Millennials — ages 18 to 34 — are the most cost-conscious generation when it comes to healthcare, with the majority naming cost as a top consideration when selecting a healthcare provider and 50 percent delaying treatment because of cost, according to consumer research from Xerox.
Gen Xers, or those between 35 and 49, are the next most concerned with healthcare costs, with 59 percent listing cost as a top consideration when selecting a provider, compared with 42 percent of baby boomers (ages 50 through 68) and 39 percent of the greatest generation (69 and older).
Almost half — 45 percent — of Gen Xers have delayed medical treatment due to cost, compared with 39 percent of baby boomers and 15 percent of the greatest generation.
"The move to consumerism in healthcare is upon us," said Connie Harvey, COO of Xerox's Healthcare Business Group. "This data gives a glimpse at how consumers weigh cost in the healthcare decision-making process — insight critical to guiding payers and providers as they look to transition to value-based care models."
The study, conducted by Y&R's BAV Consulting on behalf of Xerox, surveyed 761 U.S. adults who purchase health insurance and are the healthcare decision makers for their households.