Age Drives Healthcare Costs... Learn Industries with Old Employees, Age-Specific Benefits Strategies

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Age Drives Healthcare Costs... Learn Industries with Old Employees, Age-Specific Benefits Strategies.

Healthcare Costs (Per Person Per Year) by Age:
Less than 18: $3,628
19 - 44: $4,422
45-64: $8,370
65+: $18,424

Median Age of a an American Worker = 43

Industries with the Highest Average Employee Age:
Government/Municipalities: 46 years old
Manufacturing: 44
Education: 44
Transportation: 44

Conversely, many Tech/Software companies have very young employees. The average age of a Meta/Facebook employee is 28 and the average age of a Microsoft employee is 33.

Implications of Age for Employee Benefits Professionals:
1. You don't need a lot of claims data and analytics, just use AGE as a proxy for high-healthcare utilizers
2. Open Enrollment Education should be tailored to older employees since they are the ones to most likely need healthcare and generate claims.
3. Vendor Utilization (e.g. Diabetes point solution, Musculoskeletal program) should be measured with older employees (i.e. older than 45) in the denominator rather than all employees. Chances are, the younger employee do not need the vendor's services.
4. The types of vendors a company uses should be based on employee age. Companies with young employees should use healthy mom/baby programs and mental health programs, since these are the greatest need for younger employees.

Sources:

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