Fertility benefits are the new “non-traditional” coverage area experiencing substantial growth as a sought-after employee benefit. According to the Pew Research Center, 42% of women have received some type of fertility treatment or know someone who has. Similar to other health conditions, the out-of-pocket costs associated with family planning care can reach tens of thousands of dollars, putting the services out of reach for many. Fertility benefits provide meaningful coverage that is relevant to a large population of the workforce, and interest is growing.
Benefits covering fertility issues can be structured in different ways, including as a covered condition of critical illness benefits. Members can file a claim for medical services like invitro, prenatal care, neonatal care, or adoption/other alternative options. Critical illness is a supplemental health benefit, offering the member a lump sum payment to help cover the costs of care or other expenses they may encounter while managing their health condition.
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It is important for benefits advisors to understand the strategic influence these niche benefits can have for employers and continue to stay ahead of the trends. Employees today want benefits that meet their needs, so offering them can help keep employees engaged and productive. According to a recent study from benefits consultancy NFP, 33% of employees reported feeling distracted at work by non-work issues, and 42% said they felt their current benefits offerings don’t meet their needs well. Additionally, employment decisions are often influenced by a company’s benefits offering.
By listening to workers in order to learn which life events, health issues and financial concerns are top of mind, we can develop and adapt products and services that address those needs. Employers can remain competitive if they are willing to explore these new solutions and continuously evolve their benefits strategy.
The evolution of the insurance industry has intensified in the wake of the COVID-19 pandemic. Benefits and company culture matter when people are deciding where to work. Employee focus has shifted toward a broader range of health benefits as people have become more invested in their physical, mental and financial health. NFP’s annual benefit trends report showed that 21% of employers are planning to increase their benefits budget by at least 10%.
Employers and their advisors must understand that to attract and retain top talent, benefits must reflect what their employees want – and be ready to adapt to the evolving interests and needs of today’s workforce. As the baby boomer generation enters retirement, the vast majority of today’s workforce is becoming younger, more selective and more competitive. Perks like bagels, happy hours, and casual Fridays are no longer what entice professionals to move to or stay with a particular employer. Workers want benefits that have a real and substantial impact on their health and wellbeing, and family planning concerns continue to be a dominating factor.
Bryan Burke is head of supplemental health benefits at Sun life U.S.
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