According to a recent report from Employee Benefits News, millennials are behind the 8-ball regarding health coverage. With only minor improvement from last year’s 17% enrollment rate, 11% still remain without any coverage at all.
Nearly three in 10 millennials, people born between 1980 and 1997, say they have never had employer-based health insurance, according to a recent nationwide study from the Transamerica Center for Health Studies.
The report adds that the cause for the low enrollment rate may be due to the level of employment of most of the millennial generation. Many are recent high school graduates, college students, or in part-time or entry-level positions that do not offer employee health coverage.
This comes as a blow to the new healthcare system, as millennial enrollments are needed to make the marketplace function properly, because statistically, they require less medical attention. This keeps the pricing balanced and allows all participants to benefit.
Many millennials feel uninformed about their coverage options and rely on the help of parents, particularly mothers, to help them select coverage.
If you missed open enrollment and/or do not qualify for a special enrollment period, short term medical options may be available to you. For more about coverage options and employee benefits solutions, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (877) 766-7261 or visit www.ThePowerofT.com. Our experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
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