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April 2019 – Brooker Insurance Agency
Monthly Archives

April 2019

Millennial view on health insurance

Different Generations’ Expectations for Group Health Insurance

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When you set out to provide benefits to your employees, it’s important to understand their point of view. The different generations currently in the workforce — Baby Boomers, Generation X, and Millennials — each have different views on health care and health insurance. It can be a challenge to find a group health insurance plan that’s right for everyone.

Keep in mind, no one likes being stereotyped. There are stereotypes about each generation, like Millennials are lazy and Baby Boomers don’t like technology. Set these aside to make an informed decision about health benefits. Get the facts on each generation’s preferences before you jump to conclusions. We also suggest that you ask your own employees what they value most, as every company is different.


Baby Boomer View on Health Insurance

Baby Boomers are the generation starting to retire from the workforce now. They tend to view healthcare more traditionally. They want everything related to their healthcare to be in one place, whether it’s for a doctor’s visit, lab work that needs completing, or any other medical services they need.

When it comes to them choosing a health insurance plan, they rely heavily on word-of-mouth recommendations. If they hear that someone prefers one plan compared to another, they’ll be more likely to choose the plan better received by their friends and coworkers. Because they may potentially have more healthcare problems in the future, they’re going to want a plan with plenty of coverage.


Generation X View on Health Insurance

Members of the Gen X generation tend to look up anything related to their medical care digitally compared to the baby boomer generation, but less than Millennials. StatNews reports that they’re also in a unique position because they may be caring for their aging parents as well as their children, who may range from school-aged to teens.

Gen X prefers convenient access to healthcare, whether it’s going to an actual doctor’s office or going to a convenient clinic, so their insurance plans will most likely want to include more generalized rules about where they can receive their care. Also, because this generation is starting to get their preventative screenings, they will need more coverage based on which kind of screening they are receiving.


Millennial View on Health Insurance

Because the millennial generation is considered digital natives, they view healthcare as something that should be somewhat digital, whether that’s using the internet to figure out symptoms or video chatting with a doctor instead of going into the office. Just like Gen X, they prefer an ease of access to healthcare. However, unlike previous generations, Millennials are less likely to have a primary care physician.

When it comes to choosing among plans, Millennials want to see everything that’s considered so they can compare and make the best decisions. They also want to see highlights of benefits offered in the plans in a technological setting.


Common Threads Among Generations

Even though the different generations want and need different things from their health insurance plans, there are still commonalities they all want.


Quality Care

Even though the different generations have different needs when it comes to care, they all want quality care, whether it’s in-person care or video chat care. Regardless of age, people want the best care possible, and they want to feel like their needs are heard. Having quality care from their healthcare provider is going to keep them coming back, as most generations are very brand loyal.


Convenience of Care

No one wants to wait around for care if there is a pressing health matter. Having different options to see a doctor — like urgent care or care clinics in grocery stores — where they don’t need an appointment or can go in after-hours is viewed favorably across multiple generations.


Transparent Pricing

No one likes to spend money on something unexpected, and some view the healthcare industry as perpetrators of unanticipated medical costs. Members of the different generations like knowing all their healthcare costs upfront, even if they have extra income that would allow them to pay pop up medical costs.

Take the time to work with a broker and find the plan that fits your company best. The more people you get to sign up for group health care, the less expensive the overall insurance will cost.

Has Your Company Grown Enough to Save on Insurance?

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Insurance is an essential component of running a transportation business, whether you’re a big company or small. With insurance, you get peace of mind for yourself as well as your drivers. But, like anything, insurance costs money and you may be asking yourself questions like:

“How much is too much?”

“Does owner operated insurance make more sense?”

“Can I afford umbrella insurance?”

“Has my company grown enough to save on bundled insurance?

A qualified agent can help you sort through different insurance policies and answer these questions. For right now, we’ll focus on the last one.


Any More Than One is a Fleet

Fleet insurance assesses and evaluates the risks for the entire fleet since these risks are unique compared to owning a single truck. You’ll need to speak with an insurance agent to determine which policy is right for you and the costs associated. Your insurance agent will likely ask questions like:

  1. What do you haul?
  2. How far do you typically drive?
  3. How much is your truck worth?
  4. Your age and CDL experience

The average semi truck insurance costs between $3,000 and $5,000 a year for owner operators that lease on to a motor carrier. Motor carriers require the owner-operators to purchase bobtail or NTL insurance. Meaning that truckers with their own authority will be responsible for primary liability. Let’s take a look at it in numbers:

  • Primary liability average cost is between $5,000 and $7,000
  • General liability average cost is between $500-$600
  • Umbrella policy average cost is between $500-$700
  • Cargo insurance average varies by state and load.

With owner operated insurance costing your drivers anywhere between $8,000 and $14,000 annually, your drivers may not be able to afford insurance on their own. As a result, you may lose longtime drivers and potential drivers may be deterred by the cost. Your insurance broker will be able to give you different quotes for different coverages. Just note that Primary Liability is required by law and Cargo Insurance are all required by carriers.


Benefits of Fleet Insurance

Of course, you train your drivers well and prepare them for challenges. Still, your drivers, like any drivers on the road, are subject to dangers posed by others as well as threats like theft. Having fleet insurance can help protect your goods and cargo in the event that your driver’s load is stolen.

Trucking insurance doesn’t just keep your drivers safe, it keeps your cargo safe too. Loss of revenue is one of the fastest ways to hinder growth. With the right insurance, you can get your vehicles back on the road faster and recoup any losses associated with cargo damage.

Most insurance companies offer additional education and training for drivers under their policies to ensure that they have the right knowledge to operate a rig. And there’s no such thing as a driver with too much training. Ask about any discounts they may offer for your drivers under their training programs.


Stay Protected

Keeping pace with change can feel stressful, but nowhere is it more important than with insurance. Conduct an audit of your insurance needs and current coverage, at least once per year. As you grow or change, you must make sure you keep your insurance coverage up-to-date.

With over 80 years of experience, Brooker Insurance Agency can help your fleet stay protected and get home safe. As the experts, we can help you find the right policy and payment plans to suit you and your business’ needs. Contact us today to get a quote and talk with one of our experts.