What are fertility benefits?
Becoming a parent can be one of life’s most rewarding, joyful experiences. But some folks need a bit of extra help to get there.
Fertility benefits support your employees' family planning. Through these benefits, employees have access to guidance, counseling, and financial support to make the road to parenthood a little more manageable.
A great fertility benefits offering can support folks from all walks of life in their path to parenthood. There are a wide range of options for parents-to-be, like egg freezing, drug therapy, in vitro fertilization (IVF), and surrogacy. Everyone’s parenthood needs are different — so be sure your plans are built with inclusivity in mind.
How do employees use fertility benefits?
Say one of your employees has spent the last decade traveling the world while building their career. Now they’re ready to take on the next new adventure: parenthood.
Maybe they’re single, maybe they’re coupled, maybe they’re a member of the LGBTQ+ community, maybe they or their partner has had trouble conceiving. Either way, their path to parenthood has hit a roadblock.
Using their fertility benefits, their first cycle of IVF is covered. On average, it takes about three cycles for successful IVF, so they’re off the hook for about a third of overall costs (or even more if they’re lucky).
The IVF process can also be a deeply personal and stressful experience, so they’ll also turn to their benefits to pay for counseling sessions throughout the process.
Or maybe you have an employee who knows they want children eventually, but just hasn't met the right person. They’re considering egg freezing, but the process is out of their budget. Fortunately, their fertility benefits package will pay for a single egg freezing cycle. This will save your employee anywhere between $6,000–$20,000.
How do fertility benefits impact employees?
Parenthood for all walks of life
People all over the world are waiting longer and longer to have children for a variety of reasons: health, life/career goals, and money being the most common. The average age of first-time mothers is now around 31, up from about 2 years old in 2000.
Plus, 63% of LGBTQ+ couples/families are interested in starting or growing their families (63% of which plan on using some form of reproductive technology, adoption, or foster care).
So it's no wonder these treatments are quickly becoming more common. According to the CDC, approximately 12% of women under the age of 50 have used fertility services, increasing at a rate of 5–10% every year.
One common misconception is that these services are only used by women, but the potential for infertility is very similar between men and women. A great fertility benefits offering will provide some level of support regardless of gender.
The range of cost for fertility treatment can be as high as $75,000 for a single cycle of treatment. But by easing these expenses, fertility benefits give your employees the opportunity to grow their families while still keeping their financial wellness in mind. It can help provide them with the financial support they need to build the family they’ve always dreamed about in a timeline that works for them. With those high costs of fertility treatments already covered, they can set their sights (and their budgets) on the next financial milestone. (Hey, it’s never too early to start building your future kid’s college fund.)
Why should employers offer fertility benefits?
40% of employers that provide fertility benefits do so in an effort to support diversity, inclusion, and equity. It sends a clear message to your team and potential hires that your company welcomes working parents (and is happy to help you become one).
The demand for fertility benefits is only expected to grow over time. And in an ever-competitive job market, the number of employees who are willing to leave one job for another based on an employer’s benefits package is on the rise. 80% of workers say they would switch jobs for fertility benefits.