There’s no shortage of opinions about Millennials or Gen X. According to the latest U.S. census data, there are over 61 million Millennials aged 24 to 39 and 65 million Gen X’ers aged 40 to 55. Between both of these generations, many are facing a new reality or role – the caregiver – that is significantly influencing their lives today and for years to come, as their reality of caring for a living parent(s) unfolds.
Are these generations merely managing or thriving as caregivers? We examine to what extent each generation provides support, from personal finances to healthcare decisions. In August 2020, using a third-party online survey, we polled 1,000 Millenials and 1,000 Gen X’ers (2,000 total respondents) who indicated having a relationship with a living parent. What we found in the report was astonishing:
A third of Millennials and Gen X’ers assist their parent(s) financially, and most believe assisting their parent(s) will impact their finances.
More than a quarter of Millennials and more than a third of Gen X’ers help manage their parent(s) healthcare.
Each group spends roughly 11.5 hours managing their parent(s) healthcare weekly
1 in 2
Millennials say a significant medical event prompted their role as a caregiver (Compared to 3 in 5 Gen X’ers)
14 to 16 years
Both generations expect to be a caregiver for more than 14 years
For many, the financial and economic burden of managing a parent’s health and day-to-day activities is putting their future at risk.
3 in 5
Help pay their parent(s) healthcare bills
4 in 5
Worry about having enough money to support themselves and help their parent(s)
3 in 4
Gen X’ers indicate that due
to their role, they will need
to delay retirement (Compared to 1 in 2 Millennials)
What We Believe When families and their loved ones easily find accessible healthcare resources, they can become empowered to manage health needs with ease. The right system of care and tools can help reduce the emotional and financial burden of directing a parent’s health and wellness. We aim to provide guidance and support that begins with behavior management and focuses on educating members on prevention, leading to better results, better health, and better relationships.
How We Can Help We use data and research to reframe how caregivers and their loved ones make decisions about health insurance. Our licensed insurance agents understand how to evaluate individuals’ needs and generate alternative benefit solutions for today, a month from now, or six months from now. Taking into account the burden of common tasks, identified by more than 50 percent of both generations, we can solve these real-life tasks caregivers are indicating they are faced with:
Help to select doctors: Millennials (72%) and Gen X (75%)
Help to manage/schedule appointments: Millennials (66%) and Gen X (73%)
Help to explain insurance claims: Millennials (68%) and Gen X (73%)
Shop/select insurance, including Medicare & Medicaid: Millennials (65%) and Gen X (59%)
And, if their plan offers it, we can set up:
Transportation to and from doctor visits: Millennials (75%) and Gen X (77%)
Having the right benefits can help protect against high costs, unexpected costs, and ensure preventive care and support is in place to keep a parent(s) and a household(s) physically and financially healthy into the future.
Download the report, "Gen X & Millennials Take on the Role of Caregiver" for more info on how adult children are helping with healthcare and finances, and the impact of doing so.