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Health Insurance for Young Adults: How to Market to Millennials

Oct 9, 2018 10:16:00 AM / by Savers Marketing

 

How can I sell health insurance to millennials?

Many agents make the mistake of thinking that millennials are difficult to market to because they think they don’t need health insurance, but here’s the thing: 30% of millennials are parents, and a whopping 52% are responsible for the healthcare decisions of others, be it a spouse, parent, child, or other dependants. Leveraging their responsibility to those in their care is one way to stress the importance of enrolling in health insurance coverage, but first, agents must understand where millennial clients are coming from.

 

 

Millennials & Money.

 

Let’s take a look at some numbers.

34% of younger millennials and 27% of the older millennials surveyed report the high costs of medical insurance and medical care as the primary reason they choose to (or are forced to) stay uninsured.

 

Here’s why:

75% of the US millennial population makes less than $50,000 a year. Now, consider the fact that out of that less-than-$50,000 income:

  • 47% of millennials have substantial and overwhelming student debt payments each month
  • 51% of millennials also have a mortgage to pay

 

Now, when considering the additional cost of transportation, utilities, saving for emergencies, and other inevitable costs of living, it’s a little easier to understand why nearly 50% of millennials admit to having delayed, skipped, or entirely stopped pursuing basic healthcare needs as a means to save money.

 

 

 

Tips for Targeting Millennials

 

Be honest.

While 27% of those surveyed said they feel like they don’t understand their health insurance options, millennials have more power to research their own benefits, find plans, and compare costs than any generation before them. Rather than cold calls and direct mails, millennials are better swayed through clear, concise educational resources that they can find themselves. They’re not going to call an agent until they’re ready to discuss the nitty gritty details. So, make sure you’re offering your audience valuable content in easily digestible forms, such as:

  • Landing pages on your website
  • Your up-to-date blog
  • Engaging social media posts

 

When polled about their attitudes towards healthcare, 76% stated that they trust health insurance carriers and believe that those carriers have genuinely their best interests in mind, so use this trust and openness as an opportunity to share resources about budgeting for healthcare, the benefits of certain plans, and how you can help make healthcare coverage more attainable.

 

Meet them where they are.

And before you ask us where they are, think about it: they’re everywhere.

Everywhere?

Yes. Everywhere, because the millennial generation is always on the go and online. No, this isn’t another jab about how they’re always on their phones. It’s just being smart about targeting a demographic that researches, shops, pays bills, and socializes online. Your in-person networking events are still useful, but you’re likely to get more leads by publishing creative online content and leveraging social media platforms.

 

Make it easy to reach you.

Be mobile. Make sure you’re easy to message, retweet, and share with friends while also being sure you reply to appropriate threads in a timely manner. These apps are great for nurturing leads and staying on top of business while you’re on the go.

 

Essentially, being direct and honest, streamlining your communications processes, and understanding where millennials are coming from financially can help you connect with millennials and offer them what they’re already looking for. For more ways to make yourself a more credible, appealing agent, check out:

 

 

Why Do People Prefer Working with an Independent Insurance Agency?

 

Topics: Savers Marketing, Tips & Tricks

Savers Marketing

Written by Savers Marketing

Savers Marketing partners with an excellent group of Health Insurance, Life Insurance and Annuity carriers, and our strong engagement with carriers means we have the best products available to our agents.