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13 Apr

Understanding the Young Healthcare Consumer

Understanding the Young Healthcare Consumer

Finn Partners surveyed 1,000 adults to understand the healthcare habits of young Americans.  Being a proud Millennial myself, I know the popular stigma related to my generation of adults ages 18-33.  People often associate Millennial’s with being non-committal, job hoppers who use the web to shop for everything from clothes to groceries and receive their news via social media.  These assumptions are mirrored in the results collected from the Finn Partners survey.

Fifty-nine percent of respondents under the age of 45 have had their current health insurance plan for less than three years and 43 percent of these Americans under the age of 45 have had their current physician for less than three years.  This could be directly related to the fact Millennials are known to job hop and not stay at a position longer than a year or two.  Many Millennials are not even offered insurance through their workplace, specifically those that only work part time.

Americans under the age of 25 are 67 percent more likely to have pharmacist recommend an alternative medicine compared to 45 percent of those who are older than 45.  It is now easier than ever to use the internet to find a generic alternative to the costly brand name drug your physician may prescribe.  

Forty-two percent of Americans under the age of 45 say Facebook is the primary social media outlet on which they expect their health insurance plan to be active to address questions.  With the rise of social media it is important for even health insurance companies to have Facebook and Twitter accounts. 

Some other interesting takeaways from the survey include 56 percent of respondents under the age of 30 are familiar with the term “prior authorization” and 24 percent of Americans who are 30 to 44 years old say they are familiar with drug formularies.

Surprisingly, Americans who earn $150,000 or more live in the Northeast and are between the ages of 18 and 24 years old are most likely to not read the manual of covered medications and to go to physicians out of their insurance network.

With young Americans constantly changing physicians and insurance companies, it brings up many questions.  How do doctors build rapport with a patient when they might only have one or two interactions with them? Is human interaction becoming less important in the healthcare world?  What does this survey mean for the future of healthcare?  Share your thoughts below.

Guest Blogger:   Blair Tetenbaum is a Marketing Specialist with Fashion Seal Healthcare.  She brings a strong, up-beat passion to the team with a unique perspective as a millennial.

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