Millennials may have popularized slogans like “treat yourself” and “practice self-care,” but recent studies suggest many of them may not be taking their own advice — particularly when it comes to their health.
Seventy percent of millennials have avoided going to the doctor or postponed a medical procedure due to high medical costs, according to the 2020-2021 Aflac WorkForces Report. Skyrocketing healthcare costs may cause Americans to question if they can afford the healthcare they need, as the average premium for family coverage has increased 22% over the last five years and 55% over the last decade.
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Brokers cannot change the rising costs of medical care, but they can strategize with clients about how to create an affordable and comprehensive benefits plan that helps financially protect employees, while educating them on what they need.
For many employees, the pandemic has served as a wake-up call to invest more time researching and selecting their insurance. To increase awareness and help workers make informed benefits decisions, brokers can advise clients to consider digital educational tools, like enrollment websites, apps and videos, which millennials typically favor for information consumption.
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Another option to help boost enrollment rates and benefits satisfaction may be exploring the substance of clients’ plans. Fifty-four percent of U.S. employees experience anxiety about healthcare costs not covered by health insurance, so brokers can work with clients on how to enhance their offerings within their budget.
One solution for helping with expenses health insurance doesn’t cover is supplemental insurance, which can be added to existing plans at little to no cost to employers. That can also include additional value-added services such as telemedicine or employee assistance programs, which are especially relevant because of the pandemic.
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Certainly, brokers cannot solve all the world’s problems on their own, but this may be one issue where they can exert influence. By working with clients to improve enrollment education and benefits plans, a growing number of people can head into the post-pandemic future with benefits suited to their needs.
