Are you exploring small business health insurance options for your employees? Do you have a lot of millennial employees? In this post, we discuss group health insurance for millennial employees, how providing health benefits for millennial workers differs from what’s common with other workers, and what to look for in a small business health insurance broker.
Group Health Insurance for Millennials
People in the twenty-first century are living longer lives than ever before, thanks to things like better nutrition, better medical care, and a better overall understanding of personal health.
Despite this, millennials—who make up the largest demographic in the workforce—are less likely to seek treatment for medical issues than other generations, and often this is because of cost.
Medical care is integral to physical health, and if you want to attract great talent and keep your employees healthy, then it’s important to have plans for group health insurance for small business available they can use to access quality and affordable care.
What is a Millennial?
Just in case you haven’t heard the definition of what is a millennial a million times, the Millennials are the generation born between 1980 and 2000. The Gen-Xers are the generation born between 1960 and 1980. (These dates are rough as there is no exact date for generations cut-over.)
Millennials and Gen-Xers make up the bulk of the current workforce in Colorado Springs.
Learn more: Visit the Wikipedia pages for Millennials and Gen-X
Millennials and the Changing Face of Health Insurance in the Workplace
Millennials approach healthcare differently than their predecessors, and this is forcing Colorado Springs businesses to look for alternative group health insurance coverage plans that cater to millennial needs.
As a long-time group health insurance broker in Colorado Springs, we’ve learned a few things about the features of healthcare and health insurance that appeal to millennials. Here are a few of the more popular items they are typically looking for:
- Low-cost premiums
- Effective communications and hand holding
- Options to offset potential out-of-pocket costs
- Online tools
- Electronic and telemedicine options
- Walk-in clinics.
Offer Small Business Health Insurance that is Convenient
Just as millennials approach healthcare differently, they want a modern approach to health insurance.
For instance, group health insurance claims used to be done by paperwork and mail, millennials want online communication, electronic submitting, self-help tools, online support, and other technological conveniences.
Therefore, when choosing the right health insurance plan, it’s equally important to focus on these aspects of the plan as it is to focus on the quality and the services. A broker can help point you in the direction of a provider that offers these conveniences.
The Cost Must Fit the Millennial’s Budget
One of the main reasons why millennials forgo healthcare is because of cost, and as many as 50-percent of them will either delay or completely skip medical attention because of the price. For this reason, it’s integral to find a plan that fits your employees’ budget.
When it comes to small business health insurance, the important factors to your younger employees include low premiums, low copays, and low deductibles – and all this without compromising on the service and quality.
While this may seem impossible to balance, there are a few options, including health spending accounts, ancillary-only plans, and defined contributions.
If you want to keep an eye on your costs, it’s important to know what factors will influence your premiums and rates. Some of the most important factors are:
- The age and demographics of your employees
- The health and medical histories of your employees
- Your location
- Plan type (such as high versus low deductibles)
- Coverage offering (such as essential healthcare versus essential healthcare plus dental)
- Self-funding versus traditional
Millennials are changing the workplace in many ways, and small business health insurance is only the tip of the iceberg. However, in order to attract and retain the best tech talent, it’s important to offer health insurance coverage that suits the needs and budget of this demographic.
Get a Free Consultation with a Small Business Health Insurance Expert
Preferred Insurance specializes in small business health insurance in Colorado Springs. We service what we sell, which means we are personally here to help your employees with their health insurance needs.
Call to speak with a licensed health insurance broker in Colorado Springs with over 30 years experience.