Prioritizing security-oriented benefits suggests millennials take a more thoughtful and cautious view of the future than they are often credited for.
Denver, Colo. (PRWEB)
March 29, 2017
Even as millennials withdraw from some of the habits and behaviors associated with their parents, such as home ownership, cable TV and physical banking, there is one area where the generation follows traditional expectations: healthcare.
Millennials highly value healthcare and are surprisingly traditional in the way they consume it, according to a new study by the Benenson Strategy Group (BSG). Over 1,000 millennials were polled for the study, which shows 86% carry health insurance and the majority considers it a critical employee benefit.
Health Insurance More Essential Than Internet
BSG found that, of the 86% of millennials with health insurance, more than half get it through avenues expanded by Obamacare, such as individual plans, their parent’s plan or Medicaid. [See Chart 1]. For those without, cost is the main deterrent, followed by good health. This generation also views insurance as indispensable – 85% said it’s absolutely essential or very important to have health insurance, ranking it ahead of home Internet, mobile phone data, TV and entertainment. [See Chart 2].
Ranks as No. 1 Employee Benefit
Millennials, who recently overtook baby boomers as the largest segment of the workforce, want traditional job benefits, and health insurance tops the list. When asked if they’d rather have better insurance or a 10% pay raise, 51% opted for the insurance while 49% chose the money. Millennials also ranked health insurance first out of nine possible employee benefits, followed by retirement account contributions and…