5 reasons employers should offer sponsored fertility benefits
Demand for top talent is pushing plan sponsors to enhance their employee benefits. Some are making changes to their fertility benefits and publicly sharing the details in an effort to attract and retain key talent.
A recent Willis Towers Watson study of employer groups, found that 66% of employers planned to offer a fertility benefit by the start of 2019, compared to 55% in 2017. The market continues to change — for example, smaller companies are now looking for family-building solutions and benefit limits are increasing. This trend is a reflection of the high demand employees have for family friendly benefits.
Offering fertility benefits helps companies recruit and retain top talent, but it also helps employees to feel more happy and fulfilled at work. According to Fertility IQ, more than 32% of employees say that they will stay with a company longer if that company offers a fertility benefit. As plan sponsors enhance their family-building benefits they are looking to measure the results with regard to costs, outcomes and productivity. A comprehensive fertility program that is clinically managed by experts in the fertility field will deliver on all of those needs. Here are five employer advantages that come from offering a managed fertility benefit.
According to RESOLVE, the National Infertility Association, employees have strong, positive feelings toward employers that offer coverage for fertility treatment. Research found that employees have a high rate of satisfaction with their employer if fertility benefits are offered, compared to employers who do not offer a benefit. The research notes a four-fold increase in employees believing their employer is meeting the needs of today’s families; a two-fold increase in the belief that their employer listens to their needs; and 1.5 times as many believe their employer cares about their well-being.
Given that the average U.S. household earns $51,000 in pre-tax income and the average cost of IVF treatment can range from $22,000-$30,000 (depending on the city of treatment, medications used and testing required), fertility coverage makes a real and life-changing difference for those who need treatment but could not otherwise afford it.
Giving employees access to clinical guidance and oversight throughout their fertility journey will decrease their stress on multiple fronts, helping them to stay engaged at work. In addition to decreased stress related to financing, employees that utilize a managed fertility benefit often return to work sooner than those that do not. An appropriately managed program follows clinical protocols that reduce the chances of multiple gestations and time spent by new parents, in the NICU.