How many times have you heard the term “millennial” in the last five years? Probably more than you can count. Often, millennials are the topic of conversation because of their purchasing power. As the largest living generation by population size (79.8 million in 2016), millennials will continue to be major influencers in the marketplace, but what they’re purchasing may soon change.
Often thought of as the youngest generation in the workplace, millennials were targeted in the past with retirement planning and the idea to start saving early. However, many millennials have grown up and are now becoming parents, which means more products are applicable for them. In fact, millennial women accounted for about 8 in 10 (82%) U.S. births in 2015.
With more millennials becoming parents, there is a greater concern about the gaps they have in medical coverage due to employer-sponsored high-deductible health plans. You can help your clients’ millennial employees address these gaps and reduce their out-of-pocket expenses — for them and their children — with voluntary insurance.
Here are a few ways you can communicate the benefits of voluntary insurance, which not only provide coverage for working parents but also for their children.
1. Accident insurance: Cover the unexpected
The definition of “accident” includes terms like “unexpected” and “unintentional.” Accidents can’t be predicted and can happen to anyone, yet not everyone is prepared to handle the costs associated with medical treatment and recovery following an accidental injury.
Research collected by the Centers for Disease Control and Prevention (CDC) shows recreational activities, including sports, account for an estimated 3.2 million visits to emergency rooms each year for children aged 5 to 14 years. For parents with children participating in sports, accident insurance could help reduce out-of-pocket medical expenses for trips to the emergency room or urgent care caused by unexpected accidents.
Additionally, there are carriers that cover transportation and lodging expenses for injuries sustained in a covered accident occurring more than 100 miles from home. Since accidents don’t always happen close to home, these benefits can provide employees with peace of mind knowing that they will have some coverage for those additional expenses of traveling to be with their child while he or she is recovering.
2. Critical illness: Help relieve financial burden