Most uninsured millennials cite a lack of knowledge as the reason they don’t have health insurance, according to a survey from the Transamerica Center for Health Studies.
About 55 percent of the uninsured millennial population say they’re “not at all” or “not very informed” about their health insurance options, the survey found. Even when insured millennials were added to the mix, the research center found that 35 percent of all millennials feel uninformed about their options.
Most millennials said they didn't obtain insurance through the Affordable Care Act because they "did not know how to apply," according to the report.
Cost is a factor, as well. The survey found that 47 percent of millennials who say they won't up for health coverage in 2017 are doing so due to lack of affordability. One in 5 millennials surveyed say they can’t afford “routine” healthcare, which means more in this age group are skipping care altogether to avoid fees, says the report.
Additional findings include:
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Millennials are more likely to rely on doctors, nurses, friends and family when it comes to finding answers to health-related questions than other sources of information.
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Of those who rely on family and friends for health information, 64 percent cite their mother/step-mother as the primary source of answers relating to health insurance and care.
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66 percent say a $200 monthly premium is not manageable.
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37 percent of millennials haven't done price comparisons for plan options.
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26 percent haven't researched health providers and insurance in the past year.
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Vitamins and supplements are the most common solutions for millennials who want to limit their interactions with the healthcare system.
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Millennial men are more likely to be privately insured than millennial women.
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Three in 10 millennials have never received health insurance through employer.
The rate of uninsured millennials is dropping, though, according to the Transamerica Center for Health Studies, from 23 percent in 2013 to 11 percent today.
To learn more:
- read the report