Affordable Healthcare and Financial Literacy for Millennials [How Direct Primary Care Delivers the On-Demand Healthcare Experience that Millennials Want]
Faced with a rapidly changing way of living and working, millennials (people born between 1981 and 1994/6) often struggle to find their financial footing. The pandemic has affected many Americans, but a recent poll says COVID-19 has had a significant negative impact on millennials’ finances and savings.
According to a Harris Poll, commissioned by DailyPay, Funding Our Future, and the Center for Financial Security, 52 percent of millennials say their savings have declined since the beginning of the pandemic. Only 35 percent feel they are on track to achieve their retirement goals.
A disturbing 44 percent of millennials had either no savings (17 percent) or lacked enough savings to cover a $400 emergency expense (27 percent). A mounting feeling of financial instability with no plan to reach short-term financial goals or long-term retirement goals is a significant stress source for millennial workers.
Unexpected medical bills can add unnecessary stress, and not knowing how to use the healthcare system properly can lead to racking up more medical expenses than necessary. Thus, affordable healthcare should be part of the financial literacy conversation. With a little help from benefits brokers and employers, these young staffers can learn about affordable healthcare options, like direct primary care (DPC), that can ease their financial burdens and keep them on track for the future.
Employee Expectations are Evolving
It’s abundantly clear that many of the changes we’ve adopted during the pandemic will become permanent in the years to come. For example, telehealth has become commonplace—and the preferred method of care for many. Much like going online for meetings, millennials were quick to take a digital approach to every area of their lives, including healthcare.
Whether they’ve been impacted directly by COVID-19 or not, the current crisis has led many employees to rethink which benefits they need most. Millennials who may have just started families or may want to shortly seek benefits that will provide a safety net for their family without further straining their financial health.
They may be more open to considering benefits they haven’t weighed in the past, such as direct primary care, to ensure they are adequately covered.
DPC is a perfect fit for Millennials
Millennials take responsibility for their care and are less likely to depend on a health system with which they are not satisfied. The Kaiser Family Foundation survey found that 45 percent of 18 to 29 year-olds and 28 percent of 30 to 49 year-olds have no primary care provider (PCP). They also learned that more than 33 percent of millennials prefer on-demand healthcare from retail walk-in clinics over visiting their doctor’s office.
These statistics point to a larger generational shift toward on-demand healthcare, where younger patients prioritize the delivery speed and availability of appointments. With a little education, this group can learn the benefits of developing a long-term relationship with a PCP in a direct primary care environment. They still get speed and availability, but they can also keep their health history in one central location.
DPC is an affordable monthly healthcare membership that gives employees unlimited access to a primary care provider through in-office visits, telehealth, or virtual visits. Instead of using an urgent care center or emergency room as the go-to primary care setting, DPC members save money in the long run by avoiding expensive copays, insurance premiums, and escalating health conditions that will cost more if not treated promptly.
Knowledge is Power
The post-pandemic economic recovery could include a massive expansion of job options made possible by the work from anywhere revolution. Some say it could ignite a battle for talent unlike any other. With turnover costing employers 20 percent of an employee’s annual salary, attracting and retaining employees becomes even more essential to business success. Part of retaining talent is helping employees understand the employment benefits available to protect them and their families regarding affordable healthcare.
According to a recent survey, many employees turn to their employer for financial advice and counseling. Millennials mostly want help creating a long-term financial strategy, and most can’t afford pricey financial advisors. However, employers can remedy this by partnering with knowledgeable benefits brokers to provide educational workshops for employees.
Nearly two-thirds of employees believe the COVID-19 pandemic will impact their path to retirement, and many are looking for ways to save more. This world-changing event has made millennials and other workers more aware of the coverage needed to protect their own health and wellbeing, as well as their family’s. Direct primary care can be an integral part of minimizing the cost of effective healthcare for young families.
For more information on bringing DPC to a workforce that includes multiple generations, contact Healthcare2U.
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