New ad campaign seeks to engage young consumers
Washington’s health insurance exchange has been having trouble appealing to a certain demographic. Those between the ages of 18 and 34 account for only 23% of the more than 90,000 people that have purchase coverage through the state’s exchange thus far. Exchange officials are hoping to better engage young consumers by launching a new ad campaign. If young consumers continue to avoid the exchange, and insurance coverage in general, it could turn out to be a somewhat costly problem for the insurance market.
Insurers worry about a market filled with older, sicker consumers
In the wake of the Affordable Care Act, insurance companies had warned that young consumers had little to no reason for purchasing insurance coverage. These consumers tend to be relatively healthy and durable, with many seeing insurance coverage as an unnecessary expense. Moreover, a large number of younger consumers are able to remain covered through their parent’s insurance plans until the age of 26, further limiting their interest in insurance. If the market is filled with older consumers with chronic medical conditions, insurers are likely to see a great deal of financial loss from the medical care they cover. These losses could easily translate into higher insurance premiums.
Exchange aims to raise awareness of services
The Washington health insurance exchange is working to engage young consumers more effectively. Exchange officials suggest that many consumers are still unaware of the services that are offered by the exchange. Notably, many young people throughout the state that are interested in insurance coverage do not know that they may be eligible for federal subsidies that are meant to make insurance coverage more affordable. Many people also do not know about health insurance navigators, whom are able to help consumers find the best coverage for their particular situation.
Ad campaign may help attract more attention to the exchange
The new ad campaign covers TV, radio, digital, and print media. The campaign will run through the end of March, when the open enrollment period for the state’s exchange comes to an end. State officials are hoping that the campaign will draw a significant amount of attention to the insurance exchange and the new campaign will be augmented by several others that will be launched in the coming weeks.