Despite the Affordable Care Act's mandate that all Americans have health insurance, the report found 16% of all adults do not have health insurance; however, Millennials are 10 percentage points more likely to lack health insurance than people 30 and older.
"A lot has been made of the so-called 'young invincibles' who are choosing to forego health insurance," said Laura Adams, senior analyst at insuranceQuotes.com. "This could be a costly mistake, especially because this group has easy access to health insurance. Young people typically pay much lower prices to obtain coverage via the health insurance exchanges and can receive subsidies depending on their income."
Many Millennials believe they can simply go to a clinic or a "doc in the box" if they become ill, but treatment at those facilities are still expensive without insurance, she said.
"They are not really thinking about bigger catastrophes when they would need to go to the ER or hospital and how financially devastating that can be," Adams said. "It can cause them to go bankrupt and have debt that can stick with them a long time."
Millennials can also remain on their parents' health insurance policies until age 26, but too many are still uninsured, she said.
"We were pretty shocked at how many people are still uninsured and did not think it would be that pervasive," Adams said. "Millennials should be the most educated of all the groups. They have more options than other people, but they are not taking advantage of it."