You might be surprised to learn that nearly 44% of the millennial generation — people born between 1981 and 1988 — report having a diagnosis for at least one chronic health condition. These numbers are according to a study conducted by The Harris Poll for CNBC Make It.
When compared to the general public, millennials account for a higher percentage of diagnosed conditions like migraines, asthma, neurodevelopmental disorders and mental health issues such as major depression, eating disorders and psychotic disorders. The rates of millennials managing health conditions stand in stark contrast to the slightly older Gen X generation, who researchers found are much more likely to be healthy when they’re older. And on top of that, the study found that one in three millennials doesn’t have a primary care physician right now, making them less likely to seek out preventive care.
With all of this being said, insurance claims and demands on the health system are expected to increase as millennials continue to age — resulting in higher premiums for everyone. Americans are already starting to see their health care premiums go up as the average annual premium for family coverage through employer-provided health insurance rose 37% between 2015 and 2020, from $15,545 to $21,342, according to the Kaiser Family Foundation. For a family plan purchased through the Affordable Care Act marketplace in the same period, premiums rose 97% from $8,724 to $17,244.
In a bid to reverse the trend, President Biden’s recent COVID relief bill included a measure that caps annual premiums for Obamacare plans, which has reduced more than 1 millions Americans’ health insurance costs by 25%. The bottom line is that it’s increasingly important to shop around for the best and most affordable health insurance.
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