Why Managed Benefits are Better, for Companies and Employees
The number of employers offering fertility benefits to their employees will increase dramatically by 2019, according to a recent survey by Willis Towers Watson. Two-thirds of employers expect to provide these benefits to their employees, up from 55 percent in 2017. Of those who already provide fertility benefits, 65 percent offer coverage to same-sex couples, and that number is expected to grow to 81 percent by 2019.
Why are employers expanding their benefits package to include coverage for fertility treatment? How can your company offer fertility benefits while both managing costs and providing your employees with the most effective treatment protocols?
An Important Benefit for Recruitment, Retention, and Diversity
Fertility benefits have proven to be an effective tool for recruiting and retaining top employees. As millennials comprise a larger portion of the workforce, their concerns increasingly drive benefits packages. Many of them want to have a family, but not in the early years of their careers. Many women are waiting until their late 30s or even age 40 to start a family. Providing them with fertility benefits helps assure them they will have help to build their family later if it’s needed. Companies in industries with the greatest competition for talented employees, such as tech and consulting, were among the earliest to offer fertility benefits. Now companies across most industries, large and small, are including fertility coverage in their benefits packages.
Offering fertility benefits to same-sex couples is an important way to demonstrate a family-friendly workplace and commitment to inclusion and diversity in the workforce. Fertility benefits are not just important to women, but to men and to same-sex couples as well.
Managed Benefits are a “Win-Win” for Employers and Employees
Adding fertility coverage with managed benefits is cost-effective and promotes better outcomes for your employees. It truly is a “win-win” for both employers and employees. Offeringa managed fertility benefit helps your employees make health care decisions based on best practices by fellowship-trained physicians, not their personal financial concerns. Recommended testing, protocols, and treatment options are based on proven clinical results both from leading providers in the fertility field and clinical industry professional associations. The ultimate goal is to increase the chance of each patient having a healthy, singleton pregnancy.
A managed benefit saves employers money by reducing the number of high-order multiple pregnancies and related NICU utilization. Appropriate and managed dosing of fertility medications reduces overutilization and wastage of expensive injectable drugs. Formulary management promotes clinically sound and cost-effective prescribing. These initiatives also promote treatment options that yield better clinical outcomes and lower direct treatment costs while discouraging testing and treatments that aren’t necessary.