When an E-4 calls me "hey" or "hey man" knowing that I am an officer, should I bother to correct him?

Yes.

Absolutely correct him. You are a commissioned officer twenty for hours a day and he is a SPC the same length of time. If he continues after a small correction, talk to his immediate superior NCO.

Must be a female officer?

when i have seen comments like this in the civilian realm. I wonder, if you have been perceived as a friend. I also wonder where were you. Were you visiting a bar usually visited by those of lesser rank.

If you are close friends in a private setting, it would be ok. Not in a public setting.

Personally, I would take him aside and explain how the chain of command works.
Not in a demeaning way, but in a way that they understand respect given to a higher ranking individual is how and why our leadership structure is among the best in the world.

Were you in uniform? Was he? Did he knew you were an officer? If any of this is yes the. Yes you should correct him

No. Stop being a prick. Not at work...off duty. So screw you. These types of officers are 1 reason we can't recruit. Too many power hungry aholes.

I've been out for too long evidently....but you said outside of work, yes? Are we talking you crossed paths at Target wearing non-military apparel? Cause if that's the case, I'd probably call you "hey man" too...especially if I don't really know you and we don't work together. Obviously, in fatigues/dress, he owes you proper address. But if you're in public wearing some shorts & a t-shirt, you should probably change your mindset a bit. As an E-4, when off duty half of my friends were E-5 to E-7 & O-1 to O-3. On duty, I knew my place/role though.

Outside of work would mean outside of uniform correct? So if he doesn't know you or your rank why assume he has a clue your an officer?