Understanding the senior market: Key insights for brokers
Understanding the senior market: Key insights for brokers
The more you know about the senior customers you're working with, the better equipped you are to succeed.
The more you know about the senior customers you're working with, the better equipped you are to succeed.
Growing market
The senior market is growing rapidly, with 78 million Medicare-eligible consumers projected by 2032.1 Within that group, Medicare Supplement enrollment is expected to increase by 20%, reaching 17.4 million enrollees.1 This expanding market presents both opportunities and challenges for brokers who must understand the unique concerns, behaviors, and financial realities of senior consumers to communicate effectively, interpret their needs and build lasting relationships.
Financial challenges
One of the biggest considerations for seniors is the rising cost of healthcare. In 2022, adults 65 and older spent an average of $7,540 out-of-pocket on healthcare, a 47% increase since 2012.2 About half of U.S. adults say it is difficult to afford healthcare costs and one in four say they or a family member in their household had problems paying for healthcare in the past 12 months.2 With a median income of $29,740 in 2022, affordability is a key factor in their healthcare decisions.3
Digitally savvy
Seniors are also more digitally engaged than ever before. One in four seniors shop for coverage online, and Medicare.gov remains the top resource, followed by carrier websites.1 Approximately 86% of seniors use email, and two out of three are active on Facebook and YouTube, with half spending at least 15 minutes per day reading articles or browsing Facebook.1 Understanding these digital behaviors can help brokers tailor their communication strategies, whether through email outreach, social media engagement, or user-friendly online resources. Be sure to checked out our Broker Social Media Kit with training and pre-designed posts.
With an aging population, and increasing financial and healthcare challenges, brokers who take the time to understand the senior mindset will be better equipped to serve their customers. Recognizing their concerns, offering clear and empathetic communication, and utilizing the platforms they trust, will help brokers build stronger connections and provide real value to this growing market.