Every strategic plan in the credit union industry seems to include one recurring objective: attracting younger members. That’s a smart goal, as future growth depends on it. But as we invest in digital engagement and youth outreach, we must not overlook another critical and growing segment of our membership base: Seniors.
The Demographic Certainty
The numbers tell a clear story. More than 70 million baby boomers make up one of the largest generations in U.S. history. By 2030, every boomer will be 65 or older. The population of adults 65 and older grew nearly 39% between 2010 and 2020, surpassing 51 million. By 2050, that number is projected to exceed 80 million, nearly doubling from current levels.
For the first time in U.S. history, older adults are expected to outnumber children younger than 18 by 2034. Nearly one in five Americans is already 65 or older. This is not a short-term spike, it’s a sustained demographic transformation that will shape financial services, healthcare, and community needs for decades.
Longevity And Complexity
Longer life spans are a triumph of modern society, but they bring new challenges. While boomers are living longer than previous generations, they’re also managing higher rates of chronic illness, mobility limitations, and healthcare expenses. The intersection of health and financial wellbeing has never been more pronounced.
Seniors must navigate an increasingly complex Medicare system at a time when making the wrong choice can have long-term financial consequences. Confusion is widespread, and trustworthy guidance is hard to find.
The Case For Credit Union Involvement
This is where credit unions can make a meaningful difference. Our movement has always been rooted in education, service, and advocacy for our members’ best interests. Providing Medicare, ACA (Affordable Care Act) coverage, and healthcare education is a natural extension of that mission. Healthcare becomes a critical decision each family and senior member faces as they approach 65. They need guidance…
- Relieve Stress And Build Trust
Medicare is confusing, just ask any member approaching age 65. There are multiple enrollment windows, dozens of plan options, and constant policy changes. When credit unions offer clear, unbiased education, either directly or through vetted partners, they give members something invaluable: confidence and trust. - Protect Members From Outside Solicitations
Your senior members are being aggressively targeted by external marketing from banks, brokerages, and insurers all competing for their attention. When members receive this kind of outreach from outside organizations, they often assume their credit union isn’t equipped to help. Offering in-house or endorsed Medicare education keeps the relationship within your trusted ecosystem. Importantly, if you launch a Medicare program, be sure you own or control your book. This will help you better control the member experience and any subsequent marketing. - Strengthen Relationships And Loyalty
Members remember who helped them at key life moments. Supporting seniors through Medicare decisions deepens loyalty, fosters multi-generational engagement, and reinforces the credit union’s role as a lifelong financial partner. - Support Strategic And Financial Goals
Providing Medicare guidance can also contribute to non-interest income opportunities and wealth management discussions or referrals. More importantly, it positions your credit union as a trusted holistic financial wellness provider. - Advance The Cooperative Mission
Extending healthcare education to all members, regardless of geography, aligns perfectly with the credit union principle of “people helping people.” It is important to support both Medicare and Affordable Care Act marketplace guidance. Thus, credit unions can ensure that seniors, families, and individuals have access to trusted, independent information that supports their overall wellbeing.
A Call To Lead
Offering Medicare education and guidance is about serving members where they need help most. The demographic wave is already here, and with it comes a tremendous opportunity for credit unions to lead and be the trusted source for Medicare and ACA education.
By stepping into this space, we not only relieve anxiety for members but also reaffirm what makes our movement unique: we educate, we empower, and we care for members at every stage of life.
Rock Carter is a co-founder of MedicareCUSO and is a licensed insurance agent authorized to provide Medicare education for seniors. Rock has been in the credit union space for more than 35 years as a CUSO expert and business partner to credit unions throughout the country. Please visit www.medicarecuso.com for more information.
