Americans are generally satisfied with their health plans—but as millennials continue to gain influence in the workplace, they’ll be pushing insurers to modernize, according to a new survey.
HealthEdge released its latest Voice of the Market survey, which includes responses from 5,000 customers, and found that 78% of those surveyed are satisfied with their health insurance. Millennials, however, put the least amount of trust in their plans, with just over half (53%) saying they believe their current health plan is most effective at administering benefits.
Millennials were also the least satisfied group with how insurers communicate, according to the survey, with 62% saying they found communication satisfactory.
“Our survey findings indicate that as Baby Boomers age into Medicare and millennials garner more buying power by advancing their careers, health plans will feel pressure from both groups to remain competitive in the marketplace,” Steve Krupa, CEO of HealthEdge, said in a statement.
“Also, with new partnership agreements on the horizon, millennials revealed that they trust the current model of health insurance administration less than older generations do,” Krupa added. “The time to modernize is now.”
The report also surveyed the customers on the scenarios with the highest negative and positive impacts on their satisfaction with their plans. Perhaps unsurprisingly, cost concerns were significant factors: 34% said being unsure of a treatment was covered would lower their satisfaction and 32% said a lack of affordability would do so.
By contrast, 45% said having access to tools that allow members to better understand their benefits improved their satisfaction, as did 39% who said the same about tools to help them find lower-cost options.
Finding the plan with the lowest out-of-pocket costs was also ranked highest among potential considerations in choosing coverage, according to the survey, followed by finding lower monthly premiums and lower deductibles.
Consumers also said they prioritize plans that allow them convenient access to care or cover high-quality providers. Despite saying digital tools improve their satisfaction with their coverage, consumers ranked “digital communication” below these other factors they consider when selecting a plan.
The survey also asked what consumers feel is missing from their coverage, and 46% said they would like to see additional incentives for healthy behaviors. In addition, 41% said they want additional tools or information to assist in finding lower-cost care, and 36% said they want additional tools to understand their benefits.