Smart Benefits: Millennials Still find Healthcare Unaffordable
Monday, July 04, 2016
• Heathcare
About one in five millennials reported they can’t afford their routine healthcare expenses (down slightly from previous years). An additional 26% said they can afford healthcare, but with difficulty. Only about one in three millennials said they are currently saving for healthcare expenses. Instead, to avoid or minimize healthcare costs, the top three actions taken by millennials is taking vitamins and supplements, delaying seeking treatment and skipping wellness visits – even though more than half of millennials reported having some health condition, most commonly depression and being overweight.
• Insurance
The percentage of uninsured millennials has declined since 2013 from a high of 23% to a low of 11% this year. While not knowing how to apply was the most common reason for not obtaining coverage, second was that paying for health expenses and the tax penalty is less expensive than insurance. And the cost of insurance caused 16% of respondents to report that they don’t plan to have insurance in 2017. In fact, 47% of those who don’t plan to have insurance said being unable to afford insurance was the main reason for their decision. According to the survey, 34% of respondents said that any premium over $100/month is unaffordable.
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