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How Millennials deal with medical expenses: 4 key notes

Millennials are more likely drawn toward non-traditional ways of paying medical expenses, according to the 2016 Aflac WorkForce Report, reported in Compensation BLR.

The study examined 1,500 benefits decision-makers and 5,000 employees across the country. The researchers found:

1. Millennials are more likely to regularly underestimate total costs of injury or illness; 65 percent underestimated those costs including medical, household and out-of-pocket costs. By contrast, 45 percent of non-millennials reported the same.

2. More than half — 65 percent — of Millennials reported they couldn’t afford $1,000 in unexpected out-of-pocket medical expenses.

3. The Millennials were more likely to borrow money from friends and family as well as crowdsource to achieve out-of-pocket expenses than non-Millennials.

4. Voluntary insurance could be a solution to out-of-pocket expenses; around 79 percent of employees reported a need for voluntary insurance and 60 percent said rising medical costs drive that need.

 

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