by WEX Health
There is no one-size-fits-all approach to helping people understand their health benefits or how they can be better prepared for healthcare costs now or in the future. What’s helpful, though, is to look at groups of consumers generationally, as the things that concern and motivate Gen Z—and their preferences about how to receive information—are markedly different from what’s on the minds of, say, Boomers.
Over the following weeks, we’ll publish a series of blog posts that delves into each generational profile individually, offering insights that we hope you’ll find helpful when appealing to consumers. In the meantime, here’s a quick snapshot of the types of generational differences impacting today’s healthcare consumers and those who communicate with them about their benefits:
- Boomers are becoming the first aging generation to embrace healthcare tech and adopt tools for telemedicine. (Source)
- Approximately 10,000 Americans turn 65 each day, qualifying them for Medicare. It’s common for Boomers turning 65 to enroll in Medicare Part A even if they’re still enrolled in an employer-sponsored plan, meaning they’ll no longer be allowed to make tax-free contributions to a health savings account (HSA). (Source)
- Millennials are more satisfied than Boomers and Gen Xers with their health plan choices. They are also more likely to be actively engaged in choosing a plan. (Source)
- Wearables, apps, social media and online support are familiar tools and modes of communication for Gen Z, so bringing these capabilities to the forefront of your benefits communications will help to engage them. ()
- Millennials are least satisfied with their primary healthcare providers and increasingly seek information from other sources. (Source)
- Shoring up to weather healthcare costs after retirement is critical when considering that the average Boomer only has $136,000 saved for retirement. (Source)
- More interested in healthy eating and preventive wellness than other generations, Gen Z will be more responsive to workplace wellness programs that include benefits like counseling, screenings and vaccinations to maintain their health. (Source)
Want to know how you can best help each generation maximize the costs and benefits associated with their healthcare plans? Want insights into how to create a better benefits package or how to segment your recruitment practices by generation? Stay tuned for our upcoming blog series.
In the meantime, check out this recent blog post by Angela Greenhalgh, a vice president in our sales group at WEX Health.