The process of building a family should not be a problem. But, many employees have to have financial and emotional hurdles with regard to fertility treatments, adoption or surrogacy. As the modern workforce evolves, so should employee benefits. Giving employees a family-building benefit isn’t just a bonus, it’s an investment that will attract top talent, increasing loyalty and creating a welcoming environment where workers feel at ease throughout the course of their life. Let’s take a look at the strategies and actions you could adopt to ensure the future of your employees.
Coverage options: fully insured VS. self-funded
A dependent or employee’s initial step is determined by the type of medical insurance they’re covered under. If an employee enrolls in a fully-insured plan and has a contract with the state laws that establish the minimum requirements for coverage, it means that even though the access to an fertility expert could not be covered by insurance, the coverage might not be enough to cover treatments for advanced fertility such as IUI, IVF, or donor egg alternatives.
If an employee is wading through the waters of an insurance plan that is self-funded is in a distinct class. They’re not tied to the requirements of state law, allowing the flexibility to customize insurance coverage to meet their own personal requirements. But, remember that some federally mandated benefits are still applicable on ERISA (Employee Retirement Income Security Act of 1974) self-funded health insurance plans. This allows employees to design a plan that reflects their specific needs. If your company is seeking to increase coverage or modify your plan, knowing these specifics will help your team to make educated decisions regarding the coverage of fertility.
How to begin: constructing an effective benefits strategy
Human resource managers are a key factor in the creation of fair and cost-effective family building benefits that will result in the desired outcomes for employees. The best place to start is to examine the current medical insurance policies. Realizing that every family’s experience is different, leaders should adopt a data-driven approach to benefit design. This strategy should be focused on comprehensive coverage, not just piecemeal approaches and ensuring that all aspects of fertility treatment are taken care of. Ask yourself What is your funding process? Does fertility coverage currently exist? What does the fertility network compromise?
Education and resources are accessible.
If employees are aware of the options for fertility insurance they will be able to navigate the journey of establishing a family with confidence. Employers can play an important part by giving clear information, providing assistance as well as creating a friendly and supportive workplace where employees can seek assistance.
The best time to consult a fertility specialist:
- Below 35 years old: If you’ve not had a baby after a year of trying.
- Ages 35 to 39: If you haven’t had a baby within six months after trying.
- Above 40: if you’ve failed to get pregnant after 3 months trying.
Diagnostic tests: The most common tests to determine infertility include the blood test, ultrasound or semen analysis.
Treatment options for fertility are intrauterine insemination (IUI) and in vitro fertilization (IVF) as well as the use of donor eggs.
What can vendors do to help?
One of the major aspects of coverage for family building is providing access to network fertility services. If a person begins treatment for fertility and discovers services that are not covered and is unable to access it, they could view it as a hindrance to treatment and could even end the process of building families completely. Through partnering with top-quality, preferred as well as Centers of Excellence providers, employers can enhance the overall patient experience, while also ensuring cost control and transparency for plan sponsors.
Fertility benefit companies on the market can suggest a highly-rated, pre-vetted provider network, which is one of the most important factors to take into consideration when looking at the vendors operating in this field. Specialty benefits, such prescription benefit management or genetic test, must be taken into consideration, since they could have a significant impact on the costs of fertility coverage.
Companies with a diverse geographical workforce must focus on accessibility as well as quality of care and the sensitivity of culture in benefits design in order to ensure that all employees are provided with the care they require, regardless of their geographical location. The proper vetting of every aspect depends on information. Vendor partners can create a geographic accessibility report to identify gaps in your population’s access.
The long-term impact of culture
A well-designed benefit can only be as successful as the culture which supports it. Making sure that employees feel secure, appreciated and encouraged in their journey to create families is as important in the benefits itself. Employers should recognize the challenges related to family-building including the stigma that comes with infertility, physical side consequences of treatments, and the necessity of taking time off from work to attend appointments with a doctor or for adoption meetings.
The journeys that lead to the creation of an extended family are exactly the same and adoption is not an exception. The adoption process is thrilling but also complex, starting with the hiring of an attorney who specializes in family law. Then, prospective adopters must navigate the maze of state laws, prepare necessary legal documents and are subject to different parental screenings in preparation for crucial court dates. These include crucial events like the termination of a parental rights hearing, and an appeal to transfer custody in which dreams of expanding a family could finally be realized. Every step is an important aspect of the experience which helps them get close to welcoming the new addition to their family. This is something that should be taken into account by employers that want to be family-friendly businesses and make appropriate accommodations for such experiences.
Family-building benefits go far beyond policy-making. They convey a clear message of encouragement and investment for the future. When employers prioritize the benefits of family-building, they do not just attract top talent, they also create an environment where employees feel confident in building their careers and the families they have with complete confidence.
How can KEEN Coverage assist you?
At KEEN Coverage, we are focused on designing benefits that meet your specific requirements, allowing you to be confident in managing health care budgeting and making educated decisions that will benefit your employees and your bottom line.
We can also help establish fair leave of absence programs that assist employees through their families’ journeys, and help create an environment that draws and keeps the best talent, while making sure your employees feel appreciated and a part of the life events, which ultimately improves the image of your company as a family-friendly business.