New data shows young adults in their twenties and thirties aren’t investing in health insurance policies. In fact, they have the lowest rates of having active health insurance policies out of all age groups.
Over 63% of adults between the ages of 18-24 are actively covered by health insurance, according to Zelros. However, that number drops to roughly 58% for those between the ages of 25-34.
“The younger generation oftentimes are still covered through their parents, so the parents have the policy,” Zelros Chief Growth Officer Linh Ho said. “I think this 25-34 is where they’re out there now on their own and choose not, perhaps, to have life insurance. I think there’s definitely a perception among this age group that life insurance is for the older generation and not quite applicable to them.”
Not only is there an age gap when it comes to being covered, but there’s also a gender gap. Over 75% of men polled in Zelros’ survey said they have health insurance, whereas just under 70% of women answered the same.
Experts say the gaps in coverage can be explained through unemployment during the pandemic as well as the cost of insurance going up as inflation takes a toll on the overall cost of living.