In today's competitive job market, attracting and retaining top talent requires going beyond traditional employee benefits. This article will explore how Liferaft Benefits, an affordable HRA administrator, simplifies setting up and managing Health Reimbursement Arrangements (HRAs) to provide your team with comprehensive fertility and IVF benefits.
The Impact of Fertility & IVF Benefits in the Workplace
Statistics and data highlight the profound impact of fertility and IVF benefits on employee satisfaction and engagement. In recent years, a growing number of employers, approximately 61% with 500 or more employees, have started offering fertility insurance coverage. Neglecting to provide these benefits can be perceived as discriminatory by 58% of benefits specialists. By delivering comprehensive fertility and IVF benefits, you communicate that your organization values the overall well-being of your employees.
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Group health can be complex, restrictive, and costly. Liferaft offers something different.
Liferaft's Complete HRA Guide breaks down everything you need to know about health reimbursement arrangements, helping you determine if an HRA makes sense for your business.
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What you get in your guide: • What is an HRA? • HRA Requirements & Features • Eligible HRA Expenses • When an HRA Makes Sense • Different HRA Types • States Where HRA Works Best
Advantages of Fertility & IVF Benefits
Fertility and in-vitro fertilization (IVF) benefits offer a range of advantages that extend far beyond traditional healthcare coverage. From enhancing employee loyalty to fostering a supportive work environment, discover how embracing fertility and IVF benefits can be a game-changer for your organization.
Attracting and Retaining Top Talent
Providing fertility and IVF benefits demonstrates your commitment to the well-being of your employees. It shows that you care about their aspirations and are willing to support them on their journey to parenthood. By offering these benefits, you enhance your company's appeal, attracting top talent who prioritize work-life balance and comprehensive benefits.
Demonstrating Care and Building Loyalty
Fertility and IVF benefits tie employees closer to their employers, showing that the organization values their reproductive health and supports their personal goals. By offering comprehensive benefits that cover fertility treatments, you foster a sense of loyalty and create a positive work environment where employees feel valued and supported.
Understanding Eligibility and Requirements
Different HRA types have varying eligibility criteria and requirements for implementing fertility and IVF benefits. Liferaft Benefits provides a flexible platform for customization based on your organization's specific needs. By partnering with Liferaft, you can ensure that your benefits align with your employees' requirements and expectations.
Legal Considerations and Regulations
When implementing fertility and IVF benefits, it is crucial to consider legal implications and ensure compliance with applicable laws and regulations. The Internal Revenue Service (IRS) recognizes fertility-related medical expenses as excludable from federal income under employer-sponsored benefit plans. However, consulting legal and tax professionals is advisable to ensure compliance and informed decision-making.
2023 Year-End Report: HRA Trends & Insights
Liferaft's 2023 Year-End Report gives brokers and business owners the full breakdown of HRA market challenges, employer concerns, growth opportunities, and more, to help you can stay ahead of the curve.
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This whitepaper includes: 2023 HRA Trends | Top Employer Concerns | Trends in HRA Account Types | Potential Pitfalls & Challenges | ICHRA Enrollment Stats & Trends | 2024 Areas of Opportunity & Growth
Types of Fertility & IVF Benefits
To support employees on their journey to parenthood, fertility, and IVF benefits can encompass various services and treatments. Liferaft Benefits allows you to offer a comprehensive range of benefits, including:
Fertility Preservation Procedures
Intrauterine Insemination (IUI)
Mental Health Counseling and Resources
Non-IVF Treatment Options
Medical Treatment Services
How it works
A company in California wanted to support their employees with the high costs of fertility treatments, particularly IVF. The employer sets a monthly available reimbursement amount of $875, totaling $10,500 per year, which matches the average cost of IVF in the state. The eligible reimbursable expenses encompass IVF treatment, prescription drugs, abortion care, and birth control. This tailored approach ensures employees can afford the expensive fertility treatments they require while expanding coverage for other vital family planning services.
When setting up your Liferaft HRA, you can choose the expense categories that best suit your organization's goals and priorities. You can include or exclude any health-related expenses defined by the IRS as qualified health expenses, as outlined in Publication 502. Our dedicated team will guide you through the process, handling all the necessary paperwork to establish your account and maximize the available tax advantages.
Coupling Fertility and IVF Coverage with Other Care
As we noted above, when offering fertility and IVF coverage through a Liferaft HRA, it is easy and affordable for employers to expand coverage to other care options. Most frequently, we find that employers will couple IVF and fertility coverage with things like mental health support, abortion travel coverage, and gender-affirming care.
By coupling fertility and IVF coverage with these additional care options, employers demonstrate their commitment to comprehensive benefits that support employees on diverse reproductive health journeys.
Support IVF & Fertility With Liferaft
Liferaft Benefits simplifies setting up and managing fertility and IVF benefits for your team. Through a Liferaft HRA, employers can reimburse employees for out-of-pocket costs associated with family planning care, including IVF, prescriptions, doctor visits, travel expenses, birth control, abortion care, and other related medical expenses. The HRA acts as a dedicated account where employers contribute funds that employees can utilize for their fertility and IVF-related costs. Liferaft's user-friendly platform and customizable options ensure that your employees receive the necessary financial support for their reproductive healthcare needs, reinforcing that their health and well-being are top priorities.
Frequently Asked Questions
Are fertility and IVF benefits expensive for employers?
Fertility and IVF benefits can vary in cost depending on the specific benefits offered and the organization's size. However, with Liferaft Benefits, employers can customize their benefits package and have control over the cost. Liferaft offers an affordable HRA administration platform that allows employers to allocate a set amount of funds for fertility and IVF benefits, helping alleviate some of the financial burdens of these treatments.
Can employees choose their healthcare providers for fertility treatments?
Yes, employees are typically free to choose their healthcare providers for fertility treatments. Liferaft Benefits' HRA administration platform allows employees to be reimbursed for eligible expenses related to fertility treatments, such as doctor visits, prescriptions, and diagnostic testing. Employees can select healthcare providers that best suit their needs and preferences, ensuring personalized and comprehensive care.
Are fertility benefits discriminatory?
Fertility benefits are not considered discriminatory. Many benefits specialists believe not offering fertility benefits can be perceived as biased. Employers demonstrate their commitment to equal opportunities for employees irrespective of reproductive health challenges. These benefits contribute to a more inclusive and supportive work environment.
How do fertility benefits contribute to employee retention?
Fertility benefits play a significant role in employee retention by showing employees that their employer values their overall well-being and supports their personal goals. By offering fertility and IVF benefits, employers create a supportive work environment that fosters loyalty and engagement. Employees are more likely to stay with an organization that understands and supports their needs, including their reproductive health aspirations.
Can small businesses also offer fertility and IVF benefits?
Yes, small businesses can offer fertility and IVF benefits. With Liferaft Benefits' customizable HRA administration platform, businesses of all sizes can tailor their benefits package to include fertility and IVF benefits. The flexibility of Liferaft's platform allows small businesses to allocate funds specifically for these benefits, providing their employees with access to the necessary resources and support on their journey to parenthood.
Book your consult with Liferaft
Our team knows the ins and outs of the health insurance marketplace and will guide you towards the solution that make the most sense for your business and your team. Come with questions! Our experts are happy to dig into the details to get you the clarity you need.
During the call, Liferaft will run a cost-benefit analysis on your company's current healthcare spending and show you different ways you can save—without sacrificing plan quality. After your consult, Liferaft will design a unique plan for your employee's health insurance, including suggested plans and accounts, plan policy documents, and the annual budget.