Millennials Struggle to Pay Their Bills.

• Position: MEDICAL EXPENSES

Fifty-seven percent of millennial have little to no understanding of their health insurance benefits. This is significantly lower than other generations, including Gen X (50%) and baby boomers (42%), a TransUnion Health Care Millennial Report found.

The report also uncovered that, despite the vast majority of millennials having health insurance, they tend to pay their medical bills at a slower rate than other generations. In fact, in 2017, 74% of millennials did not pay their medical bills in full, compared to 68% of Gen Xers and 60% of baby boomers. Yet, seven in 10 millennials said they would pay their medical bills in full if they had the money to do so.

Millennials are defined as consumers born between 1980-94; Gen Xers, between 1965-79; and baby boomers, between 1946-64.

"Millennials are facing a tough road--in some ways they were placed at an early disadvantage compared to previous generations. As millennials were just entering the workforce and likely had less disposable income, both insurers and employers began cost-shifting payments," notes Jonathan Wiik, author of Health Care Revolution: The Patient Is the New Payer and principal of Health Care Strategy at TransUnion Health Care, Chicago, III. "Despite these challenges, our research indicates that millennials are indeed interested in responsibly paying their medical debts, while at the same time, health-care providers will need to get innovative to make the payment process more manageable for them."

According to the report, 46% of millennials would be more apt to pay their medical bills if they were provided an estimate of their health-care costs at the point...