Traditionally speaking, and since the 1940s, American employees held the general expectation of receiving health care through employment. These expectations are quickly fading as younger generations are remodeling the job market and the way we work. The increasing stability of the gig economy has also influenced the shift in the job economy. Because of this, Millennials and Gen Z have an overall dissatisfaction with the consistency of health care. If the healthcare industry implemented the expectations of younger generations, the future of insurance would emphasize customer service, transparency, and individualized plans.
84% have experienced burnout as a result of overworking. Phasing out of this trend, Millennials and Gen Zers are reshaping the workforce as their demand for work flexibility continues to grow. 50% of Millennials report prioritizing jobs providing flexibility when filtering through employment, and 44% of Gen Z says the same. Even more, 20% of Millennials have traded out their traditional job for a freelance position, offering more flexibility. As of 2017, more than half of millennials freelanced, and by 2021, gig workers will outnumber traditional employees.
The issue rises as the bulk of non-traditional workers do not receive the same benefits as a traditional employee would. Although the workforce is shifting, this does not lessen the value of the enlightened workforce. In fact, 60% of non-traditional workers do not receive medical insurance, 75% do not receive dental insurance, 79% do not receive life insurance, and 95% would not receive worker’s compensation in the instance of short-term, work-related disability.
In the future, millennials have a desire for physician-security, as 76% read reviews from other patients before choosing a doctor. Another desire of millennials is the ability to book appointments and make payments online. In fact, 74% prefer this to in-person interactions. Lastly, a primary concern of millennials is the desperation for patient-centric experiences when visiting their provider. 47% have even switched to another provider with reasoning for poor customer service.
All in all, the healthcare industry will have to prioritize affordability in new business models in order to satisfy the younger generations. More than half of those in younger generations would prefer improved customer service through the use of text, email, and videoconferencing; access to their healthcare records through websites and mobile apps; and individualized plans for personalized care. You can gain more insight on younger generations changing the workforce, healthcare, and expectations about health insurance by reading the infographic below.
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