Twenty-four percent of consumers ages 18 to 29 are uninsured, despite the Patient Protection and Affordable Care Act's requirement that all Americans get coverage, according to a recent survey from Princeton Survey Research Associates International.
The survey revealed millennials are much more likely to be uninsured than other age group, with only 12 percent of adults over the age of 30 uninsured.
The survey also found those ages 18 to 29 were not only the least likely to have health insurance, but they were also the least likely of any age group to have auto insurance, renters insurance, life insurance, disability insurance or homeowners insurance. In addition, when they do purchase insurance, 36 percent said they are likely to only buy the minimum insurance required by law.
Millennials might be forgoing purchasing health insurance because many believe they do not need health insurance. A recent Deloitte survey found 46 percent of uninsured young adults ages 19 to 34 do not see the value in health insurance.
Kile Lewis, co-CEO and co-founder of Atlanta-based oXYGen Financial — a financial planning firm that caters to customers from generations X and Y — said he believes millennials are underinsured because they think they are "10-foot-tall and bulletproof."
Those in the 18 to 29 age group that forgo purchasing health insurance could be financially burdened by medical bills in the future. However, 60 percent said they are very or somewhat confident they are prepared for the financial impact of a life event such as incurring a significant amount of medical bills, according to the survey.
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