This year’s open enrollment period is shaping up to be another successful one at Softheon. Despite median net premiums increasing about 21% year-over- year, what is the key driver for this success? The answer- healthy renewal numbers.
Softheon is seeing a renewal rate of nearly 82%! This means factors, including quality and availability of service, are making the monthly costs much more palatable. At Softheon, while we would love to take credit for these happy and healthy members, it’s really all attributed to the hard work and dedication of our issuers.
With the 2019 Open Enrollment period coming to an end, we would like to share a few metrics:
Monthly Premium Costs & Subsidies
- Median Gross Premium are up 10.9%, from $701.88 in 2018 to $778.26 in 2019
- Median Subsidy are up 5.8%, from $591.00 in 2018 to $625.00 in 2019
- Median Net Premium are up 21.1% from $701.88 in 2018 to $778.26 in 2019
Plan Selections Rates by Metal Level
- Sliver plans account for 44.5% of enrollments in 2019, up slightly from 43.96% in 2018
- Bronze plans account for 21.8% of enrollments in 2019, a large decrease from 36% in 2018
- Expanded Bronze plans account for 23.2% of enrollments in 2019, a large jump from 9.1% in 2018
- Gold plans account for 9.4% of enrollments in 2019, slightly down from 9.8% in 2018
- Platinum plans account for 0.2% of enrollments in 2019, the same rate as in 2018
- Catastrophic plans account for 0.8% of enrollments in 2019, the same rate as in 2018
Membership Demographics: Age Breakdown
All of these metrics are available to Softheon’s clients in real-time through our Foundry platform. Foundry can capture and track every touchpoint and analyze both interactions and behaviors of members. This gives both our teams and our clients the ability to watch trends develop through real-time reporting and turn data into valuable information. We are excited to continue expanding on this data analysis for years to come!