Twenty-four percent of young adults ages 18 to 29 lack health insurance, finds a new survey from Princeton Survey Research Associates International, commissioned by insuranceQuotes.com.
Invincibility plays a crucial role into why so many young adults forgo coverage.
"Like anyone who's young, they're 10-foot-tall and bulletproof," Kile Lewis, co-CEO and co-founder of financial planning firm oXYGen, told insuranceQuotes.com
The youth of America tend to be stigmatized as being unconcerned with health coverage and unaware of its benefits. But according to a recent Deloitte report, they're pretty well-versed in health insurance--they just want a higher return on the money they spend for it, FierceHealthPayer previously reported.
Many young consumers want that higher return on their money because they are bogged down with student debt, often the size of a mortgage, and many believe they can't afford healthcare, notes insuranceQuotes.com.
And because young adults are plugged into news 24/7, with all the coverage of the Affordable Care Act, they may feel it's unfair they're required to purchase coverage. Many also feel like they don't need it, reports insuranceQuotes.com.
So what can insurers do to engage these young consumers? Interaction and outreach.
Wellpoint, for instance, is amping up its mobile game to capture young consumers' attention. The insurer is catering to young adults' mobile-savvy ways by letting them access all kinds of healthcare services through their smartphones.
With November 15 just around the corner, insurers and states need to strategize on how they will reach this targeted group.
The District of Columbia's exchange enrolled the largest share of young adults this past enrollment period, through marketing efforts at bars, clubs and restaurants. The DC Health Link enticed the younger crowd by linking healthcare-related education with sporting events, such as the Winter Olympics.
- here's the insuranceQuotes.com article