The next wave of COVID-19: death by a thousand cuts of unemployment health insurance loss
A story playing out in various forms across the country
Jack Smith (obvious fictitious name) sat at the desk of his upper-class suburban home situated outside a large urban area, staring into his laptop during another ‘virtual meeting’, that was dragging on. A successful 38-year-old sales leader with a major technology firm, Jack had the sinking feeling there was something ominous coming, like an approaching hail storm. Another 5 minutes of hemming and hawing about how the COVID-19 crisis was putting extreme pressure on the organization, “the ‘team’ is putting up a valiant fight”, “we’re all in this together”, “we will prevail” yada, yada, yada. Then, the division VP lowered the boom. “I’m sorry to tell all of you on this call that effective this Friday, you are being furloughed. You will be eligible for COBRA health insurance coverage or other coverage you may choose, at your own expense”.
Jack felt his heart tense and a sharp pain start behind his ears. The Smith’s had taken care of their money and had a few months cash to see them through emergencies. But this “Corona crisis” had a bunch of unknowns that seem to shift every week. His family was relatively healthy and Jack knew his company’s health insurance was really good….and an expensive benefit; something that kept him from jumping to industry competitors a few times over his 11 years at the firm.
Jack did a quick calculation on his ‘new reality’ of no company sponsored health insurance coverage. He then thought about his wife’s pregnancy, their 4th, with her delivery date, only 3 months away. No way he could pay for that out-of-pocket.
Let’s see, mortgage payment, new car lease due on the 15th, daughter’s private school tuition, water heater needs replacing, still time to cancel summer vacation plans……
Jack then heard his name being called by the talking head VP, “Jack, not like you to be without a comment”. Jack choked down his impulse to ask if the VP was going to stand in the rain without an umbrella also, but he remembered the word “furlough” versus the nastier alternatives “downsized”, “reduction in force” or its evil cousin “terminated”. Instead he coolly replied, “onwards and upwards”, his standard line for tough situations. His headache moved from the back of his head to his neck.
Just the facts Jack
· Latest estimates indicate that more than 20 million people are losing job-based health coverage and will become eligible for ACA coverage through Medicaid or marketplace tax credits
· Nearly six million are not eligible and will have to pay the full cost of coverage, and many could end up uninsured
· About two million more people in states that did not expand their Medicaid programs under the ACA will move into the Medicaid coverage gap and have no affordable option.
Opportunities to ‘Jack-up’ your prospecting and results
Take a data driven approach to helping Health Insurance Marketers maximize their current ad spend by identifying all relevant life events including getting married, having a baby, getting divorced, moving, turning 26, income changes, and recent change in work status.
Reach ‘at risk’ prospects via multi channel marketing (direct mail, e-mail, social media, phone calls) for acquisition and retention using high power data.
Brooks Integrated Marketing knows ‘Jack’ and is ready to support you
Brooks Integrated Marketing can help optimize your prospecting and marketing investment by making every dollar count. BrooksIM is an integrated marketing firm that specializes in cleaning and appending customer databases, as well as developing client target markets. We provide quality data analysis, and a commitment to listening to our client's needs.
Our consultants have years of experience with seasoned marketing knowledge. With our combined experience and knowledge, our team is well suited to help our clients accomplish their business goals.
Data Hygiene: Restart your efforts with clean and accurate customer data. If you are using a CRM system, chances are your inputs are dated and therefore your outputs (direct mail, social media, e-mail and more) are being deflected or totally missing the mark.
Best Customer Profile: With the chaos of Coronavirus, chances are your ‘best customer’ may look different than he/she did just 6 months ago. This shift will definitely impact whom and where you want to prospect.
Improve your Customer Segmentation: Refining your customer segments with better targeting through increased pixelation of data will improve your commercial ROI with the right message for each target.
Brooks Integrated Marketing (www.brooksim.com) and ProspectsIM (www.prospectsIM.com) have all the resources you need to effectively, efficiently and economically power-up your efforts to engage post-Corona revenue sources. Call or e-mail us today