A recent research report from independent agency Barkley examines how millennials’ complex and often-contradictory views on health will affect the future of the health care industry. A nationwide online survey conducted by Barkley’s Intelligence team explores when and why individuals adopt different mindsets, what emotions, priorities and relationships are associated with these mindsets and how each mindset influences health-related decisions.
A New Picture of Health: How Millennial Consumer Mindsets are Affecting the Health Care and Health Insurance Industries reveals that there are two distinct mindsets of modern consumers shaping the future of both the health care and health insurance industries, affecting how such brands must interact with these consumers moving forward. While 38% of Millennials identify as Members of their plans, 24% see themselves as Customers. Other key findings include that:
Perhaps not surprising, since they are stretched thin financially, 55% of millennials are concerned about cost when choosing a health care plan, compared to 46% of other consumer groups. Millennials think holistically about their health. 71% of Millennials believe their mental and physical health are intertwined. While they believe all citizens should have access to health care regardless of income or health history, they are not fans of the individual mandate that requires an insurance plan. Despite distrust in government, an overwhelming majority believe the government has the responsibility to provide universal health care.
These contradictions coupled with the distinct Member and Customer mindsets create tension for health care and health insurance brands, particularly as Millennials age out of their parents’ plans and homes.
To download the report, please visit this link