Benefits and Compensation

Millennials Often Underestimate Healthcare Costs

Aflac, a provider of voluntary insurance, announced results from the 2016 Aflac WorkForces Report, revealing how Millennials are more likely to embrace a nontraditional approach to pay their medical expenses compared to older generations. They also are more likely than non-Millennial generations to regularly underestimate the total cost of healthcare issues.

The online study, conducted by Lightspeed GMI on behalf of Aflac between January and February 2016, surveyed 1,500 benefits decision-makers and 5,000 employees at small, medium, and large companies from across the United States.

“Employer-sponsored healthcare coverage is essential for employees,” Aflac Senior Vice President and Chief Human Resources Officer Matthew Owenby said, in a press release. “But as costs continue to rise, the younger generations appear more likely to tackle health care-related financial issues by means that older generations would not consider, including crowdfunding.”

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