how your company can help you pay for starting a family
Last updated on September 15th, 2022 at 11:51 am
Global – Having children is a big step in life. Besides having children is a big responsibility, it can also be very costly. And over the past few years, more workers have been looking for company benefits to help cover some of the costs.
Some companies offer coverage for things like egg freezing, in vitro fertilization, and breast milk delivery for traveling employees. These benefits are not only a good way for employers to attract talent in a tight labor market, but also help companies retain existing workers.
Companies want to make an offer that is more than just money. It creates bonds, loyalty, and culture.
More comprehensive family support
In 2021, 66% of large employers paid for some level of fertility treatment compared to 2020, according to Tracey Watts, Senior Partner, National Leader for the U.S. Health Policy at Mercer.
Employers are also more inclusive in their offerings, including LGBTQ and lone workers, Watts said. Nearly a third of major employers now offer comprehensive family-building support, Watts said.
The total lifetime financial benefit that employers offer to employees varies but typically ranges from $10,000 to $30,000, and insurance coverage tends to increase with employer size, with some larger companies offering upwards of $80,000.
General Motors has introduced a benefit that will reimburse fertility, surrogacy and adoption cost up to $40,000 for a lifetime. In addition, Cisco offers up to $50,000 lifetime compensation to its US and Canadian staff for family planning expenses such as IVF and the collection, freezing, or storage of eggs, sperm, and embryos.
Paid holidays and flexible hours
There is no paid leave for new parents in the US. The Family and Medical Leave Act (FMLA) can provide up to 12 weeks of unpaid leave but does not apply to all employees.
A Mercer survey shows that 70% of large employers currently offer paid parental leave or plan to do so in 2023, and 53% provide or plan to offer paid adoption leave.