Millennial health plan participation drops

“In this age group, the take rate declined 7.6 percent between 2010 and 2014,” ADP reported.

In other findings from the study: 

• Between 2010 and 2014, the percentage of full-time employees who were eligible for employer-provided health benefits remained relatively steady at an average of 90 percent.

• The overall percentage of those participating in health benefits also remained relatively constant at an average of 68 percent. 

• Health plan premiums (defined as employee plus employer contributions) rose for employees of all ages over the period, but the steepest increase was for those age 50 to 59, who saw premiums rise by 16.4 percent 2014.

• In 2014, the average monthly health plan premium was $870, an increase of 15 percent since 2010. However, after a spike of 6.9 percent between 2010 and 2011, the rate of increase moderated. Premiums rose 1.7 percent between 2013 and 2014.

• In 2014, employers contributed 74 percent of the premium cost for those with dependents, whereas those with no dependents saw a 77-percent employer contribution share. Employer contributions to health premiums declined slightly for all groups.

See also:

• Employer benefits cost to rise 4.4% this year
• Employers will keep coverage, despite PPACA, survey finds
• Employer confidence to offer health benefits declines