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Rethink Health Insurance

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The way people work is changing, and that means how people access healthcare and buy health insurance is changing, too. But what are younger generations looking for in health insurance? Learn more below.

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The Future of Insurance for Millennials and Gen Z

American health insurance has been tied to traditional employment since the 1940s

  • But younger generations are changing the way we work ー How will the system adapt?

How Millennials And Gen Z Feel About Their Healthcare
The expectations for healthcare ─ and health insurance ─ are changing

  • Dissatisfaction With The Status Quo
    • Millennials are dissatisfied with
      • Wait time for appointments: 21%
      • Convenient availability: 16%
      • Office efficiency: 16%
    • Use of primary care providers is down from their parents’ generation
      • Millennials: 67%
      • Gen Xers: 78%
      • Boomers: 85%
    • Younger generations are also more likely to ask for price estimates upfront
      • Millennials and Gen Z: 84%
      • Baby Boomers: 65%
        • BUT only half of upfront estimates are accurate
  • New Priorities, Old Health Insurance

Work flexibility is very important to younger generations

      • Millennials: 50%
      • Gen Z: 44%
    • Because of this, many are changing how they work
      • In the past year, 20% of Millennials have switched jobs
      • As of 2017, more than half of Millennials freelanced

BUT just because they’re working differently doesn’t mean younger generations are working less ─ 84% have experienced burnout from overwork

    • The majority of non-traditional workers lack the benefits of traditional employment
      • Medical insurance: 60%
      • Dental insurance: 75%
      • Life insurance: 79%
      • Short-term disability: 95%

Millennials Need Different Healthcare
Millennials are now the largest slice of the adult population ㅡ don't ignore their unique needs

  • What Do Millennials Want From Their Healthcare?
    • To know their physician is good before their visit
      • 76% read reviews from other patients before choosing a doctor
    • To book appointments and pay bills online
      • 74% prefer this to in-person
    • To have patient-centric healthcare experiences
      • 47% who switched providers blame poor customer service
  • Why Have Younger Generations Changed Healthcare Plans?
    • Felt like company representatives weren’t knowledgeable 37%
    • Weren’t getting good value of cost vs coverage 22%
    • Plan did not support their preferred provider 19%
    • Poor range of options available with previous provider 13%

As of 2017, less than half of Millennials felt supported by their healthcare provider

The Future Of Insurance

  • Emphasis On Customer Service
  • Ditch the phone lines: More than half would prefer a provider offering their preferred communication method
    • Such as text, email, and videoconferencing
  • Cost is key: Knowledgeable service representatives help members know what is covered and what is not with no guesswork
    • 54% of Millennials would avoid seeing a doctor to save money
  • Transparency

9 in 10 Millennials are loyal to brands that are transparent in terms of service and price

    • What do younger generations want from their insurance provider?
      • Access to healthcare information through website and mobile app
    • Millennials are 5X more likely* to choose a carrier with better digital support and service
  • Individualized Plans
    • As more data is collected, insurers can learn much more about their customers
    • This could allow carriers to understand their members as unique cases with unique needs
      • BUT more data collection could come with new privacy challenges
    • Personalized care is the way of the future ー Only 1 in 3 millennials feel that the current healthcare system treats them well

Millennial and Gen Zers have different expectations for insurance ㅡ Will the industry adapt?
Sources:
https://www.mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance
https://riskandinsurance.com/3-trends-that-will-disrupt-the-insurance-industry-in-the-next-decade/
https://www.salesforce.com/form/industries/2015-state-connected-patient/?d=70130000000i8IW&nc=70130000000i8IR
https://www2.deloitte.com/us/en/pages/about-deloitte/articles/burnout-survey.html
https://www.accenture.com/t20170421t041025z__w__/us-en/_acnmedia/pdf-50/accenture-health-millennials-a-missed-opportunity.pdf
https://www.accenture.com/_acnmedia/pdf-94/accenture-2019-digital-health-consumer-survey.pdf
http://www.millennialmarketing.com/wp-content/uploads/2017/11/Barkley_Report_NewPicOfHealth_FINAL2.pdf
https://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/
https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_444_millennialhealthcare-5mar18.pdf?sfvrsn=3f35342f_2
http://research.prudential.com/documents/rp/Gig_Economy_Whitepaper.pdf
https://www.pnc.com/content/dam/pnc-com/pdf/corporateandinstitutional/Treasury Management/Healthcare/patients-take-wheel-Whitepaper_cib-healthcare.pdf
https://newsroom.transunion.com/news-reports-about-a-weakening-economy--impacting-how-some-patients-seek-medical-treatment/
https://www.labelinsight.com/hubfs/2016_Transparency_ROI_Study_Label_Insight.pdf
https://www.upwork.com/i/freelancing-in-america/2017/
https://www.athenahealth.com/insight/grabs-26-year-old-healthcare-consumers
https://www.gallup.com/workplace/231587/millennials-job-hopping-generation.aspx
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-2018-millennial-survey-report.pdf
https://www.policygenius.com/blog/who-controls-your-health-data-a-guide-to-your-rights/
https://www.bls.gov/opub/mlr/1994/03/art1full.pdf
https://www.visioncritical.com/blog/millennials-health-care-industry-does-business