13 Jun What Aging America Means to Millennials and Younger Generations
Your health is something you take for granted when you’re young. The aches and pains eventually come, but until they do, it’s easy to think insurance is just something for “old people.”
Let us give you another perspective.
Every day, more and more Baby Boomers are aging into the Medicare system. In fact, estimates put the number at roughly 10,000 people every day across the nation will become Medicare eligible.
As we look to the future, the numbers are even more staggering. By 2030, more than 25 percent of the entire U.S. population will be on Medicare. So what does all this mean for Millennials?
Let’s start with a positive. Because there are so many Baby Boomers needing more and more healthcare attention, the potential for innovation and the rise in technology will inevitably lead to changes in how healthcare is provided — much of which will be good.
As it stands now, costs are continuing to rise. According to a Harris Poll, one in five adults aged 18 to 36 say they cannot afford routine healthcare expenses, and as a result, many are uninsured. The main reason Millennials are uninsured is because of a lack of affordability, and this creates a culture of risky behavior where individuals will go without coverage for months at a time for various reasons such as in between jobs.
Of course, by nature of what insurance is, the more younger and healthier demographics opt out, the higher the costs for everyone else as the enormous Baby Boomer generation continues to utilize more and more resources.
For Millennials, there’s probably a lot of confusion as to what the real options are for affordable healthcare. Some questions typically include:
* Can I remain on my parents’ plan? If so, for how long?
* Should my employer offer healthcare coverage?
* What about the marketplace like Heathcare.gov?
The reality is, there’s no real one answer that will satisfy everyone. We all have our own unique needs. Medical histories and preexisting conditions must be considered. And almost always, the healthcare insurance solution that’s right for you will be some sort of combination between what your unique needs really are in comparison to what’s currently available at that given point in time.
The healthcare coverage field is constantly changing, and that’s why Creative Insurance Solutions is here. We help individuals find the options that make the most sense.