Funding around adoption-related benefits also on the rise: survey
Offering workers’ fertility benefits is a growing trend among employers, according to a new report.
Two in five (40 per cent) of U.S. employers are now offering fertility benefits, up from 30 per cent in 2020, according to a report from the International Foundation of Employee Benefit Plans (IFEBP).
"Fertility clinics reported that egg harvesting and freezing happened more than usual over the pandemic because women were putting off having babies during the uncertainties," says Julie Stich, CEBS, vice president of content at IFEBP.
"We're now continuing to see a steady increase in family-forming benefits because of its high value by talent, no matter their gender identity or relationship status. Providing these benefits helps nurture overall happiness and well-being."
Only five per cent of employers in Canada offer coverage for both fertility drugs and other fertility costs, such as in vitro fertilization (IVF) procedures and testing, according to a previous report.
The number of employers offering fertility benefits has consistently increased over the past few years, based on the Employee Benefits Survey: 2022 Results, based on a survey of over 500 organizations.
iQmetrix is offering workers $25,000 of lifetime coverage for fertility drugs to help people who want children but have difficulties doing so.
Nineteen per cent are also now offering financial assistance with adoption, up from 17 per cent in 2020, 2018 and 2016, and 12 per cent in 2014.
Meanwhile, those offering unpaid adoption leave dropped to 22 per cent from 25 per cent in 2020, 26 per cent in 2018, and 24 per cent in 2016 and 2014.
Offering fertility benefits to all employees, including LGBTQ+ and single prospective parents, is a positive way to create a more inclusive workplace, says Stich.
"Fertility services are a highly valued benefit for employees, often with a low-cost impact for employers. Employees who have access to fertility benefits can actually have overall lower health care costs because they are making decisions with their doctors based on medical best practice, not on personal financial concerns."
Fertility benefits should be on every employer's 2023 list, according to fertility care provider Carrot.
“Fertility benefits are no longer a nice-to-have — they’re a must-have benefit for companies looking to offer inclusive support for their employees and save costs during an uncertain economy,” it says.
“Family-forming and fertility care are known to be expensive. With economic change in the air, companies may wonder whether now is the best time to invest in something that could be costly. But fertility benefits can actually help manage and reduce healthcare costs.”
