more people to enroll in coverage.
- Consumers shopped earlier than ever before. In fact, ConnectedHealth experienced more traffic in the first week of open enrollment than the entire first month of the 2015 season. Also, surges in activity were seen around major Affordable Care Act dates, suggesting greater awareness about deadlines and the risk of not getting coverage in time.
- Females are the primary purchasers of healthcare. ConnectedHealth’s data is in line with consumer studies that indicate females make a majority of healthcare decisions for their households.
For more information about ConnectedHealth and its Smart Choices™ Marketplace platform, visit www.ConnectedHealth.com.
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.