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© Copyright 2016. CBIZ, Inc. NYSE Listed: CBZ. All rights reserved.
CBIZ EMPLOYEE SERVICES ORGANIZATION
What does this mean for your medical benefits strategy?
•
Higher deductible plans coupled with savings options (HSAs, FSAs) and voluntary products to fill the gap
•
Online Benefit Education and Enrollment and Concierge Services
―
Concierge services tap into Millennials’ desire to comparison shop and keep costs as low as
possibl
e 10―
Millennials are more likely than Baby Boomers and Gen Xers to be very likely or extremely likely to use
third-party decision support and online enrollment programs when provided at no cos
t 11
Telemedicine – Millennials are at home with digital communication and media. Although they have traditionally had low
utilization of physician office visits and primary car
e 12,
telemedicine could bridge that gap by reaching them on their
own terms – through a medium they feel comfortable with and on their own time.
•
Millennials do not want to see a doctor in person – they are “used to reaching out when they need something,
getting instant gratification, moving on and only coming back when they have the need again.
” 13•
Corresponds with demonstrated likelihood to visit retail clinics, etc. over a family physician
14
On Site or Near Site Clinics – Again, tapping into Millennials’ preference for flexibility and convenience, on site or near
site clinics may overcome the Millennial hesitance to use health services. May correlate to preference for retail clinics
etc
. 15Recommended Non-Medical Benefit Programs/Perks for High Millennial Employee Engagement
Student Loan Repayment Programs and Tuition Assistance – Millennials are heavily burdened by student loan debt on
the whole, with an average balance of $27,000 in 2014
169
EBRI
10
See, e.g., Purchasing Power and The Employee Perks Report 2016
11
EBRI
12
EBRI, see also UHC Consumerism p. 23/115
13
Hidalgo p. 2
14
UHC Consumerism,
supra
at footnote 7
15
Supra
at footnote 5
16
Gallup– How Millennials Want to Work and Live, 2016;
hereafter
Gallup
71%
Salesforce-Harris poll found
60%
and
of Millennial patients would like to have their
providers use mobile apps to book appointments,
share health date, and manage preventive care.
Of Millennials would like to use
telehealth to eliminate in person
visits.
Only 4% of employers are currently offering
student loan repayment.
67%
85%
of respondents said that it would be a deciding or contributing factor in
a decision to accept a job when all else was equal.
to
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