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.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.