While coronavirus upended future plans for employees, one area has experienced a boon in the employee benefit space: fertility benefits.
According to data from WINFertility, a
“There seems to be a focus on family and family services, which is perhaps one of the positive things that's come out of such a difficult time,” says Peter Nieves, chief commercial officer at WINFertility. “[Employees] want to make sure they're preserving their ability to build their family when the timing is more appropriate.”
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As employers plan for the coming year, boosting
Nieves shares why fertility benefits continued to be widely used during COVID, and how employers can implement these programs in 2021.
How has COVID impacted fertility and family planning?
The primary issue with COVID was the shutdown of elective surgeries, which also impacted individuals who were looking to start their [fertility] cycles. So for a couple of months, many individuals delayed their start during that time. Toward the end of the year, there was a surge in people looking to start and also rushing to get their benefits because they were concerned with job loss.
There has been continued interest throughout the year at levels that are higher than we've ever seen. Individuals are concerned with losing their jobs and losing access to the benefit and want to take advantage of it now. There’s also been a surge in
How are employers responding to the increase in utilization and demand?
The primary drivers of interest and demand by employees have been fueled by people choosing to start families later in life, as well as some of the issues that have been
Also, while there is a need for these benefits, there’s more sophistication and understanding about the costs associated with a lack of benefits; like a lack of productivity and increased medical costs for newborns. Those costs could be avoided if an organization has a benefit that is properly managed by an organization like WIN.
What trends are you anticipating in 2021 when it comes to fertility and family planning benefits?
There’s been an increase in the number of companies that are offering it across all industries, company sizes and geographies. We’ve seen a dramatic increase in complimentary services that support families. We're also seeing a large portion of our client base looking to provide financial support for
As the economy comes back, we will likely be back in another low unemployment situation and attracting and retaining key employees is important. Fertility benefits are the second benefit of interest employees have. There’s a lot of upsides to it: the management of these programs and the actual programs often pay for themselves through gains in productivity and the elimination of other [healthcare] costs.