Age: Pivotal to Understanding Consumer Health Behavior
Report Summary
Age: Pivotal to Understanding Consumer Health Behavior
Consumers’ health coverage, renewal behavior, and product preferences vary considerably by age demographic.
Boston, March 2, 2012 – A new report from Aite Group analyzes age-based consumer behavior in the U.S. healthcare market. Based on a Q4 2011 Aite Group survey of 1,008 U.S. consumers, this report discusses age distribution among consumers who participate in the healthcare insurance market and reveals their attitudes toward healthcare options, social media’s relevance in healthcare, premiums and payment methods, and wellness programs.
Consumers’ health coverage, renewal behavior, and product preferences vary considerably by age demographic. Health-plan-provided information relating to cost savings and health tips, for example, is more highly valued by senior citizens than by any other group, and younger consumers are more likely to engage with their health provider via social media outlets. Regardless of age, all survey respondents cite price and standard benefits as crucial factors in healthcare-plan selection. Industry stakeholders such as health plans, financial institutions, and healthcare vendors will benefit from this knowledge when developing product offerings and marketing strategies.
“Interestingly, consumers between 30 and 39 years of age are the most familiar with their healthcare needs,” says Kunal Pandya, senior analyst with Aite Group and co-author of this report. “This set of consumers—along with consumers 18 to 29 years of age—will be key participants in dictating how the healthcare market evolves, setting expectations concerning how different technologies are integrated and utilized and changing the market to a consumer-based industry. They will also be essential in defining how the market shifts from a defined-benefit to a defined-contribution model.”
This 41-page Impact Report contains 37 figures. Clients of Aite Group’s Health Insurance service can download the report.