Millennials: Young, Broke, and Dangerously Uninsured

Source: Thinkstock

Source: Thinkstock

Insurance agents everywhere are finding out that youth really is wasted on the young. Despite lower premiums and easy access to policies, millennials lack every type of insurance coverage compared to older generations.

The majority of young adults ages 18 to 29 do not have health insurance. According to a survey from Princeton Survey Research Associates International, commissioned by insuranceQuotes.com, just 24 percent of millennials have health insurance. That is the lowest insured rate among any age group in the United States. In contrast, only 12 percent of adults over 30 lack health insurance. Millennials are also the least likely to have other types of insurance, such as auto, renters or homeowners, life, and disability.

“A lot has been made of the so-called ‘young invincibles’ who are choosing to forgo health insurance,” said Laura Adams, a senior analyst for insuranceQuotes.com. “This could be a costly mistake, especially because this group has easy access to health insurance. Young people typically pay much lower prices to obtain coverage via the health insurance exchanges and can receive subsidies depending on their income. Plus, they can stay on their parents’ health insurance policies until age 26.”