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Juggling Expenses and Making Ends Meet: Today’s Young Workforce May be Shortchanging Their Health Care
August 23, 2006
A new national survey reveals that when it comes to their financial priorities, today’s young workforce is focused on cell phone bills, credit card payments and savings accounts, and that health benefits are not a top concern. The survey of more than 1,000 employed men and women ages 18 to 24 found that 44 percent would rather pay their monthly cell phone bill than pay a health benefits premium. While young adults are taking some of the right steps, health benefits must be a consideration for the fastest-growing group of uninsured Americans. Roughly 30 percent of 18- to 24-year-olds are uninsured in the United States.
According to the survey, young workers have set their financial priorities in areas other than health benefits coverage. Instead of paying for health benefits, 70 percent would rather contribute a portion of their monthly earnings to paying down credit card debt, building their savings accounts or contributing to their 401k. What they don’t account for are unexpected accidents. The survey found that of the uninsured young workers who recently had an accident, injury or illness that required medical attention, 91 percent wished they had been insured at the time of the incident.
In response, Aetna (NYSE: ?ET) and the Financial Planning Association® (FPA®), have launched All About the Benefits, an educational program designed to make health benefits a priority, and provide young workers with the knowledge and confidence they need to make informed health benefits decisions as they enter the workforce. The new program is an expansion of Plan for Your Health, an existing public education program sponsored by Aetna and FPA.
“As the fastest growing uninsured population, young adults need the right resources to better understand the options available for their individual needs,” said Caroline Wilke, University Relations Lead for Aetna. “We feel that it’s important to educate this audience early on the value of health benefits in ways that they can relate to most. All About the Benefits provides video clips, audio profiles and an informative podcast to help young adults make decisions while providing some entertainment along the way.”
Often dropped from their existing coverage (under their parents’ plan, Medicaid or the State Children’s Health Insurance Program) at age 19, or when they graduate from high school or college, young adults are left to find health benefits coverage on their own as they transition from high school or college to the workforce. According to the survey, young workers are not in a rush to sign up for a health plan. In fact, 46 percent of young workers without insurance say they will enroll when they can afford it and 31 percent will enroll when they get a job that offers benefits. But it’s clear that this group values their health benefits when it comes to feeling and looking their best. Of the young workers with health benefits, 85 percent said dental care was the most valuable, ranking it above vision, counseling/therapy and smoking cessation classes offered by health benefits plans.
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