Millennials make up more than half the workforce and yet roughly 20% lack healthcare coverage. This number of uninsured millennials has grown steadily over the last 4 years. So why does the largest generation in the country have the highest rate of uninsured adults? According to a 2019 Transamerica Center for Health Studies survey, the challenges facing millennials and why they are not buying health insurance include:
#1. Lack of knowledge regarding the application process
Solution. With so many healthcare options to choose from in this digital age, finding a starting place can be challenging; however, there are services and online platforms that make the process easier to find what you’re looking for. And, if you have questions, many of these sources have licensed representatives to assist you with making an informed decision regarding your purchase.
A common myth amongst millennials regarding healthcare coverage is the idea that they do not need it unless they are sick or have had health issues in the past. That is far from the truth. The value of health insurance coverage is being prepared for potential major medical expenses. In fact, the best time to get insurance is when you are healthy.
#2. Bad timing. Not enough time during open enrollment.
Solution. Open Enrollment creates the illusion of missing out on healthcare coverage plans if not chosen in the allotted time. However, the truth of the matter is there are options that will allow you to navigate a healthcare marketplace and find the right plan options to fit your needs all year round. Don’t be fooled! You still have time.
According to the Transamerica survey, millennials lack knowledge of coverage options but are well aware of the government open enrollment deadlines (November 1 – December 15). Millennials know they are supposed to act within 45 days of open enrollment but the time frame is not long enough to educate themselves and make a decision on their healthcare needs. During this 45 day timeframe, most Americans are focused on holiday plans, travel, and family. Even with the number of advertisements about open enrollment the deadline easily gets lost in the holiday rush. Out of sight, out of mind.
#3. Difficulty navigating health insurance exchanges
Solution. Find a marketplace that makes it easy to navigate through coverage plan options. They do exist! Technology now allows for a more customer-friendly approach to bringing the right healthcare coverage plans to you. System algorithms have become so sophisticated that after only asking a few detailed questions the right plan to fit your needs appears on your screen. It’s that simple.
#4. Lack of information to make an informed decision on the plans available.
Solution. Find the right marketplace that provides helpful information as well as licensed representatives to answer your questions and concerns. Finding the right healthcare plans in 2020 is easier than it has ever been.
Candor USA is the SaaS company that empowers MGAs and Wholesale Brokers to digitally transform the healthcare insurance brokerage business.