Dive Brief:
- Investment advisory firm TIAA has added in vitro fertilization (IVF) benefits offerings to assist female couples with family planning, Employee Benefit News (EBN) reports. According to Mercer’s 2016 National Survey of Employer-Sponsored Health Plans, 57% of employers offer some type of infertility coverage, and 25% cover IVF. TIAA offered the coverage following talks with its LGBT resource group in June.
- According to EBN, TIAA wanted to offer female couples the same benefits it offers other employees. TIAA's senior executive vice president and CHRO told EBN that creating the right work environment was its consideration and not the cost.
- Before adding the IVF benefit, employees had to undergo a pre-certification process administered by a claims officer to verify infertility, said TIAA. Now, employees can access IVF services without verifying that they attempted natural or artificial insemination.
Dive Insight:
Employers are increasingly attempting to ensure their benefits work for LGBT workers. Tech companies might be struggling with diversity hiring, but many are ahead of other organizations in offering special benefits, including IVF. In fact, top tech firms offer 35% more IVF than other employers.
Most employees in the workplace are of child-bearing age, so IVF can be a fairly attractive benefit for that demographic. According to the Centers for Disease Control and Prevention, one out of eight couples has difficulty conceiving. Employers across industries are taking notice of the solid ROI and retention advantages IVF and other fertility benefits offer.
Increased interest in competitive family-friendly offerings is likely as more millennials enter child-rearing age, too. A recent survey found that almost half of new parents in the U.S. would be willing to work for less than their current salary for an organization that offers more family-friendly perks.
