Gen X: The Healthcare Consumer Is Born

The overlooked generation. The forgotten ones. Jan Brady. The latchkey generation. No matter the name applied to them, the members of Generation X have managed to slip below the radar in our society.

It’s easy to see why: Sandwiched between the much larger Millennials and Boomers, Gen Xers only had a brief moment in the spotlight as the most-talked-about demographic. But that doesn’t make their health insurance issues and challenges any less noteworthy.

First, some baseline facts to establish our understanding of who belongs to this underdiscussed group. Generation X covers anyone born between 1965 and 1980, according to Pew. They grew up on Atari, John Hughes movies, and grunge. Today, they’re squarely middle-aged and serving as the backbone of the U.S. workforce. They number 65.2 million, which is slightly less than the 72.1 million Millennials and 71.6 million Boomers. Their children range in age from very young to adulthood, and some Gen Xers are already grandparents. The oldest are still more than a decade away from hitting the federal retirement age.

Gen X is the missing link between the analog Boomers and the hyper-digital Millennials. They were the groundbreakers in using the internet to uncover health insurance policy information. Gen Xers represent the first generation of true healthcare consumers, as they were the first to search the internet for healthcare in the same way they shop for retail goods and services. They also were the ones who took some of the heaviest hits during the Great Recession. They’re saddled with incredible responsibility — caring for kids and their own aging parents — and they’re intensely focused on surging healthcare costs.

The Causes of Gen X Stress

Gen Xers have been around long enough to have experienced several economic downturns. They remember the early ’90s and ’00s slumps, the Great Recession, and the post-COVID economic crisis. When they think of healthcare coverage for themselves and their families, they focus on one thing: cost.

They certainly worry about having enough resources to accommodate unplanned medical expenses, but they’re also acutely aware that the meter is running on their prime working years, with retirement inching closer each day. The questions mount: Do they have enough saved? More specifically, will they be able to afford rising healthcare costs during their golden years? And would they be able to manage the impact on their savings caused by an unexpected medical crisis?

This stress carries a heavy physical burden, manifesting in the form of chronic health conditions like high blood pressure, diabetes, and musculoskeletal disorders. The need for widespread disease management means costs are guaranteed to go up — further feeding the stressful cycle.

A Plan of Action for Gen X

The good news? The path forward isn’t a secret hidden on the back of a map of the Declaration of Independence. With a little planning, Gen Xers — who are known to embrace internet-based research and careful planning — can make it work. They just need to embrace these three suggestions:

1. Get a grip on finances.

Depending on their age, Gen Xers may have as much as a quarter-century until retirement — or as little as a decade. With luck, they’ve already got a handle on starting to save for their golden years. If not, they don’t have a moment to lose. The longer they delay, the more difficult it becomes to reach their desired goals. And we know it’s not easy when you’re trying to budget for your children’s tuition, mortgage payments, and parents’ senior care.

They should take a long, hard look at options like Health Savings Accounts for help managing their expected long-term healthcare needs in retirement. An employer-based plan or friendly HR official is a great first stop for answers. Beyond that, it’s a good idea to enlist the advice of a professional financial planner — they’re there to help.

2. Understand health insurance options.

Health insurance is a stressful topic, and part of that stress stems from the confusing terminology. Many people struggle with understanding health insurance terms, like the difference between coinsurance and copay, or why scary-sounding high-deductible health plans may actually be the right choice for healthy individuals who have relatively few medical needs.

Luckily, helpful information is right around the corner. Health Karma is dedicated to offering bumper-to-bumper assistance and tips regardless of anyone’s station in life or healthcare situation. That includes a detailed breakdown of health benefits and options, how to compare cost estimates for procedures, and how to scan for the best-rated providers in your area.

3. Connect with the right doctors.
When faced with chronic health conditions, as many in Generation X are, it’s crucial to do so under the supervision of a physician who’s in your insurance network. No need to suffer in silence and hope you won’t get hit with a massive out-of-network bill later on. Find the right in-network provider, and you’ll be able to receive the quality care you need.
You don’t have to worry about how to find out if a provider is in your network. Your insurance company has the information to help you find the best in-network providers. You still have to do your due diligence, though. Listen to what people in your community are saying about various healthcare providers. Who makes people feel safe and empowered in their healthcare journeys? What are the online reviews for a practitioner under consideration? Weigh the pros and cons before making an informed decision.

Gen Xers are in their prime working years. They’re supporting their families and communities while making an active contribution to society. And they have the tools at hand to handle rising healthcare costs, understand their insurance plans, take ownership of their healthcare decision-making, and face any health insurance issues and challenges that come their way.

At Health Karma, we believe that good healthcare starts with understanding it. To discover more insights to get the most out of your healthcare, click here.