Millennials have distinct preferences when it comes to their health benefits, according to a survey by the Employee Benefit Research Institute. Compared to older generations, Millennials are more likely to apply online shopping habits to find health care. Millennials are more than twice as likely as Baby Boomers to use a walk-in clinic or be interested in using telemedicine. They are more likely to research health care options and participate in wellness programs. And they are more satisfied with their health plan choices.
Also, compared to Baby Boomers, Millennials are less likely to prefer a health plan that has higher out-of-pocket costs and lower premiums while offering incentives to shop for the most efficient services. Compared to Baby Boomers, Millennials and Gen Xers are more interested in investing some money in their Health Savings Accounts (HSAs) into stocks, bonds, and mutual funds. They are more interested in automatic investment features for unused HSA funds. Gen Xers are more likely than are Baby Boomers to say that having an HSA has inspired them to make better health care choices and financial decisions.
Contact your LISI Sales Representative for more information on creating a perfect benefit mix for a multi-generational workforce.