Convincing the younger generation of adults has been the biggest challenge and hurdle that the health insurance sector is facing. These individuals represent a large number of the population that is least wealthy but mostly healthy to purchase medical insurance covers, which is valued by many while other have the notion that it is not worth the cost nor affordable (Cunningham & Bond, 2013; Kaiser Family Foundation 2013). For example, in America, under the Affordable Care Act (ACA), eight million people signed up for the new health insurance policy of which 2.2 million or about 28 percent were aged 18 to 34. From these number, more than half signed up in the last month (March 2014) of the enrollment period (Deloitte, 2014). From the survey by Deloitte, reasons given by young adults as to why they did not sign up for the health insurance were, they found no value in the insurance while others believed they could not afford to pay for the insurance.
Health Insurance Marketing Techniques to Sway Young Adults
Good product design and appeal
The young generation of adults are a very tricky lot as most of them follow the trend, be it technology, fashion or entertainment and like products that meet their requirements at affordable prices. The affordability aspect of a product is very fundamental in attracting the understanding of young adults concerning the value of the insurance and also minimizes barriers to adoption of good health insurance policies. Through adopting of innovative network considerations, plan designs and benefits, may enhance the vision of value creation to increase the general attractiveness of insurance products to the young adults (Deloitte, 2014).
Entry-level and personalized products strategies
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... offer quality services like in-person support and advice (Deloitte, 2014).
Concluding, engaging the young generation consumers and awareness creation are the main ideologies behind working to convince these individuals that the possible advantages of taking a health care cover far defeat the aspect of premium costs. Publicizing available subsidies with premiums that are reduced should be undertaken by the state and federal government (Deloitte, 2014). They should also work hand in hand with health plans to provide products to the young adults that are less expensive. This could be attracting to young adults thus increase their interests, perception and awareness to coverage options that are affordable and valuable. As many young adults are technology savvy and highly mobile, reaching out to them through this platforms can forge very good relationships.
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