One in eight couples were affected by infertility between 2004 and 2010, according to a national survey by the U.S. Centers for Disease Control and Prevention (CDC). And with millennials waiting longer than any previous generation to start families, that number is likely to increase, since women’s fertility decreases sharply after age 35. Millennials are also twice as likely to identify as LGBTQ, a population for whom the journey to parenthood most often involves IVF (in vitro fertilization). 68% of millennials—who will make up 50% of the workforce by 2025—say they take fertility coverage into consideration when choosing an employer, and 96% of them name health benefits as the most important factor when choosing between jobs with similar pay and responsibilities.
Considering these statistics, it’s no wonder that fertility benefits are in high demand—and more and more companies are offering IVF coverage as a way of attracting top talent and demonstrating their commitment to diversity and inclusion. IVF is an expensive procedure, and for companies to cover all or part of the cost is great news for many employees. But the journey for IVF patients is far more than just the procedure itself— and the gaps in most existing coverage can lead to higher costs for companies.
That’s why we’re excited to announce that Maven has just published an in-depth report on Getting the Most Out of Fertility Benefits, which sheds light on some often-overlooked aspects of the IVF patient journey—and what companies can do to help ensure that both they and their employees achieve the best possible results from fertility benefits.
For example: women have rated the stress of undergoing IVF as comparable to that of the death of a loved one—and stress costs U.S. businesses approximately $300 billion each year, as a result of absenteeism, reduced productivity, and employee turnover. Yet most existing IVF benefits do not include mental health coverage. Additionally, the varying success rates of different clinics can affect the number of IVF cycles a patient will need (and, therefore, the total amount that she—or her employer—ends up spending)—but choosing the right clinic can be confusing and overwhelming.
These are just two of the ways in which companies, as well as IVF patients, can suffer when important realities of the IVF experience go overlooked. Download our report to find out more—and learn how providing support for each step of the journey can help your employees get the best possible outcome from fertility benefits, while also helping your company lower costs.
You can read the full report by going here.