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Different Generations’ Expectations for Group Health Insurance

By April 30, 2019Employee Benefits
Millennial view on health insurance

When you set out to provide benefits to your employees, it’s important to understand their point of view. The different generations currently in the workforce — Baby Boomers, Generation X, and Millennials — each have different views on health care and health insurance. It can be a challenge to find a group health insurance plan that’s right for everyone.

Keep in mind, no one likes being stereotyped. There are stereotypes about each generation, like Millennials are lazy and Baby Boomers don’t like technology. Set these aside to make an informed decision about health benefits. Get the facts on each generation’s preferences before you jump to conclusions. We also suggest that you ask your own employees what they value most, as every company is different.

 

Baby Boomer View on Health Insurance

Baby Boomers are the generation starting to retire from the workforce now. They tend to view healthcare more traditionally. They want everything related to their healthcare to be in one place, whether it’s for a doctor’s visit, lab work that needs completing, or any other medical services they need.

When it comes to them choosing a health insurance plan, they rely heavily on word-of-mouth recommendations. If they hear that someone prefers one plan compared to another, they’ll be more likely to choose the plan better received by their friends and coworkers. Because they may potentially have more healthcare problems in the future, they’re going to want a plan with plenty of coverage.

 

Generation X View on Health Insurance

Members of the Gen X generation tend to look up anything related to their medical care digitally compared to the baby boomer generation, but less than Millennials. StatNews reports that they’re also in a unique position because they may be caring for their aging parents as well as their children, who may range from school-aged to teens.

Gen X prefers convenient access to healthcare, whether it’s going to an actual doctor’s office or going to a convenient clinic, so their insurance plans will most likely want to include more generalized rules about where they can receive their care. Also, because this generation is starting to get their preventative screenings, they will need more coverage based on which kind of screening they are receiving.

 

Millennial View on Health Insurance

Because the millennial generation is considered digital natives, they view healthcare as something that should be somewhat digital, whether that’s using the internet to figure out symptoms or video chatting with a doctor instead of going into the office. Just like Gen X, they prefer an ease of access to healthcare. However, unlike previous generations, Millennials are less likely to have a primary care physician.

When it comes to choosing among plans, Millennials want to see everything that’s considered so they can compare and make the best decisions. They also want to see highlights of benefits offered in the plans in a technological setting.

 

Common Threads Among Generations

Even though the different generations want and need different things from their health insurance plans, there are still commonalities they all want.

 

Quality Care

Even though the different generations have different needs when it comes to care, they all want quality care, whether it’s in-person care or video chat care. Regardless of age, people want the best care possible, and they want to feel like their needs are heard. Having quality care from their healthcare provider is going to keep them coming back, as most generations are very brand loyal.

 

Convenience of Care

No one wants to wait around for care if there is a pressing health matter. Having different options to see a doctor — like urgent care or care clinics in grocery stores — where they don’t need an appointment or can go in after-hours is viewed favorably across multiple generations.

 

Transparent Pricing

No one likes to spend money on something unexpected, and some view the healthcare industry as perpetrators of unanticipated medical costs. Members of the different generations like knowing all their healthcare costs upfront, even if they have extra income that would allow them to pay pop up medical costs.

Take the time to work with a broker and find the plan that fits your company best. The more people you get to sign up for group health care, the less expensive the overall insurance will cost.

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