Based on a new research by Willis Towers Watson, a global multinational risk management, insurance brokerage and advisory company, there is expected to be a 10% increase in employer-offered fertility benefits over the next two years. The research suggests that employers are viewing coverage of fertility treatment as an important tool to recruit and retain skilled employees.
A prior Willis Towers Watson survey found that 55 percent of employers offered some type of fertility benefit in 2017. New survey results found that 66 percent of employers plan to offer some type of fertility coverage by 2019. And, the majority of employers said that the fertility benefits would apply to both same-sex and opposite-sex couples.
Of the employers who are currently offering fertility benefits, many have increased what they offer over the past year. For instance, last year, Pinterest increased its fertility coverage from $5000 to $20,000. And, they increased their coverage again in January to include four cycles of IVF. Similarly, American Express increased its coverage from $20,000 to $35,000 and State Street is planning to provide $20,000 in reimbursement for certain fertility expenses, such as surrogacy. For State Street, this reimbursement would be beyond what is already covered by the company’s medical plans.
“Employers are evolving their healthcare programs to reflect that fertility benefits are becoming more important to many employees, including same-sex couples. The additional coverage is often a win-win proposition. It allows employers to provide a valued benefit while improving their ability to attract and retain top talent and support diversity initiatives,” said Jeff Levin-Scherz, North American co-leader, health management practice at Willis Towers Watson.
For those companies offering fertility treatment benefits, it may even given them the recruiting edge over companies with less family-friendly benefits packages. With more couples requiring fertility treatment to conceive than ever before, workers are looking for the best benefits packages.
Providing fertility benefits really is a win-win situation for both employers and employees, so I hope this trend continues.