This chart appeared in a recent Digital Health Briefing, the subscriber-only daily newsletter from Insider Intelligence.
| | The chart below appeared recently in our exclusive Digital Health Briefing, a daily email newsletter available only to subscribers. Right now, you can try the Briefing for just $1! Read on for a preview of the content you can expect as a Briefing subscriber. |
| | | The coronavirus pandemic has sparked more changes to health coverage for millennials and Gen Zers compared with older cohorts. As a result, younger consumers are heading online to look for cost-effective care, according to a new TransUnion Healthcare survey.
One-third of Gen Z and 29% of millennial respondents said the pandemic has disrupted their coverage—outpacing Gen Xers (18%) and baby boomers (12%). A spike in unemployment catalyzed by the pandemic contributed to an estimated 12 million US citizens losing health insurance as of late August, according to CNBC—and considering the job loss surge has disproportionately impacted younger workers, it makes sense that they’d be more affected by insurance loss, too. The younger cohorts (Gen Zers: 90%; millennials: 87%) are more likely to go online to research cost options than older counterparts (Gen Xers: 79%; baby boomers: 69%). Younger consumers have historically been more likely to compare prices online before making a purchase—and they’re extending this behavior to the way they shop for healthcare.
Many health insurance startups offer tech-focused plans targeting younger consumers—and they are in a prime spot to attract more members. Health insurtechs featuring tools that allow members to shop around for low-cost care could reel in younger members looking for cheaper options. Because health insurtechs have been on the receiving end of massive VC funding rounds in recent months, we think they’ll continue to use this cash to broaden their footprints in the individual plan marketplace with options and tech that meet the rising demand from convenience-driven, cost-conscious millennials and Gen Zers. |
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