Millennials and youngergenerations are increasingly entering the workforce. By 2020, theywill make up 50 percent of the workforce, and in 2030 millennials,will make up 70 percent.

Millennials grew up in an Internet-enabled, "on-demand" worldwhere a few clicks or swipes can facilitate all types of purchases,from food deliveries to ride shares to movies and everything inbetween. This consumerism is now driving the need forcompanies to rethink how they offer, price and deliver health careservices. Similar to the idea of cord-cutting cable televisionservices, millennials are increasingly ditching traditional primarycare models and opting for health savings accounts or HSAs.

Technology drives consumerism

Today's workforce has a broad range of tools to research,compare and procure health care providers and the services offered.This consumerism is driven by mobile apps, as well as telemedicine options that do not require aphysical visit to a doctor's office. Moreover, health careproviders are also embracing technology to automate the serviceexperience, including patient health portals to view medicalrecords and schedule appointments, live chat with customer supportand reminder texts.

Technology and automation are supercharging consumerism.Creating choice offers a unique opportunity for health savingsaccounts, especially for younger people who can build up a healthcare piggy bank if and when they need to draw from it.

The benefits of HSAs

Younger people tend to require less health care servicescompared to older generations; thus, HSAs offer a flexible viabletool that gives them control of how and to who they receiveservices from. Assuming they only need an annual physicals andregular dental check-ups, the costs are significantly lower andprovide a way to build a tax-free health care account.

Also read: 12 reasons why I love HSAs

When they need to see a doctor or specialist, millennials canresearch the best options and then use their HSA to pay for it.This approach is making health care more competitive. From anemployer's perspective, aggregate health care costs, typically thehighest expense after salaries and rent, are significantly lower,to the tune of 20 percent to 25 percent.

Escalating health care costs are driving up premiums, making itharder for employers and employees to strike the right balance.HSAs are a great way to save for that health care rainy day. TheHSA balance rolls over from year to year, providing the flexibilityand control to manage health care dollars. Unlike healthreimbursement arrangements or HRAs, which are employer owned, HSAsare employee-owned. If they quit a job, are fired, retire, orchange jobs, the HSA is theirs along with all the money in it. Inthe event an employer offers an HSA that works better for theemployee, they can roll the money from the old account to the newplan.

HSAs are interest-bearing accounts that will grow over time. Asa result, they can be utilized as a long-term investment account,especially for younger workers. The ultimate goal is to lowerhealth care costs and provide choice for consumers. Setting up anHSA is one of the best financial decisions a millennial can make toprepare for the uncertainty of the future.

Steve Rosenthal is one of the most widely recognized leadersin the employee benefits and human resource industry. Beforebecoming CEO of Triton Benefits and HR Solutions, Rosenthal was theCEO and pioneer of CheckPoint HR. Rosenthal previously served asChairman of EPIX of what became under his leadership, one of thelargest human resources outsourcing companies in the country. Stevebegan his career at Automatic Data Processing as an intern andlater became a District Manager. Steve graduated from FairleighDickenson University and earned a Bachelor of Science Degree inManagement.