MILLENNIALS AND HEALTH INSURANCE PART 2
As previously mentioned, this post will further discuss some key differences between the generations, and the ways that these differences influence buying habits (including insurance-spending habits). I also want to note that these ideas are based off my experience and cannot represent the experience of every millennial.
Since the previous entry already introduced my premise, I’m just going to dive right into 4 reasons that millennials’ insurance philosophies are so unique.
1) We’re Covered Under Our Parents Longer.
Simply put, one reason that we don’t consult health insurance professionals is that we generally get less expensive insurance under our parents’ plans. And even after reaching that golden age of 26, studies show that ¾ of eligible millennials opt for an employer-provided health plan.
Further, millennials are widely considered to be more civically engaged, therefore many of us feel pretty informed when it comes to the ACA. And that later age of parental coverage has given us more time to prepare ourselves for setting up our own plans.
2) The Internet Raised Us.
We do everything online. I haven’t set foot in a clothing store in months, but I online shop all the time. I pay my bills, look for jobs, and read the news on my smartphone and laptop.
Since the Marketplace is primarily accessed online, we feel comfortable navigating it ourselves. We’re accustomed to filling out forms and questionnaires (I filled out my own FAFSA for four years, and then taught my mother how to fill it out when she started college last year!). Basically, I feel as though I’m proficient enough with these things that I’d be just as well off doing it myself, and I can guarantee that my friends feel the same.
3) We Demand Authenticity.
We’re a generation that was raised to hang up on telemarketers. We’ve been conditioned to be suspicious of someone whose sole job is to sell us something—and that’s how we view insurance professionals.
Millennials love to feel like we know the brand we’re purchasing from. We want to know the name of the founder, where they went to school, and whom they’re married to. And you just don’t get that experience out of the average interaction with an insurance agent.
4) We’ve Been Burned Before.
This is probably going to surprise any professionals reading this, but millennials are sensitive! We see those articles enumerating the ways in which Gen X-ers disparage us! We see those annoyed looks you’re giving us as we browse our NPR or Twitter apps! And you should know that we don’t appreciate it.
Millennials are treated with such disdain that it’s no wonder we don’t want to buy your product. I don’t want to give my business to someone who thinks I’m an entitled narcissist that spends all her time taking selfies. Since the average insurance professional belongs to the generation that is less-than-friendly to us, we millennials have a hard time accepting help here.
But, before you pack your briefcase and trudge home, let me remind you that there’s one more installment to this series! There’s still hope!
Tune in next week to read my advice to health insurance professionals on how to successfully obtain and work with younger clients.