Health insurance: what Gen X through Gen Z is willing to pay for

HealthCare.com’s 2022 Medical Debt Survey found that one in four Gen Zers has skipped rent or mortgage payments due to medical debt. This same survey revealed one in four Millennials and one in five Gen Xers have done the same.

According to Deloitte’s 2022 Global Gen Z and Millennial survey, almost half of both groups worry about covering their expenses.

Financial woes by generation

Another survey, conducted in 2020 by TransUnion Healthcare, reported that 90% of Gen Z and 87% of Millennials spend time online researching health care costs. 59% of Gen Z and 55% of Millennials then make decisions based on the cost. Furthermore, the Deloitte report cited health care and disease prevention as the #3 concern of Millennials.

Given how much these two generations think about their finances and general well-being, it makes a strong case for KindHealth’s bet on tailored advice in exchange for personal data. EY’s assessment of how multiple generations use digital tools found that decisions and efficiency improved.

How digital tools aid decision-making

What generations are willing to pay for

While KindHealth has no immediate plans to charge for access to our platform, EY’s findings show at least a quarter of 72.1M Millennials and a fifth of 65.2M Gen Xers have an aptitude to pay for a service that provides a benefit.

Note: Though Gen Z wasn’t polled in EY’s research, other surveys have shown Gen Z to be aligned with Millennials.

To learn more, visit KindHealth today.

###

About KindHealth

KindHealth is an AI-powered platform that provides and maintains a personalized insurance strategy for individuals and families to help them protect against financial risk by guiding them to the best coverage for their specific needs. Visit https://www.kindhealth.co.

Photo credit: “Saving Cash” by 401(K) 2013 is licensed under CC BY-SA 2.0.