It’s been well established that millions of Americans struggle to build a family. According to the Centers for Disease Control and Prevention, one-in-either Americans have experienced infertility problems. We know from several surveys that the psychological impact of infertility ranges from depression to anxiety which can significant impact your employees’ overall wellbeing.
We’re likely to see the number of Americans seeking fertility benefits increase, especially in metropolitan areas, where there is more gender parity in the workplace. As women turn to motherhood later in life (and once they scale the corporate ladder), and as more single people and same-sex couple opt for kids, fertility treatments across the country have become more mainstream. Despite this social shift, many employers do not provide fertility benefits in the workplace. As shocking as it may come, Fertility IQ notes that 400 U.S. companies have policies set up to cover the cost of in vitro fertilization (IVF). A vast majority (71%) of IVF patients paid for most or all of their IVF treatment out of pocket, with little to no help from their employers.
Millennials wish to remove barriers that stand in the way of building families.
The umbrella of fertility benefits at work may range from infertility diagnosis and medication scaling up to intrauterine insemination (IUI) and IVF. More sweeping infertility benefits in the workplace might include egg freezing, donor embryos or eggs, and gestational surrogacy.
A traditional fertility benefits plan will typically cover diagnostic testing. Some plans may also include a round of IUI or IVF, but this more or less depends on the employer’s fertility coverage plan.
A growing number of employers are turning to third-party insurance providers to fill in the gaps in traditional health plans. These plans are offered by companies like Progyny, Maven and Carrot which have established themselves as an industry leader in the employee benefits sector.
Workplaces send a message of inclusivity with benefits such as fertility benefits at work. There is a huge need for proper fertility treatments and a growing number of employees are asking for this benefits in the workplace. Employers providing such workplace benefits can attract and retain talented workers. Not to mention, a large number of millennials are seeking health care benefits which also include fertility services.
A proper fertility benefits plan at work can help generate loyalty from employees who are suffering from fertility issues. According to Fertility IQ, employees who had their IVF covered are likely to remain longer with their company (62%), more willing to overlook shortcoming of their employees, and more likely to remain engaged at work (22%).
Offering fertility benefits at work is a growing trend, and it’s because a large number of companies are starting to realize the importance of it. By providing this benefits, you are showing that you support your employees’ physical, emotional and financial wellbeing outside of the office.