Educating Millennials on Health and Welfare Benefits

Corporate Synergies

Corporate Synergies Presents BeneMINUTE Millennials Series
Health insurance confuses many Millennials. They might not know which plan to choose at open enrollment and ask their friends for advice. They may resist using their benefits because they feel invincible. Yet, 20-Somethings get sick and hurt, and their insurance can be the difference between physical/fiscal health and disaster. Benefits experts Loretta Metzger and John Milne explain how to guide Millennials toward insurance consumerism and conscious healthcare decision-making.

Related Resources:
Millennial Survey: Young Adults’ Healthcare Reality
The Importance of Decision Support Tools

Video Transcript: 
According to a recent survey published by the Transamerica Center for Health Studies, nearly 3 in 10 millennials say they never before had employer-based health insurance. Here is employee benefits expert Loretta Metzger to tell you more….

Loretta Metzger:
At this point, it’s fairly common knowledge that the ACA mandates that children up to age 26 can remain on their parents’ health insurance plans, so many of them do – in some cases it’s because they are not yet in a professional position so they don’t have access to employer sponsored coverage. In other cases they can get better benefits at less cost, so they choose to stay on their parents’ plan. But once they get to the age of 26 and are required to find their own coverage, it can really be a daunting decision.

Oftentimes they are turning to friends or family for help. They have to decide on a medical plan. Is the HSA better for me; or should I choose the PPO plan? What about extra cash needed for dental or vision coverage; does it make sense for me to purchase those? And what about short-term and long-term disability? I’ve never really thought about that before. And finally, how about life insurance; is that something I should be getting?

Fortunately, I have with me today fellow Benefits Consultant and millennial John Milne. John, why do you think so many millennials aren’t taking health insurance?

John Milne:
They don’t understand the importance of preventative services and early detection, which can essentially save lives of a generation that traditionally think they’re invincible.

Another thing we need to do is make sure millennials understand the funding of healthcare insurance. We need to make them more consumer-driven, and conscious of their healthcare decisions.

Completely agree, John! And it’s so important employers recognize the need to educate early and often, starting with the basics. Do you think most people your age know what CDHP is? HSA? FSA? And what about co-pay versus co-insurance?

I think employers can help. They can provide a summary of benefits that includes these acronyms and other key terms that will be useful to the employees.

It’s should also spell out the cost, including co-pays, deductibles, and other major areas of coverage. It would also be useful to have a cost-comparison document that outlines the maximum financial exposures and maximum financial liabilities for the employees.

Providing these millennials with self-service tools on the company’s Intranet or website is also preferable to them. It allows them to conduct their own research and make them more consumer-driven employees.

The good news is, Corporate Synergies can help employers with all of these things. With more than half of the 75 million millennials in America diagnosed with a chronic illness, educating this population on proper utilization of their health benefits is so critical.

For more information on this and other employee benefit topics, visit our Knowledge Center at Thanks for joining us.

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Corporate Synergies is a national insurance and employee benefits brokerage and consultancy. Crafting creative plan designs, enhancing efficiencies and resolving compliance risk. Risk management strategies and insurance solutions for clients across a broad range of industries.