A new study by the nonpartisan Employee Benefit Research Institute reveals how millennials view health benefits compared with Generation X and baby boomers.
For the study, researchers examined data from a 2015 survey of more than 3,500 adults ages 21 to 64. All survey participants were insured, and most had employer-provided coverage.
Here are four study findings.
1. The study found millennials are happier than their older Gen X and baby boomer colleagues regarding aspects of plan management that are within the control of plan sponsors.
2. Sixty-two percent of millennials said they were extremely or very satisfied with the ease of selecting a health plan, compared with 48 percent of Gen Xers and 50 percent of baby boomers.
3. Additionally, 59 percent of millennials said they were extremely or very satisfied with information available to help understand plan choices, compared to 43 percent of Gen Xers and 48 percent of baby boomers.
4. Researchers said they also found millennials are more engaged than GenXers and baby boomers in healthcare choices.
"At enrollment and when engaged with the health system, millennials report higher rates of specific behaviors that contribute to more engaged healthcare consumers," the study's authors wrote. "However, they are also more likely to request a brand name drug over a generic. Plan sponsors may want to experiment with targeted ways to lower plan costs among this subset of their participant population. Millennials report greater engagement with cost-conscious behaviors (e.g., seeking the cost of a procedure before receiving services) that many plan sponsors encourage through their health plan design and participant education."
Read the full report here.
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