Role-Millennials-Are-Going-to-Play-on-HealthcareThe only generation in history larger than boomers are millennials and the oldest are now 43 years old and increasingly in decision-making roles for employers. As we navigate today’s healthcare landscape, it is crucial to recognize how millennials are the driving force behind change. Their preferences for cost transparency, convenience, and innovative solutions will reshape the industry. Employers have an opportunity to guide this transformation, making healthcare benefits optimized and understandable for millennials.

What’s Happened Since 2017:
Millennials have redefined work-life balance. Post-pandemic, benefits such as remote work options, mental health days, and access to wellness resources have become a common demand. This has led employers to offer more personalized and flexible health benefits to attract and retain millennial talent. Modern, advanced primary care is a must.

Millennials have been saddled with debt from the astronomical costs of higher education making them reluctant to join the ranks of the 100 million Americans in debt to healthcare (according to the Kaiser Family Foundation). With millions of millennials and Gen Z eligible for financial assistance plans required of tax-exempt hospitals has resulted in TikTok videos like this one going viral to explain the 501-R law. This requirement was a partial offset to the give-aways for the hospital industry in the ACA yet many large health systems have flouted the law as this NY Times expose highlighted resulting in state attorneys general fining tax-exempt health systems for non-compliance.

A new, parallel healthcare economy has emerged. With healthcare costs being a top financial concern for millennials, they are pushing for greater cost transparency — something the direct-to-consumer health market has delivered via online platforms and would be the second largest health economy in the world (estimates range from $500-700 billion). Ranked just behind it is the U.S. out-of-pocket spending which is the same size as the entire German healthcare economy. The demand has led to initiatives and regulations aimed at making healthcare costs more accessible and understandable to consumers.

Understandably, younger generations aren’t trusting organizations if they aren’t transparent and non-profits are producing videos highlighting the need for and impact of healthcare transparency. Turbocharged hospital bills and predatory billing practices by enormous health systems has greatly eroded hospitals as a once-trusted part of the healthcare system. In order to help balance this, a rising movement of high-quality, transparent healthcare organizations is growing all over the country. This is music to the ears of millennials and, quite frankly, all of us.