Millennials, Gen X, Boomers, Gen Z. They’re all part of the workforce today and, it seems, all want something different from their employee benefits plan.
Or do they?
Affordable and easily accessible, hassle-free health care are things everyone, regardless of age, wants.
Unfortunately, many traditional employee health plans fall short of this basic expectation. Complex claims processes, confusing coverage options, and outdated technology can frustrate employees across generations. So, while each generation might have specific preferences and needs, the underlying desire for simplicity, affordability, and accessibility is universal.
As we enter open enrollment season, how do you balance these generational preferences and provide a benefits package that works for everyone?
Understanding the Generational Divide — And Common Ground
Let’s start with a quick breakdown of each generation’s priorities when it comes to health benefits:
- Boomers (born 1946–1964) are nearing or in retirement age, so they’re focused on comprehensive health care coverage, including long-term care and retirement health planning.
- Gen X (born 1965–1980) is in their prime earning years and typically prioritizes financial security and family benefits, like dependent care and robust medical coverage for themselves and their families.
- Millennials (born 1981–1996) value affordable care and flexibility, particularly access to mental health resources and digital tools like telemedicine.
- Gen Z (born after 1997), the newest members of the workforce, are tech-savvy and expect benefits to be as intuitive and on-demand as the apps they use every day.
While these preferences might seem diverse, the underlying themes are remarkably similar. As noted above, all generations want health care that is: affordable, easy to access, flexible and hassle-free.
The challenge for employers developing next year's health benefits plan ahead of open enrollment is to deliver on these universal desires while also tailoring benefits to meet the unique needs of different generations.
The Pitfalls of Traditional Health Plans
Unfortunately, many health plans in today’s workforce don’t do the job.
Traditional health plans often require employees to navigate a maze of paperwork, phone calls, and opaque pricing. For Gen Z and Millennials, this feels unnecessarily outdated. For Boomers and Gen X, it’s just a hassle.
Whether it’s Millennials looking for price comparisons on medical procedures or Boomers trying to plan for long-term health costs, employees across generations also are demanding more transparency from their benefits.
Also, employees across all age groups are seeking better mental health resources, though traditional health plans often don’t provide comprehensive coverage or easy access to these services.
Finally, too many health plans offer one-size-fits-all solutions, leaving employees feeling like their specific needs — whether it’s virtual care, dependent care, or specialty health services — just aren’t being met.
Meeting the Needs of a Multigenerational Workforce
So how can you, as a business owner, ensure your benefits package delivers value to every generation in your workforce? The good news is that while generational preferences may differ slightly, there are a few key adjustments you can make to your health benefits plan that will appeal across the board.
Offer Affordable, Transparent Plans. Every generation wants affordability, but it’s critical that your health plan also offers transparency in pricing. Employees of all ages want to understand their out-of-pocket costs before they seek care. Consider offering plans that allow employees to compare costs for procedures, medications, and services easily online. The easier you make it to understand the costs, the more satisfied your employees will be.
Expand Access to Virtual Care. While Millennials and Gen Z employees may have driven the surge in demand for telemedicine, it’s a benefit that appeals to everyone. Gen Xers balancing work and family appreciate the convenience of skipping a waiting room, and Boomers — especially those in rural areas — value the ease of access to medical advice. Virtual care options, from routine check-ups to mental health support, should be a standard part of your health plan.
Enhance Mental Health Resources. Millennials and Gen Z have led the conversation around mental health, but Boomers and Gen X are also increasingly prioritizing mental wellness. Offering comprehensive mental health benefits, including therapy, counseling, and stress management programs, will not only satisfy younger employees but also benefit older workers who may be dealing with the pressures of caregiving or planning for retirement.
Flexible, Tailored Benefits. While affordability and transparency are key, flexibility is just as important. Boomers may want access to long-term care options, while Millennials and Gen Z are looking for wellness programs or fertility benefits. Gen X employees might prioritize family health benefits, while younger workers want more preventive care options. Providing a benefits platform that allows employees to choose from a range of options — customizing their plans to fit their personal or family needs — can bridge the gap between generations.
Seamless, Digital Access. Whether they’re Boomers who value convenience, or Gen Z employees who expect everything to be available at their fingertips, all generations appreciate easy access to their benefits. Implementing a digital-first approach with user-friendly apps, online portals, and 24/7 access to benefits information makes it easier for employees to manage their health care, no matter what generation they belong to.
Health Benefits for All
As you head into this year’s open enrollment period, it’s important to remember that a multigenerational workforce doesn’t have to mean creating entirely different benefits packages for each group. Instead, focus on the common ground: all employees want affordable, accessible, and hassle-free health care. By building a plan that’s flexible, transparent, and tailored to meet the evolving expectations of a diverse workforce, you’ll be better positioned to attract and retain top talent, no matter their age.
The Mahoney Group, based in Mesa, Ariz., is one of the largest independent insurance and employee benefits brokerages in the U.S. For more information, visit our website or call 877-440-3304.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.