How are you? A recent study found that women and young adults invest less in health insurance. More than a third of young adults aged 25 to 34 do not have an active health insurance policy. Moreover, only about 60% of female periods are protected by health insurance.
Zelros, a company that uses artificial intelligence and machine learning to help insurers better understand and serve their customers, surveyed 1,000 people in Canada, the US, the UK and parts of the UK. ‘Europe.
The age disparity in health insurance coverage is a problem, and there is also a gender gap.
Why so many women don’t have health insurance
Unsurprisingly, the number one reason women and young adults are reluctant to purchase health insurance is the high cost of coverage. Further information from Zelros confirms a positive correlation between high cost of insurance and fewer women with health insurance policies.
58.3% of women think insurance coverage is too expensive to get. On the other hand, 46.7% of men surveyed believe that insurance is affordable.
This is an important factor why 75.4% of men surveyed have an active health insurance policy, while only 60.9% of women have coverage.
Zelros Marketing Director Linh C. Ho was asked about how to close the gender gap in health insurance coverage:
“Gender gaps in insurance, and in society as a whole, require modern solutions to close the gap and create a more balanced and equitable society. AI and ML technology enables to notice and to reduce gender gaps in insurance, ensuring insurers can identify these gaps and provide solutions, so that all their customers are insured in the same way.”
Convincing 25 to 34 year olds to take out health insurance
The survey identified millennials as the largest group that lacks sufficient health insurance, if at all. Even 18 to 24 year olds have a higher rate of health insurance coverage. The survey found that 63.5% of Gen Z have health insurance, while only 58.5% of people aged 25-34 are covered.
So how do we bridge this disconnect?
Provide more personalized products
Insurance companies should recommend personalized policy options that ensure policyholders are neither over-insured nor under-insured. Not paying more than you need means you can afford it more easily. It also relieves the stress of having to pay out of pocket when you need insurance but have lost it due to default.
An InsurTech company like Zelros uses artificial intelligence and machine learning technology to ensure more people are covered, know their insurance policy needs, and receive highly personalized recommendations when needed.
Provide better payment plans
Many people in this age bracket have long-term debts, such as car payments and mortgages. The flexibility to choose a payment plan that works better is one benefit that makes health insurance coverage worth considering.
Create a simple digital application process
Millennials are known to be tech-savvy. After all, they are the first generation to grow up in the internet age. They appreciate streamlined processes with less paperwork and simple apps they can fill out on their mobile phones. If insurance companies provide an easy-to-access online application or portal, they may see demand and policies increase.
Lack of adequate health insurance hurts everyone
One of the biggest problems the Affordable Health Care Act was intended to address is the high cost of care for underinsured citizens who can delay getting expensive preventative care, until they don’t. have no choice but to seek treatment. Whether or not this problem has been fully resolved, the large gap between who and who is covered by health insurance means we are all paying more.
Either we pay more for our own coverage, or our tax money goes to cover those who don’t have insurance and aren’t turned away by hospitals and urgent care facilities. Everyone deserves some level of care – that’s why there are several levels of free or low-cost government-funded health insurance.
Unfortunately, not everyone is aware of this. Immigrants, non-English speakers and transients without accommodation may not have access to a computer or the understanding necessary to apply properly. They may leave behind dependents and children who are also uninsured.
It affects us all.
Subsidizing care for others isn’t a bad thing, but it leaves the average person with less income. That’s fewer dollars to spend on basic commodities, let alone the “frivolous” consumer goods that sustain our global economy. It’s hard enough to spend your money on your family’s medical emergencies, without worrying about having to cover other families. This can lead to your savings being depleted and filing for bankruptcy.
This transfers even more financial burden to the state.
Then there’s the high cost of health insurance that employers provide – or once did. Today, employers rely on state programs or place a greater burden on the employee, lowering wages to offset expenses.
Health insurance outlays can also kill jobs for less-skilled workers as employers try to cut working hours and offer jobs with minimal benefits. People in this situation may be dependent on welfare and other government support.
And at the end of the day, this government assistance is also not free. To pay the costs of programs like Medicare and Medicaid, governments must collect more taxes. Otherwise, they are forced to provide fewer services elsewhere, cutting public education or infrastructure budgets. If governments fail to carefully balance these costs, they run the risk of continuing to run deficits. And again, that burden shifts to future taxpayers.
But without affordable federal and state health insurance, those without coverage will delay or forgo seeking treatment for illnesses that can be serious and lead to premature death.
How can we insure more people
The personalization and flexibility of health insurance policies are key to providing more women and young adults with the coverage they need. Allow people to pay for exactly what they need.
Many go without health insurance, assuming they are healthy and doing well. But life is full of surprises, and an accident or unexpected illness can quickly deplete savings and pile up medical bills. Not having insurance coverage is not worth the risk.
These gender and age gaps in insurance coverage are serious but not irreversible. But the longer we wait, the more difficult it will be to act.
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This article was produced and syndicated by Wealth of Geeks.