Editor’s note: The following response is excerpted from Jonathan Rickert’s article, “How to get, and keep, millennials covered.“
Much research has been done on millennials — their habits, likes and dislikes are all well documented and understood, and they are viewed by many as powerful drivers for change. Given that distinction, here are some ways insurers, brokers and employers can adapt to attract and retain members of this key group:
1. Make it simple. Customer expectations for health insurance are being set by non-health care companies, like Amazon.com and Apple. While everyone wants choice — particularly price-sensitive millennials who grew up comparison shopping online — too many choices can be overwhelming. A 2015 study published by the National Bureau of Economic Research revealed that too many health plan options result in less rational choices by employees.
In fact, the study found that 85 percent of people would be better off if their employer offered only one plan. Hence, a guided shopping experience that supports personalized, informed choices is key.