A Healthy Retirement Is A Secure Retirement
    At Medico, our mission is to help customers secure their financial futures. To do this right, it is important to take an approach that gives customers a strong financial foundation with solutions for their health protection. According to a report from Fidelity Benefits Consulting, an average 65-year-old couple will need around $275,000 in today’s dollars to cover healthcare costs through their retirement years. Solutions to help cover health care expenses, including keeping consumers healthy and active, and providing effective health care options will be critical in the overall financial planning process.                                                                                                                                                                                                                 

    Within the Medicare Supplement market, changes such as MACRA regulations to begin in 2020 are already influencing consumers as they start to understand the financial impact of the shift to cost-sharing plans. Congress included this to reform the Medicare payment system to share more health care costs with policyholders by eliminating first dollar Part B coverage to those who are newly eligible.

    Additionally, more consumers are electing high deductible coverage plans to help keep their monthly premium payments down. This creates a gap as the risk of out-of-pocket expenses in the event of sickness or illness increases for the consumer. 

    When all factors are considered, the shift to high deductible plans, increasing healthcare costs, and changing health care needs creates an excellent opportunity for carriers to provide health protection solutions that ultimately help consumers secure their financial futures. 

    Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company offer a robust portfolio of product solutions for senior consumers to help fill their coverage gaps including:

    • Medicare Supplement
    • Dental, Vision and Hearing
    • Hospital Indemnity
    • Short Term Recovery Care
    • First Diagnosis Cancer
    • Final Expense

    No matter where consumers fall in planning for healthcare in retirement, Medico has a complete set of comprehensive and affordable products to help them make smart, financial decisions. Solutions that help consumers secure their financial futures are more than just selecting an annual health plan. They are the foundation to protecting health, happiness and the financial future for the entire family. Protection plans in place today, while consumers are healthy, allow them to focus on recovery when they aren’t. 

    Medico’s products are sold through independent agent and career agent relationships. Research continues to validate senior consumers prefer to work with a broker. This consumer group has also increased its use of online research, and yet they continue to prefer working with a trusted advisor to make important financial protection decisions. That’s why Medico is committed to providing agents with the tools they need to serve their customers and exceed their expectations.  

    Partnerships for the Future
    A recent insurance consumer study helps prove the trend in placing more value on the customer experience. The study highlights some key components of a positive customer experience, which include: 

    • Protection—Planning for the high cost of care.
    • Customization—How product designs can meet personal needs. 
    • Digitization—How customers interact with a carrier to build a relationship. 

    The insurance industry has already experienced a disruption on the property and casualty side, and those carriers understand they must be able to work with customers in the way their customers want to do business. This includes digital and mobile capabilities in real-time while also offering an opportunity for in person, one-on-one interaction.  Across the country, insurance carriers are investing in technology and relationship building services and tools. Companies who truly understand their customers’ preferences and have the ability to meet and exceed their customers’ expectations will continue to challenge the industry.                                                                                                                         

    The good news is the industry is striving to get closer to the customer through diversified product solutions, expanding partnerships with distribution, collaborating across carriers, and leveraging technology.  

    Adapting to customers’ changing needs and expectations is the key to success as digital technologies continue to impact consumer behavior. Medico is investigating new technologies by partnering with companies who allow us to be more innovative and agile. Through these new partnerships, Medico will position its business for future value. 

    This is a “people helping people” business. And Medico continues to invest in our people, our platform, and our products to improve our customer’s journey through retirement and help them secure their financial future. [TS]

    Tom Swank, Chief Executive Officer, American Enterprise Group