Recently, the Society for Human Resource Management (SHRM) released its annual benefits report. The 2019 Employee Benefits Survey is an important tool for employers, HR teams and brokers to better understand the current benefits landscape. According to the report, this year “Employers were more likely to increase offerings in all benefits categories than to decrease offerings.”
With more than 250 benefits included in the report, there is a lot of information to process, which is why we wanted to dive a little deeper into what the report says about fertility benefits and procedures.
According to SHRM’s findings from 2015-2019, IVF coverage and other fertility procedures decreased year over year. In fact, IVF and other infertility procedures were formally offered in benefit plans less than 20% of the time in 2019, dropping about 10% in frequency over 5 years.
Why do we think this is happening? For starters, health insurance costs are rising, and the tight labor market is causing higher competition among employers to retain and attract good talent. In order to balance out the rising cost and competition of talent, employers choose to reduce “non-essential” procedures from their health insurance packages, and thus fertility coverage is taking a hit.
The bad news for employers is that this trend is in direct opposition of what employees want and need. First-time mothers are waiting an average of 5 years longer to start a family, often choosing instead to focus on their career growth. Even as societal norms change, biology isn’t.
That in turn, makes a voluntary, cost-effective, pass-through fertility benefit all the more necessary and valuable. At Nubundle, we’re creating a seamless, cost-efficient voluntary benefits offering for employers to better support employees and their partners in their journey to parenthood, outside of traditional health insurance coverage. To keep it simple, employers pay a flat annual admin fee, and employees get the care and advocacy they need, with no additional expense or risk for the employer.
We’ve hit the halfway mark in 2019 and now is a crucial time for benefits leaders and employers to consider how their benefit programs will support family planning and fertility in the next year.
Interested in learning more about bringing Nubundle to your company? Contact us here: https://www.nubundle.com/welcome.html