Medicare Advantage is the place to be, if you are an insurance company. Over recent years, the number of insurance companies offering Medicare Advantage plans have increased, as well as the number of Medicare Advantage plans available to consumers. While most of these new entrants offer the typical and popular HMO or PPO-type plans, Lasso Healthcare Insurance Company chose a much different path.
Founded in 2018, Lasso Healthcare chose to offer a rare Medicare Advantage plan type called an MSA, or Medical Savings Account. MSAs were historically only offered by a small handful of carriers in just 3 local markets in the U.S. Lasso Healthcare launched their MSA plan to 17 states for 2019 coverage.
With a a) fairly large geographic area to cover, b) an expansive and well-funded competitor pool, c) a relatively unknown product type, d) a distribution model focused mainly on local, independent insurance agents and brokers, and e) a limited marketing budget, how would Lasso Healthcare and its MSA be accepted in the market?