Study Shows Millennials Are Less Health Insurance Savvy Than Older Generations
Under the Affordable Care Act, many Millennials can stay on their parents’ insurance plan until age 26, but is this stunting their knowledge of health insurance? A recent study conducted by Blue Cross Blue Shield indicates that this younger generation is less-versed in common insurance policy terminology.
Comparing Millennials to Baby Boomers and older generations, researchers found that the latter groups tend to be more familiar with health insurance, including the relevant terminology. Seniors are more familiar with health insurance because of their experience over the years and their greater need for coverage at their age. As a demographic, they tend to be more literate on the subject.
On the other hand, when Millennials were asked similar questions, many knew more about texting acronyms than general health insurance phrases – about a 30-percent difference.
This knowledge gap cannot be attributed to age, experience and indifference alone. Rather, researchers found that Millennials tend to be more anxious about health insurance – particularly, which plan they’ll select after turning 26. The number of plans available – whether through the ACA, an employer or individual market – can be overwhelming for an individual to process, especially if he or she doesn’t know about the different types of coverage and how they work.
As one piece of advice, researchers behind the study recommend that Millennials talk to an insurance professional, start planning ahead and take advantage of annual reviews.
If you will be turning 26 soon and will need new health insurance coverage, the agents at Ion Insurance can give you some direction. To learn more about affordable policies in line with your current and future needs, give us a call at 203.439.2815.