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How Wearable Technology is Affecting Medicare

An emerging trend in the healthcare industry is wearable technology, which is reshaping how Medicare brokers advise their clients. Major carriers are not adopting policies that incorporate wearable technology.

Just what exactly is wearable technology? These devices are commonly worn as bracelets or rings and can monitor or track major health concerns among Medicare beneficiaries. Activities such as sleep health, eating habits, exercise, and more disease precursors are all monitored by the individual (and the app) who pays attention to trends and spikes.

Rosamaria Marrujo, a board member of the Sacramento Association of Health Underwriters (SAHU), says, “These factors could theoretically bring down insurance premiums and therefore change how clients choose their Medicare policies.”

Regulations on wearable technology are underdeveloped relative to the expansion they are seeing. Despite a rising concern for public health due to possible privacy violations, the Food & Drug Administration (FDA) does not classify wearable technology as medical devices. In California, the Consumer Privacy Act went into effect in January 2020, allowing people to stop companies from selling their information upon request. With this implementation, a movement could be sparked, igniting stricter regulations for wearable technology in the health insurance market.

“Both the advancement in wearable tech and these new privacy chances are influencing how older clients are deciding on healthcare plans. The bottom line is, this trend is not stopping; it has already reached Medicare beneficiaries who have questions. The successful Medicare brokers will be able to anticipate this and explain the impact to their clients,” said Marrujo.

For more information about offering Medicare to your clientele, contact the experts at Omega Benefit Strategies today.
 

Omega Benefit Strategies provides seniors who are affiliated with credit unions, labor unions, and associations an educational resource for Medicare. Our turnkey marketing packages seamlessly integrate with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

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Five Tips to Maximize Your Brand Visibility with Experiential Marketing

As you review your brand’s marketing strategy for the new year, you might be leaning toward experimental marketing, which can provide more of a Return on Investment (ROI) than traditional advertising sources. Experiential marketing (also known as engagement marketing) invites an audience to interact with a business in a real-world situation. Using hands-on, tangible branding material, the company can showcase its goals, values, and offerings.

  1. Consider your audience: While experimental marketing is a wonderful way to connect with your audience, in the COVID-19 era, it might not be the best strategy for everyone. Before implementing your plan, consider who you are trying to reach. Think about the best way to connect with them in the safest and most comfortable way possible.
  2. Utilize technology: The best way to reach your customers might be through a social media platform such as Facebook Live, Instagram, or YouTube. There are many tools available online to orchestrate virtual events, meetings, and the like. These applications are beneficial for complying with state or local COVID-19 protocol. Moreover, you can expand your reach through technology, as some people might not have participated if not for a virtual setting.
  3. Create focus groups: When looking to implement experiential marketing, develop unique ideas through focus groups. Discover how these individuals react to specific strategies to gauge how your audience will respond. Engaging focus groups will help predict your overall audience reactions.
  4. Be bold: Fully understand your marketing strategy while delivering a clear and concise message. Create a world where your audience can fully engage in your story. Provide delightful, shocking, and surprising marketing campaigns. Showcase your brand and give your audience tools to share it with the world.
  5. Plan accordingly: Take educated risks without rushing too much. It’s easy to get excited and start implementing ideas, but don’t get sloppy. Your audience of customers can easily scrutinize, so make sure your strategy is strong, direct, and can stand up to opposition.

Omega Benefit Strategies provides seniors who are affiliated with credit unions, labor unions, and associations an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.