Continued investment in consumer-centric shopping, enrollment, and engagement platform delivers a differentiated consumer experience and drives high quality outcomes
CHICAGO, October 11, 2023 – GoHealth, Inc. (Nasdaq: GOCO), a leading health insurance marketplace, today announced the launch of PlanFit CheckUp, a seamless offering designed to remove stress and enhance the experience for consumers shopping for a Medicare Advantage plan.
Backed by analytics from nearly 30 million consumer touchpoints and machine learning technology, GoHealth’s proprietary PlanFit Tool helps GoHealth’s licensed agents match consumers to the best plan based on their profile and priorities. GoHealth is further distinguishing its industry-leading model by investing in the long-term consumer relationship, aligning consumer healthcare needs with agent compensation to create a pressure-free Medicare shopping experience. Specifically, GoHealth agents who complete a PlanFit CheckUp are compensated regardless of whether the assessment results in an enrollment – for example, if the consumer is already on the best plan to suit their needs.
As the popularity of Medicare Advantage plans continues to skyrocket, consumers have far more options than ever before. In 2023, the average Medicare plan shopper could choose from 44 different plans, an increase of 84% just since 2019. At the same time, a recent GoHealth study shows that 41% of Medicare enrollees have not shopped since initially enrolling in Medicare, putting them at risk of having an outdated plan as individual health needs are always changing, and many health plans change coverage and benefits each year. PlanFit CheckUp enables consumers to navigate this crowded space, regularly assessing the appropriateness of their current plan through a data-driven customized process, guided by the trusted expertise of a licensed GoHealth agent.
“We are committed to providing peace of mind to Medicare consumers so they can focus on living life,” said Vijay Kotte, CEO of GoHealth. “With PlanFit CheckUp, we are proud to be investing in long-term relationships with millions nationwide, providing a trustworthy solution to regularly ensure they’re enrolled in the right plan to meet their individual needs with a focus on quality.”
The Company continues to advance its ongoing strategic Encompass transformation, focused on high quality enrollments, diversifying cash inflow timing from innovative contracting approaches, and delivering operational efficiencies from new technologies and reduced variable costs.
“This year, we’ve been driving our ongoing business transformation with great success,” said Vijay Kotte, CEO of GoHealth. “As our Encompass model approaches its first full year of launch at scale, we have seen improvements in our cash flow from operations and accelerated profitability. This enables incremental investment in our consumer-centric platform, helping us deliver best-in-class options as we continue to partner with like-minded health plans focused on quality enrollments. In doing so, we are able to deliver even greater value for our consumers as well as for our shareholders.”
Learn more at www.GoHealth.com
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These forward-looking statements speak only as of the date of this release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including important factors described in the section titled “Risk Factors” in our 2022 Form 10-K, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and in our other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Source: Medicare Advantage in 2023: Enrollment Update and Key Trends; KFF https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2023-enrollment-update-and-key-trends/
Source: In a Shifting Market, Medicare Advantage Shows Continued Growth; Chartis https://www.chartis.com/insights/shifting-market-medicare-advantage-shows-continued-growth
Findings in the release came from a proprietary GoHealth survey conducted in July 2023 consisting of more than eighteen hundred U.S. adults who are eligible for Medicare.
About GoHealth, Inc.
GoHealth is a leading health insurance marketplace and Medicare-focused digital health company. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to build trusted relationships with consumers and match them with the healthcare policy and carrier that is right for them. Since its inception, GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com/.