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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