High-deductible health plans, often combined with health savings accounts, are most popular with younger employees drawn by their lower premiums. Many employers are responding with a wider range of health insurance options to fit all life stages.

"The decisions around identifying the right benefits at every stage in life are nuanced and personal, and employers have the ability to help meet those specific health care and benefits needs for every employee," said Andrew Frend, president of the benefits administration provider Benefitfocus. "Employers that identify these distinct needs and create a more targeted approach to benefits management, education and communications have the opportunity to attract and retain multigenerational teams and promote better health and wealth for their employees."

Forty-five percent of Gen Z employees are participating in high-deductible plans this year, followed by millennials (43%) and Gen X (30%), according to the company's 2024 State of Employee Benefits report.