The Benefit Needs of Each Generation
Of course, every employee, no matter their age, needs access to health insurance and prescription benefits. But the specifics of those benefits can vary depending on the generation. Below, we’ve outlined the benefits that employees expect and need across the generations.
When looking to create a benefits package for your employees, review the needs we’ve outlined to make sure you’ve got everyone in your company covered. Even if most of your workforce lies in one or two age groups, make sure to consider the generational outliers at your company too.
Benefits for the Silent Generation
Even though this generation, consisting of those born before 1945, are the smallest portion of the workforce, they are among the highest users of healthcare benefits. They expect full coverage plans that give them access to specialty providers. Prescription benefits are especially important for this generation.
Benefits for Baby Boomers
This generation, born between 1946-1964, makes up approximately 25% of the workforce, though those figures vary depending on the industry. However, no matter the industry, this aging generation is preparing for or entering retirement, so they have a particular focus on their health. They need and expect benefits that give them easy, affordable access to care and specialty drugs for chronic conditions.
Benefits for Generation X
Making up nearly half of the workforce, GenXers, born between 1965-1980, are the most likely generation to have a strong focus on family benefits. They are typically proactive about researching their healthcare decisions and are prone to price shopping. Along with a desire for work-life balance, they need diversity and choices in their healthcare plans.
Benefits for Millennials
It seems like not that long ago, articles circulated about what changes to expect as the technologically savvy Millennials, born between 1981 – 1996, entered the workplace. But now, they are the largest portion of the workforce, and are often defined by a desire for convenience and an appreciation of transparency. Plans that focus on cost-saving measures are typically the most desirable to this generation.
Benefits for Generation Z
Because this generation is still so young, with the oldest members being only 23, born in 1997, they are just now starting their careers and transitioning off their parents’ healthcare plans. Simplicity is important to this generation, and they desire healthcare and prescription benefits that help them save money and offer easy-to-use tools.
How to Choose Benefits That Work for Every Generation
So far, we’ve focused on the differences that divide the generations, but there are a few things that every generation has in common. No matter the age of your employees, they want convenient access to healthcare and prescriptions that don’t break the bank. So, how can you offer benefits that meet the cross-generational concerns of your employees while also attending to individual generational needs?
Focus on Diversity and Cost-Saving
No matter the age, cost is at the forefront of most employees’ minds when it comes to their healthcare and prescription benefits. But those concerns have roots in different lifestyles and perspectives depending on the age of the employee. This is why it’s important to focus on offering an array of choices for your employees. Offer plans that have a diverse range of cost and options so that employees can choose what works best for them.
Work With High-Touch Carriers
No two companies are the same, even within the same industry. Your company might be an outlier with a large percentage of Baby Boomers or Generation Z, or your workforce might be spread out equally among all generations. Whatever your situation, it’s important to choose an insurance carrier and pharmacy benefits manager that focuses on customer support and high-touch experiences. There is endless value in being able to work one-on-one with someone who can customize benefits packages for your specific company needs.
Choose Employee-Owned Agencies
Just as no two companies are the same, no two insurance carriers or prescription benefits managers are the same. When deciding who to work with, one feature to focus on is who the company answers to. Does your prescription benefits manager answer to a large corporation or are they employee-owned? Choosing a large corporation could mean that your needs are second to Wall Street. But choosing an employee-owned company means you’ll be treated as a business partner with your best interest in mind.
At ProAct, Inc., we keep your unique needs at the forefront when we design your prescription benefits plan. We are the largest employee-owned PBM in the country, providing high-touch services to companies since 1999. We offer a 24/7/365 helpline and a national pharmacy network so that all your employees can have access to the care they need any time day or night. To learn more, reach out to us at 888.254.3552 or online.