Over the last several years, the buzz has been incessant surrounding millennials, the age group born between 1980 and 2000. There’s a pretty good reason why: They outnumber baby boomers and, according to PwC, they are expected to be over 50% of the global workforce by 2020. As millennials increasingly enter the workforce, they will be interacting with health plans to buy and use health insurance. From a risk-pooling perspective, increasing millennial membership is worthwhile for payers to explore since they are not only younger, but also generally in better health than older populations. This will help payers manage healthcare costs and balance the risk of covering all members. Thus, it’s imperative for health plan business leaders to adapt their strategy and communications, and focus on building relationships with millennials.
Millennials have grown up in the age of the internet, so one of the defining characteristics of the demographic is their affinity with the digital world. They’ve grown up with broadband, smartphones, laptops, and social media being the norm, which has crafted an expectation of instant access to information through any channel and device of their choosing. When searching for information on health plans, millennials take a different approach to choosing their healthcare providers and insurance plans than previous generations. To stay ahead of the game, payers should understand how younger consumers gather information and use medical services, as well as their expectations around communication. So what can payers do to recapture these opportunities and focus on engaging the millennials?
Learn more about how health plans can effectively engage millennials via our 7.ai Webinar on Nov 15th focusing on the millennials and how health plans can engage millennials effectively to boost enrollment. The webinar will highlight key trends on how millennials impact healthcare and what can health plans do to engage millennials to grow their members, improve member experience, and manage healthcare costs.