Millennials Are Less Insured

Millennials Are Less InsuredTheir insurance preferences are a departure from the status quo

As Millennials overtake Baby Boomers as the largest generation, they’re shaking up traditional health care and foregoing insurance. Millennials (16%) are more likely to be uninsured compared with the older generations (12% of Gen X and 8% of Boomers), a trend increasing since 2016; 60% of uninsured Millennials say they didn’t get insurance because it’s too expensive and they say they don’t have time to acquire coverage.

A report from Transamerica says nearly half (48%) of Millennials spend less than $100 per month on health expenses, not including insurance premiums. Millennials are more likely than older generations (43% vs. 36% of Gen X and 33% of Boomers) to say they rely mostly on the Internet to gather information about insurance and health care.

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Begin Your Day Earlier; Get More Done

Begin Your Day Earlier Get More Done One of the best ways to become more productive is to wake up earlier and give yourself a head start on the day. The time you wake and rise is a habit, and like all habits, it can be difficult to change. Try these steps for one week to learn how to rise before dawn: get up earlier – no matter what – get up; drink ice water; sleep seven hours; keep your bedroom dark and cool at night, and give it a week.

The first day you’ll be tired. The second day you’ll even more tired. By the third day, you’ll be asleep by 9:30 the night before. Any lack of sleep catches up with you, and soon falling sleep will be unavoidable, so your habits change. But if you tough it out for a few days, you’ll learn how powerful it can be to begin your day before the sun rises. You can do this.

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Analysis of 2019 Medicare Trustees Report

Analysis of 2019 Medicare Trustees ReportSome curated observations from an analysis of Medicare’s health and future by the Committee for a Responsible Federal Budget:

  • The number of Medicare beneficiaries grew from 40 million in 2000 to 60 million in 2018 (the explosion of the Boomer generation aging to 65) and is projected to grow by another 27 million – to 87 million – by 2040;
  • Each part of Medicare will grow: Part B experiences the largest increase as a percent of the Gross Domestic Product while Part D is the fastest-growing part of the program;
  • Medicare Advantage enrollment is expected to increase from 37% of Medicare enrollment in 2018 to 40% by 2028, and spending will rise from 31 to 37% of Medicare spending.

Medicare Spending by Part

(Percent of GDP)

Medicare Spending by Part

years

Of Medicare’ three main components:

  • Part A spending is projected to increase from 1.5% of GDP in 2018 to 2.2% in 2040 before growing more gradually to 2.3% by 2090;
  • Part B follows a similar but faster-growing trend, increasing from 1.7% of GDP in 2018 to 3% in 2040 and 3.1% by 2090;
  • Part D is the smallest but fastest-growing over the next 75 years, rising from 0.5% of GDP in 2018 to 0.8% in 2040 and 1.1% in 2090.

Medicare Advantage continues to grow: participation increased from 24% of total Medicare enrollment in 2009 to 36% in 2018 with M/A plans receiving more than three-quarters of the net increase in enrollment during that time.

Trustees expect this trend to continue: private plans are expected to receive a majority of the net enrollment increase over the next decade, reaching 40% of total enrollment in 2028. The Trustees expect M/A to continue to play a big and increasing role within Medicare.

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Preliminary Premium Growth Rates

Q1 2019

Preliminary Premium Growth Rates

The numbers reflect the % growth as compared to the same quarter of the previous year unless noted otherwise.

* Reflects 4Q YE sales results **Individual LTCI sales is reported annually

LIMRA INFOGRAPHIC

 

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Make Results, Not Excuses

Make Results, Not ExcusesThe time you spend making excuses, avoiding accountability and difficult conversations would be better spent doing the work you need to be doing. Excuses never produced a single result; avoiding accountability never built a legacy. The time and energy you spend feeling sorry for yourself and whining to other people about how difficult something is would be better invested in doing the very task you are avoiding. There’s no prize for feeling sorry for yourself.

The time and angst you spend trying to find ways to avoid what needs to be done, searching for shortcuts or looking at information you think confirms your belief should be directed to your most important work. You don’t need to work smarter; you need to work harder. And there’s no amount of information confirming your beliefs that will relieve you of your obligation to produce results. You can invest in your excuses, or invest in results. One choice will make you comfortable, temporarily, and one will make you happy.

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Young Consumers Shy From Life Insurance

Young Consumers Shy From Life InsuranceMany young Americans turned their backs on the life insurance market in November. The number of Americans 44 and younger who applied for coverage last month was 9.4% lower than in November 2017, according to new data from MIB. The drop in November follows a 7.3% year-over-year drop for the 44-and-under age group in October. Life insurance application activity was off 4.7% year-over-year. Confirming a demographic shift in purchasing, older age life insurance activity showed its strongest divergence yet from the 0-44 age group in November. The long-term trend shows the Index stable across the first three quarters of 2018, only to show weakness in Q4. November activity was up 6.4% over that of October as insurers head toward year-end closing.

Ages 60+ life insurance application activity solidly led all others, up 7.2% in November year-over-year; ages 45-59 were down 2.4%; and ages 0-44 were down sharply, 9.4%, year-over-year. Year-to-date, ages 0-44 are off 2.2%; ages 45-59 are off 0.7%; and ages 60+ gained ground: up 2.8%, YTD Y/Y. Month-over-month activity all showed healthy gains from prior October with 0-44 up 7.4%; 45-59 up 8.6%; and ages 60+ up 0.7%.

Life Index Composite and Age Groups

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Take Care of People to Earn More Money

Take Care of People to Earn More MoneyEverybody wants more money. Most people aren’t willing to do what it takes to make more money. And the people who want money the most are often mistaken about what they need to do to earn money. If you put money before people, you’ll have trouble making money. By treating people as a means to an end (money), you set priorities in a way that money becomes difficult to gain.

If you put money before your clients and customers, you’ll have a tough time extracting the money you want from their checkbooks. Revenue is the result of selling well and taking care of your clients. In insurance marketing and sales, increasing revenue and profit is the result of doing 1,000 things right; chief among them is valuing people. Learn to do purposeful and meaningful work for your clients. Then the money will come.

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