Medicare-eligible Population and Expected Growth
A recent report from Telos Actuarial highlighted what is to be expected for growth in the Medicare-eligible population. Driven by the “Baby Boomer” generation (those born between 1946 and 1964), this population has grown significantly and is expected to grow over the next 10 years from 65 million to nearly 79 million (21% growth). Partly due to these projections as well as other industry factors, ManhattanLife acquired Standard Life and Casualty Insurance Company in 2020. Then, using Standard Life as a foundation, a “seniors” business unit was formed to focus on the individuals aging into Medicare and what their insurance needs are as they approach Medicare and progress through their retirement years. The rollout of The Lighthouse Series of products was the first step in this journey to building this business and driving revenue/earnings growth for the company. To help achieve these growth goals, this business has focused on integrating and stabilizing core operations, expanding the product portfolio, and expanding distribution through the addition of newly contracted agents and the expansion of Under 65 agents selling Lighthouse Series products.
Significant progress has been made in all of these areas. Currently, there are 3 field sales RVPs on the team that support these initiatives. Additionally, 2023 has been an amazing year of product innovation, expansion, and growth. While not a comprehensive list, here are some of the key product highlights from this year:
- Secure Advantage Final Expense product is now available to quote and enroll on ManhattanDirect 2.0.
- Adding a $5,000 max plan option to the very competitive DVH Select product
- Launching the industry-leading OmniFlex™ Short-Term Care product
- State expansion of many products, including Cancer/Heart Attack/Stroke, Home Health Care and DVH Select.
- Rollout of the new Home Health Care plan adding even more features, benefits, and riders to the legacy Home Health Care product.
And there is more product news to come including the future launch of a very competitive Hospital Indemnity product that will serve the Under 65 and the Over 65 populations with a specific focus on providing coverage for the gaps in the increasingly popular Medicare Advantage plans that seniors are buying in record numbers. Exciting times for sure!
President of Standard Life and Casualty