Are you an employer or HR? Chances are you have Millennial employees on your staff. The following infographic provides you with valuable information about this demographic, and how you can engage your Millennial employees in health benefits.
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8 Ways to Engage Your Millennial Employees in Health Benefits
Millennials in the Workplace:
- 52 percent are stressed out about their financial situation
- 35 percent don’t understand their health insurance options
- 39 percent have a hard time making health plan decisions
To Engage Millennial Employees in Your Company’s Health Benefits:
- Help them understand their health benefits – Millennials place a high value on the importance of health benefits, but they can be turned off by the complexity of medical insurance and health benefit plans.
- Avoid “one size fits all” benefit plans – Millennials grew up in a world of choices, and they expect it with their healthcare benefits. Provide a variety of benefit options so employees can select the type of plan that fits their needs.
- Offer high-end plans – While some Millennials just want basic healthcare, others will pay more for comprehensive plans that offer a full range of healthcare coverage.
- Include dental, vision, and prescription drug coverage – For years, these were considered optional coverages. Millennials want and expect them as part of their benefits.
- Offer tax-advantaged benefit accounts – As with other generations, Millennials want tools to help control healthcare costs. Offering Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Healthcare Reimbursement Arrangements (HRAs) gives Millennials more control over how they spend their healthcare dollars.
- Make it fun – Implement employee engagement programs that provide fun, interactive educational materials about the benefits of tax-advantaged healthcare accounts.
- Focus on “total well-being” – To Millennials, total well-being includes physical, emotional and financial aspects. In addition to wellness programs, offer health classes, gym memberships, financial counseling, employee assistance programs and more.
- Provide simple technology integration – Millennials want easy-to-use mobile and online applications to help manage their healthcare benefits. They want mobile apps that let them:
- Book doctor appointments
- Review and select providers
- Compare healthcare service costs and insurance options
- Participate in telemedicine
Providing flexible, convenient, and easy to understand benefits will encourage Millennials to engage with your company’s health plan and produce happier, healthier and more productive employees.
DataPath, Inc. is leading technology solutions provider for cloud-based FSA, HRA, HSA, and COBRA benefits administration.