To help form part of a plan for tomorrow, today’s young workers need a health insurance strategy to take care of their current and future healthcare needs.
Health Insurance Challenges Facing Millennials
Today’s smart business owners are asking themselves “How do we solve a problem like Millennials?” The ones who are really smart do so by asking the workers themselves what they want to see in workplace benefits packages as they move forward. As Starbucks recently found out, the answers that come from the workers themselves can be surprising.
There is an assumption that the young think health insurance is for old people. As it turns out, that’s not true. Younger workers understand the importance of ongoing healthcare just as well as their older counterparts. In fact, some of them may have already seen firsthand what it means to go without coverage as their own parents have faced the prospect of loss of benefits and underemployment.
Younger workers are most interested in benefits that empower them to make better preventative choices to maintain their own health. Popular items include a wellness account to fund programs like sporting equipment and exercise classes. There is also a great deal of interest in Employee Assistance Programs (EAPs) to manage mental health issues at times of high stress.
Meeting the changing needs of the next generation of workers may be one of the greatest challenges for the providers of medical insurance benefits. It’s also one insurance companies and insurance brokers will need to address to ensure their products keep up with shifts in demand.
Future of Medical Insurance Benefits
Employers recognize the need to change their benefits offerings to attract and retain the best talent for their organization. Not too long ago, a traditional offering of health, dental and vision care coverage was enough to satisfy workforce needs.
Recent research has shown that millennials place less value on group benefits than the generations before. However, companies can’t afford to alienate older workers by drastically altering their approach to benefits. There really isn’t a one-size-fits-all approach anymore. Younger people tend to focus on preventative measures, while older workers may be keen to hang on to benefits that allow coverage for a pre-existing health condition.
Some of the significant shifts will come in the form of changes like personalized perks that allow workers to vary their benefits along a continuum. Other updates will require changes to the language of health and dental insurance policies. Simpler language that paints a clear picture of what is and is not covered will increase the accessibility of any benefits package.
Of course, all these ideas are predicated on the assumption that workers have company health insurance benefits in the first place. For many just starting out in their careers, this is simply not the case. Thankfully, private health and dental insurance plans are available to help provide some cost certainty. Careful insurance planning can help provide a solid foundation for future costs.
Build the Right Team for Financial Security
It’s hard to look forward to something as far away as retirement when you’re a newly-minted adult. Of all the challenges that lie ahead, potential problems with your health, or the health of the family you don’t even have yet, can be a difficult concept to visualize. The reality is that the older you get, the harder and more expensive it can be to obtain a private health and dental insurance plan.
Every savvy business person knows that the best way to protect your interests is to surround yourself with a team of qualified advisors. A doctor, a lawyer and a financial advisor are professionals who can help protect your future from a number of pitfalls. We also recommend adding an insurance broker to that dream team.
An insurance broker can help you get a policy that works for your needs and budget now, and can work with you over the years to ensure that your coverage continues to keep up as your needs and your financial circumstances change. If you’re ready to start making a plan for the future, contact us today. We can provide you with the information you need to make an informed decision about your health and dental insurance needs.