By Alex Wilson
As the cost of IVF rises, more and more families can no longer afford the average price for treatment — which is now $23,050. FertilityIQ explains that as a result, there’s been an “emergence of two types of patient populations: the ‘haves’ and ‘have nots.’ Today, 80% of patients have either all, or none, of their IVF care paid for by their employer.”
Recent data from FertilityIQ highlights the best companies to work for as a fertility patient. Companies were ranked by lifetime treatment maximum (how much money an employer will provide toward infertility treatment), pre-authorization details (who can participate in the company’s program), lifetime medication maximum, exclusions and clinic restrictions (what are the clinic options for participating employees).
The below companies placed first within their industries for their fertility benefit offerings:
- Bank of America (finance and investment banking)
- Boston Consulting Group (consulting)
- Spotify (technology)
- Discovery Communications (media)
- Chanel (fashion and luxury)
- Conair (consumer products)
- Johnson & Johnson (pharmaceuticals)
In these rankings, cap flexibility was the No. 1 criteria for each employer. Spotify, Bank of America, Boston Consulting Group and Chanel stand out for not placing a cap on the cost of IVF treatment for employees who demonstrate infertility needs.
Johnson & Johnson publicly reaffirmed their commitment to supporting families in a blog post last year.
“We are firmly committed to living Our Credo — by respecting the dignity of our employees, fostering a workplace culture of health and providing equal opportunity for everyone,” Peter Fasolo, executive vice president and chief human resources officer at Johnson & Johnson, wrote. “For surrogacy, we are now offering benefits in the U.S. of up to $20,000 per child for all spouses — both heterosexual and same-sex.”
Considering that the average annual household income is $51,000 pretax, $20,000 goes a long way in supporting employees. But it’s not just the employees that benefit; employers do too.
“Companies that subsidize treatment make a meaningful commitment,” Jake Anderson-Bialis, Amanda Garcia and Deborah Anderson-Bialis wrote for FertilityIQ. “For instance, in a company of 70,000 employees with reasonable benefit adoption, coverage drives $15-$30 million of additional annual expenses, or in the case of a company like Nike, one to two cents of earnings per share. Thus, the decision to subsidize employee IVF costs are financially material.”
There are also benefits to company retention. Employees who rely on companies for IVF treatment costs have a larger sense of loyalty to their employer and stay in their jobs longer — 72 percent of program participants say, “working for my employer helped me have my child.”
The demand for IVF services has increased since the world financial crisis in 2008, and with 2020 cycle volumes expected to triple, it stands to reason that more and more employees will need the financial support of their employers to pursue infertility treatments. Lucky for them, many employers are ready.
“We recognize that family planning is an expensive, sometimes stressful proposition,” Johnson & Johnson’s Fasolo wrote. “I am immensely proud to work at a company that puts its employees first.”
Originally published on Fairygodboss.