The Future of Health Insurance for Millennials and Gen Z

The Future ofHealth Insurance FOR MILLENNIALS AND GEN Z What Do The Younger Generations Want From Their Healthcare? American health insurance has been tied to traditional employment since the 1940s But younger generations are changing the way we work How will the system adapt? How Millennials And Gen Z Feel About Their The expectations for healthcare - and health insurance :- are changing Healthcare Dissatisfaction With The Status Quo USE OF PRIMARY CARE PROVIDERS is down from their parents' generation MILLENNIALS ARE DISSATISFIED WITH 00-00, Boomers Gen Xers Millennials Wait time for Convenient Office appointments availability efficiency 21% 16% 16% 85% 78% 67% Younger generations are also more likely to ask for price estimates upfront New Priorities, Old Health Insurance Baby Boomers Millennials and Gen Z BUT only half of upfront estimates |65% |84% are accurate WORK FLEXIBILITY is very important to younger generations 50% 44% Because of this, MANY ARE CHANGING HOW THEY WORK Millennials Gen Z In the past year, 20% As of 2017, more than half of Millennials BUT just because they're working differently doesn't mean younger generations are working less of Millennials HAVE SWITCHED JOBS FREELANCED 84% The majority of non-traditional workers LACK THE BENEFITS OF TRADITIONAL EMPLOYMENT have experienced burnout from overwork Millennials Need Medical insurance Dental insurance Life insurance Short-term Different Healthcare disability 60% 75% 79% 95% Millennials are now the largest slice of the adult population – don't ignore their unique needs WHAT DO MILLENNIALS WANT FROM THEIR HEALTHCARE? 00 To know their physician is good BEFORE THEIR VISIT To book appointments and pay bills ONLINE To have PATIENT- CENTRIC healthcare experiences 76% 74% 47% Read reviews from other patients before choosing a doctor prefer this to in-person who switched providers blame poor customer service WHY HAVE YOUNGER GENERATIONS CHANGED HEALTHCARE PLANS? As of 2017, LESS THAN HALF OF MILLENNIALS FELT SUPPORTED BY THEIR HEALTHCARE PROVIDER Felt like company representatives weren't knowledgeable Weren't getting good value of cost vs coverage Plan did not support their preferred provider Poor range of options available with previous provider The Future Of 37% | 22% 19% 13% Insurance Emphasis On Customer Service Individualized Plans 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? As more data is collected, insurers can learn much more about their customers Ditch the phone lines: MORE THAN HALF would prefer a provider offering their preferred communication method This could allow carriers to understand their members as unique cases with unique needs Access to healthcare information through website and mobile app BUT more data collection could come with new privacy challenges Millennials are 5X more likely than baby boomers to choose a carrier with better Personalized care is the way of the future - Only 1 in 3 millennials feel that the current healthcare system treats them well Such as text, email, and videoconferencing digital support and service Cost is key: Knowledgeable service representatives help members know what is covered and what is not with no guesswork of Millennials would avoid 54% seeing a doctor to save money Sources: bls.gov/opub/mlr/1994/03/art1full.pdf Millennial and Gen Zers have different expectations for insurance upwork.com/i/freelancing-in-america/2017 salesforce.com/form/industries/2015-state-connected-patient athenahealth.com/insight/grabs-26-year-old-healthcare-consumers visioncritical.com/blog/millennials-health-care-industry-does-business research.prudential.com/documents/rp/Gig_Economy_Whitepaper.pdf Will the industry adapt? gallup.com/workplace/231587/millennials-job-hopping-generation.aspx labelinsight.com/hubfs/2016_Transparency_ROI_Study_Label_Insight.pdf policygenius.com/blog/who-controls-your-health-data-a-guide-to-your-rights www2.deloitte.com/us/en/pages/about-deloitte/articles/burnout-survey.html pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force accenture.com/_acnmedia/pdf-94/accenture-2019-digital-health-consumer-survey.pdf VERA DEVELOPED BY riskandinsurance.com/3-trends-that-will-disrupt-the-insurance-industry-in-the-next-decade N NOWSOURCING ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_444_millennialhealthcare-5mar18.pdf millennialmarketing.com/wp-content/uploads/2017/11/Barkley_Report_NewPicOfHealth_FINAL2.pdf HEALTH mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-2018-millennial-survey-report.pdf accenture.com/t20170421t041025z_w_/us-en/_acnmedia/pdf-50/accenture-health-millennials-a-missed-opportunity.pdf newsroom.transunion.com/news-reports-about-a-weakening-economy--impacting-how-some-patients-seek-medical-treatment pnc.com/content/dam/pnc-com/pdf/corporateandinstitutional/Treasury%20Management/Healthcare/patients-take-wheel-Whitepaper_cib-healthcare.pdf