Celent just completed a survey of medicare supplement providers concerning market issues and technology usage. The results reflect a commoditized product that is poised for growth, but supported by sales and administration technology, which is limited in its functionality. Without automation implementation, Celent expects costs to increase proportionately with the future increase in business. For some companies, system investment and effective implementation will yield valuable leverage in this space.
Medicare Supplement (Med Supp) insurance covers medical costs that are not typically paid by traditional Medicare program. The Federal Government sets basic standard policy conditions, individual states regulate the product and distribution and the private sector sells the coverage. According to an Americas Health Insurance Plans study, Med Supp is purchased by 29% of Medicare beneficiaries.
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