When shopping for clothes, most of us would run if we saw “one size fits all” on the tag. And if we won’t settle when it comes to the fit of our new jeans or t-shirt, then why would we settle when it comes to our health insurance?
But when you have up to five different generations working in the same company, how do you make sure you’re insuring the 70-year-old just as well as the 25-year-old? It starts with understanding their needs and tailoring your plan accordingly.
Baby Boomers
By 2030, nearly 12% of people aged 75 and older will be active in the workforce, according to the Bureau of Labor Statistics. This generation is more likely to deal with chronic conditions that require specialist visits. They also prefer in-person interactions with their doctors, or at least hybrid options, rather than completely virtual care.
Generation X
Caught between caring for both aging parents and children, family is a major focus for Gen Xers when it comes to healthcare. Older employees are less concerned with cost and more focused on comprehensive coverage and access to care. FSAs and HSAs are highly appealing, especially as they look toward retirement.
Millennial
Convenience is key for Millennials, who often turn to urgent care centers first for quick access to care. However, they also tend to skip medical visits altogether, making accessible healthcare a must. Given the financial challenges they’ve witnessed, such as the 2008 financial crisis, Millennials are particularly sensitive to cost. Hybrid care options, like virtual visits, also resonate with them, as they value flexibility.
Generation Z
Gen Z is all about transparency. Raised with instant access to information, they demand clarity from their healthcare providers. As newcomers to the full-time workforce, they are particularly price-conscious, looking for lower premiums to keep more of their paycheck. However, they’re often hesitant to contribute to FSAs or HSAs, preferring immediate access to their money.
Solving the Puzzle
Now that you understand the needs of each generation, it’s time to solve the puzzle. At SolV, we work with you to create solutions that cater to a multigenerational workforce, ensuring that everyone is covered with the right “fit.” Whether it’s offering the right HSA plan or providing access to urgent care clinics, we’ll equip you with the tools to meet the needs of every employee, ensuring their healthcare plan fits them just right.
We don’t believe in one-size-fits-all solutions. Let us help you customize a benefits plan that works for your workforce and keeps everyone happy and healthy.