As a benefit leader, you’re looking for comprehensive benefits that cater to the diverse needs of your workforce. One benefit employers are increasingly turning to is fertility and family building support, with 75% of employers offering an expanded fertility benefit as of 2023.
It’s no wonder these benefits are popular: reproductive and women’s healthcare require specialized care. When delivered effectively, these benefits not only contribute to a more inclusive and supportive workplace culture where everyone feels supported, but they can also lead to millions in mitigated high-cost NICU and maternal health claims.
For better or worse, this rise in demand has led to an influx of vendors saturating the market, all touting the best fertility insurance coverage – creating even more confusion around an already complex condition that relies on precise specialty care to deliver meaningful results for both employers and their employees.
With an increasingly high prevalence rate (1 in 6 people experience infertility, and many more require family building assistance), it’s important for benefit leaders to be thoughtful about how they design their plan, or they could end up with unpredictable utilization and higher costs than expected.
Where does a benefit leader start when deciding which plan will best support their population?
It’s a tough question, and one of many explored by two Fortune 500 companies on a recent webinar with Midwest Business Group on Health (MBGH).
The webinar, titled “Strategies for Evaluating and Enhancing Your Fertility and Family Building Benefits,” provided MBGH members an exclusive opportunity to hear from industry leaders on their unique experiences and perspectives evaluating fertility benefits and the crucial considerations for developing an equitable, cost-effective benefits program to meet the needs of the modern workforce.
Key points include:
1. Understanding the Value of Fertility Benefits
Fertility benefits are no longer just a nice-to-have. They’re a must-have in today’s competitive job market. By offering comprehensive fertility benefits, you’re not only attracting top talent – you’re fostering loyalty and retention among your existing workforce. Comprehensive is the key word here as – coverage for a full fertility cycle is essential to prevent cost-driven decisions among employees and ensure access to quality care. But it doesn’t end there – both benefit leaders emphasized the need to leverage real patient experiences (personal or through ERGs), data insights, and industry trends to inform their fertility benefit strategies and understand how impactful it can be for their organization, both financially and in making them an employer of choice.
2. Navigating Legal and Regulatory Landscape
Benefit leaders must stay ahead of the curve when it comes to compliance with legal and regulatory requirements. During the interactive Q&A, the speakers provided insights into navigating the complex legal landscape surrounding fertility benefits and how to ensure your program remains compliant and risk-free. While not legally binding today, something employers should consider is the American Society for Reproductive Medicine’s recently expanded definition of infertility, and how it is now updated to be more inclusive, addressing barriers related to gender, sexual orientation, and marital status.
3. Evaluating Benefit Options
With myriad fertility benefit options available, it’s crucial to choose the one that specifically fits your organization’s needs. When evaluating options, don’t overlook key components such as assessing coverage limitations, network accessibility, and employee feedback. Employers must also balance cost considerations with the need for comprehensive fertility benefits to support employees in their family-building journeys, as not all investments are created equal. For example, despite offering a $50,000 dollar maximum (or “dollar cap”) plan, one employer shared how her team was exposed to $17 million in high-cost NICU claims associated with fertility treatment. Switching their model to cycle-based coverage with a national network of credentialed specialists has reduced that number to $0 for 6+ years running. Continuous evaluation and adaptation are key to optimizing benefit offerings and driving positive health outcomes for employees and their families.
4. Enhancing Employee Engagement
Communication is the most important tool employers have in maximizing the utilization of fertility benefits. In the webinar, Progyny shared innovative strategies for promoting awareness and understanding of fertility benefits among employees, empowering them to take charge of their reproductive health. Easily understandable benefit guides, a provider network that members trust, and personalized support are essential elements in fostering a supportive environment for employees navigating fertility treatments.
5. Measuring Impact and ROI
As a benefit leader, you need to demonstrate the tangible benefits of your fertility program to senior leadership. In this webinar, the speakers discussed the importance of continuous evaluation and covered methodologies for measuring the impact and ROI of fertility benefits, providing insights to support decision-making and resource allocation.
Overall, the discussion highlights the importance of strategic planning, data analysis, and partnership with vendors to design and implement effective fertility benefits programs that meet the needs of employees while aligning with the organization’s goals and values.
Don’t miss out on the opportunity to access the recording of this webinar. Download it today and gain valuable insights into how to evaluate, implement and/or enhance your fertility benefits program.
You can download the full 90-minute recording here.
Additional Resources
- Demystifying the fertility and family building benefit space
Shopping for a new fertility and family building benefit can feel daunting. Fortunately, you can narrow down your search for a benefit much faster when you understand three key things: provider networks, financial models, and clinical outcomes. [Read more] - What Employers Can Do to Bridge Current Gaps in Women’s Healthcare
More than 1/3 of women have skipped medical care due to costs not covered by their employer that they can’t afford to cover themselves. [Read more] - Cycle-based vs. Dollar cap fertility benefits
Not all fertility benefits are equal. Let’s define the difference. [Read more] - 4 Compliance Considerations for Benefits Leaders
Medical pathways in fertility and family building are complex, and the regulatory landscape is no different. [Read more]