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Analysis

Millennials Have More Surprise Bills, Less Savings

By Alexandra Wilson Pecci  
   November 16, 2020

A survey finds that 35% of Millennials received a surprise medical bill in the past 12 months, and more than half of those bills were for more than $2,000.

Millennials seem to be hit harder by surprise bills than older generations and have less money in the bank to pay for them.

According to a survey by HealthCareInsider.com, 35% of Millennials received a surprise medical bill in the past 12 months. 

That's compared to 27% of Generation Xers and 24% of people who are Baby Boomers or older.

Millennials get whacked with big bills, too: 51% of Millennials who got a surprise bill said it was more than $2,000.

Compare that to 41% of Gen Xers and 33% of Baby Boomers and older respondents who got bills greater than $2,000.

Plus, 57% Millennials said they have $3,000 or less in savings that they could use to pay those medical bills, and among that number 22% have no money in savings that they could use for medical bills.

In addition, 22% of Millennials said they don't have health insurance, and only 28% get their primary health insurance through their employer.

Although they're getting smaller bills, older patients are in better shape financially and in terms of health insurance coverage than their Millennial counterparts.

For instance, 27% of Gen X and 34% of people Baby Boomer age and older said they have more than $3,000 available to pay medical bills. In addition, just 17% of Gen X and 3% of Baby Boomers and older don't have health insurance.

Alexandra Wilson Pecci is an editor for HealthLeaders.


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