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How HSAs, millennials and consumerism are changing health care

Similar to the idea of cord-cutting cable television services, millennials are increasingly ditching traditional primary care models and opting for health savings accounts or HSAs.

By Steve Rosenthal | January 10, 2020 at 11:04 AM
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Millennials and younger generations are increasingly entering the workforce. By 2020, they will 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” world where a few clicks or swipes can facilitate all types of purchases, from food deliveries to ride shares to movies and everything in between. This consumerism is now driving the need for companies to rethink how they offer, price and deliver health care services. Similar to the idea of cord-cutting cable television services, millennials are increasingly ditching traditional primary care 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 a physical visit to a doctor’s office. Moreover, health care providers are also embracing technology to automate the service experience, including patient health portals to view medical records and schedule appointments, live chat with customer support and reminder texts.

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