Did you know that millenials, those between the ages of 18 and 34, have now surpassed baby boomers as the largest living generation? What’s more, according to the Pew Center, they also make up the largest segment of the U.S. workforce. Chances are, they’re a large part of your organization as well.
Suffice it to say millenials, also known as Generation Y, is an important demographic to understand. And a recent survey by FAIR Health has attempted to do just that. Because in a health care climate that’s becoming more and more consumer-driven, it’s important to know how to best engage millenials and help them make decisions concerning their benefit options.
Here are a few of their findings.
It’s not surprising that millenials are the generation most likely to harness the power of technology to purchase health care and control their costs. They’ve been raised in a digital world. They use computers, wireless devices, and smartphones for many day-to-day activities. Many of them have never been exposed to a world without cell phones and Internet.
As a result, it’s important to leverage mobile technology and social media to engage millenials.
Millenials are big comparison shoppers. And not just for things like TVs and cable companies. Almost 3/4 of millenials say they’ve compared costs of medical and dental services. Contrast that with other age groups who only do so about half the time or, in the case of the 65+ demographic, closer to 35 percent of the time.
As a result, they’re partial to consumer-driven options like high-deductible plans, which requires them to put their comparison shopping skills to work.
Health Care Literacy
Most millenials are generally healthy. As a result, their health care literacy is usually low. They don’t understand how their health insurance works or what options are available to them. Because of this, millenials need more education about their benefits and more resource for getting answers to their questions. And they’ll likely want to be able to access those online.
Also keep in mind that millenials are exposed to a barrage of 10-second videos and social media messages of 140 characters or less. Keep communications brief.
Engaging millenials can be a challenge, especially if your organization has been slower to adopt the latest technology or the newest, most innovative benefit offerings. But keeping them engaged is the key to…well, keeping them. Literally.
Contact us if we can help you make sure that, not only your benefits, but the ways you’re administering them are attractive to this key demographic.