Young consumers less likely to have health insurance, more likely to use alternative medicine
A prophetic tweet once said, “Gen Z will punch a cop in the face but be afraid to make doctors [sic] meet on the phone.” ValuePenguin doesn’t have the data to back up either claim, but researchers have found that Gen Zers are more likely to use alternative medicine than their elders. In fact , 67% of consumers aged 18-24 have used at least one form of alternative medicine, compared to 44% of baby boomers (56-75).
US Census Bureau data reveals that Gen Z and Millennials (25-40) have the highest rates of uninsurance among adults, which may contribute to younger generations being more likely to be uninsured. use alternative medicine.
Health insurance may not help reduce the cost of alternative medicine – 31% of respondents struggled to get their insurers to cover alternative treatments.
“Health insurers will generally require you to show that alternative medicine or care is needed, and – as such – you will need to show some type of proof that you need that specific care,” says ValuePenguin insurance analyst Sterling Price.
Coverage varies by policy and provider, meaning some insurers may cover chiropractic care, for example, while others may not.
Yet cost does not appear to be a major barrier or advantage of alternative medicine or natural remedies. Only 22% of adults report using alternative medicine because it is cheaper than conventional health care.
Most current alternative medicine users – 62% – estimate that they spend less than $100 a year on treatments. But given that the majority of consumers — 66% — would like to see alternative treatment options covered by health insurance, it’s conceivable that more adults would try these options if they were covered.