This blog has previously addressed come of the challenges that have arrived alongside the rise in high-deductible insurance plans. The plans can make anticipating the cost of care difficult, and can also lead to subscribers putting off seeking treatment out of cost concerns. However, these plans have grown in popularity as employers attempt to avoid rising costs. Now, a new survey from Bankrate shows that the latest generation to enter the workforce is pushing back against the trend.
The survey found that nearly half of 18-29-year-olds would prefer a health plan with a lower deductible and higher premium. Although this would mean paying more out of their paycheck every month, Millennials would still prefer the confidence knowing that seeking care will not bankrupt them.
"Young people don't have money in a bank account to pay for high deductibles," Christina Postolowski, health policy manager at a youth advocacy group told Time. "Our generation is carrying $1.2 trillion in student loan debt. An unexpected medical incident isn't just physical pain. It can be economic pain too."
According to Bankrate, 27 percent of 18-to-29-year-olds have no emergency savings. This means that a sudden significant costs, such as a $2,000 deductible, could cause financial ruin. Unfortunately, for the time being, it seems that this age group will have little choice. Employers show no signs of bucking the trend of offering plans that force subscribers to shoulder more of the cost.
Because of the limited options and lack of savings most Millennials experience, some care facilities could soon experience issues with health insurance claims management. The decision to outsource healthcare claims processing can help protect cash flow, and ensure the quality of care provided.