For millennials with chronic medical conditions—or those raising kids with chronic conditions—health care can be an enormous monthly expense. About 44 percent of older millennials born between 1981 and 1988 have at least one chronic health condition, including migraines, major depression and asthma, according to a 2021 survey of over 4,000 adults conducted by The Harris Poll on behalf of CNBC Make It. And many millennials are also caring for children with complicated medical needs.
Expenses can include doctor’s visits, tests and prescription drugs, plus indirect costs that may result from missing work.
But there are ways to keep health care costs lower, including taking advantage of a flexible spending account or health savings account, comparing pharmacy prices on medications and using a care manager through your insurance. Here are some strategies to try….