Why Infertility Benefits are the Benefit Everyone Wants
According to the Centers for Disease Control and Prevention, infertility impacts approximately 1 in 7 Americans. In a noisy market where it seems most employers are offering perks and benefits, infertility benefits can make an immediate impact on your existing workforce and significantly help your organization stand out in recruitment efforts. Studies show that offering employees with emotional and financial help with building their families translates to company loyalty.
The in-vitro fertilization market has seen steady growth since the economic downturn in 2008. Over the past ten years, the utilization of fertility services has increased, and the technology has greatly improved.
Unfortunately, for patients, the cost has also increased to $22,000 per IVF cycle with more than half of patients requiring a second cycle. It is astounding that patients are paying $50,000 out-of-pocket for these services with nearly 80% stating they have no fertility treatment coverage.
The technology business sector has led the charge in offering employees comprehensive coverage for their fertility treatment. Google, Facebook and Apple hit the press in providing a benefit that pays for IVF treatments and egg storage. The precedent around providing these types of benefits resonates downstream to high-growth tech companies, as they too are competing for talent and interested in offering robust benefit packages.
The 2019-2020 FertilityIQ Family Builder Workplace Index demonstrates the reality that supporting employees emotionally and financially in building their family will translate to company loyalty. Over 70% of employees are “more grateful” and 60% are “more loyal” when their employer offers coverage for their fertility services, which is why OneDigital Health and Benefits has worked closely with Silicon Valley clients to develop a strategy around providing this coverage.
This process began with an employee survey and personally connecting with employees to understand the need. The result was a program that matched their culture of diversity and inclusion with a benefit that serves married, single and LGBTQIA employees.
The benefit offers reimbursement for fertility, infertility, surrogacy and adoption services. Carrot the vendor our team worked with to develop the program, provides not only administration services but also mobile-based education and support services available to all employees and dependents.
Fertility services, as part of the overall benefits strategy, is a crucial component for employers to assess as they continue to focus on benefits driving employee satisfaction, retention and recruitment.
To learn more about how to create a thoughtful strategy around offering valuable benefits reach out to your OneDigital Strategist today.