According to the 2018 Millennial Benefit Trends Report, the millennials at work participating were asked to rank the benefit categories from most to least important. Number one on the list is “Health Insurance,” which 63.64% rated as “Extremely Important”.
Once millennials turn 26 years of age, they’re usually kicked off their parents’ insurance and have to enroll in their own, either through work or independently. To most, the idea of insurance is a very new concept and typically, millennials at work will confide in their parents or older family members to decide on which insurance they should enroll in. There are so many options out there with different coverage, tiers, and benefits – so being able to enroll in health insurance at work narrows down those choices.
Make sure your company is holding regular meetings to discuss benefits and health insurance because even if your millennial employees are not eligible yet, it can be very informational. Take advantage of your internal communication methods including company newsletters, video communications or just paper material to educate and explain your health care plan to your employees in depth! This will increase your millennial engagement and they will appreciate the fact that you want them to understand the insurance plan you are offering!
When millennials decide on a coverage, it is dependent on three things: accessibility, affordability and flexibility. So, how can companies use these three things to convince millennials to sign up for their insurance plans over other independent options? Let’s discuss.
Make It Accessible for Millennials at Work
When you can offer a plan that easy to understand and easy to enroll in, you will be able to keep your millennial engagement consistent. Offer a lot of information, break it down and answer any questions they may have because once they completely comprehend what is involved, they will be able to make a better judgment call. Also, don’t forget to provide the necessary contacts and paperwork for when millennial employees are ready to sign up – this will speed up the process!
Make It Affordable
Cheap rates don’t always mean great plans but most healthy 20-somethings are looking for minimal coverage until their finances allow them to look at options that are more beneficial. Offer a catastrophe or low premium, high deductible plan for the newbies still trying to figure out what plan works with their lifestyle. You can also consider offering a financial coach or someone who can help them with budgeting their money correctly. Offering this kind of guidance will give your millennial employees the confidence to choose their plan wisely and keep their millennial engagement high when learning about finances, benefits and company policy.
Make It Flexible
Insurance is not one size fits all! Having a little wiggle room with your company plan will help EVERYONE receive the proper coverage. Certain details come into play when you are applying for coverage including but not limited to: if you have kids or not, how old you are, if you’re married and what your income is. Not everyone’s situation is the same so if your company can consider a flexible and customizable plan, this will be a major help to keep your employees happy and your millennial engagement healthy!
Now that you understand the importance of flexibility, affordability and accessibility of health care plans for millennials, you can see that, yes, we are newbies but we have an idea of what we want and need when it comes to proper coverage! When we apply for a job and they offer benefits, we want to know that they are ready for us to ask our questions. We also want to make sure it fits with our budget and our lifestyle. But most importantly, flexibility is key and we appreciate workplaces they are willing to consider our current situation and what our needs are regardless of what everyone else is doing. Insurance is necessary and important, make sure your company is focusing in on millennial engagement and covering these major topics, getting employees talking and learning as much as possible.