Evaluating new benefits vendors is stressful. Not only is it a huge investment in terms of resources but selecting the wrong vendor can lead to negative consequences such as low utilization and unhappy employees. That’s why it’s critical to ask the right questions during the evaluation process to ensure you’re making a well-informed decision.
Custom Fertility Benefits:
Today, Carrot Fertility – a customized fertility benefits solution for the modern company – is sharing a list of must-ask questions for HR and benefits teams when it comes to selecting your next fertility benefits vendor.
Below are 5 key questions to consider when evaluating fertility benefits for your company and its employees:
1. Do you provide flexible financial coverage? Cost is consistently ranked as the top pain point when it comes to fertility benefits. There’s a myth that fertility coverage has to be all or nothing, but that’s absolutely not the case. It’s important to make sure your vendor has the ability to offer flexible financial coverage that fits your needs and provides predictable costs every month.
2. Is your solution inclusive of everyone? Fertility solutions aren’t one-size-fits-all. Gay parents have completely different needs from women seeking egg freezing, which is why having inclusive and diverse offerings is crucial. Many vendors only offer services for heterosexual couples or carve-outs for donors, gestational carriers, and adoption. This not only creates additional administrative burden for benefits teams, but it also isolates certain members of your workforce.
3. Do you offer a global solution? You want to find a fertility benefits vendor that can grow with your company. This means looking for a complete solution that has the ability to deploy easily on a global scale across North America, EMEA, LATAM, and APAC. You also want a partner whose network of clinics and fertility experts span the globe as well to have access to expertise in every region. Otherwise, you’ll likely be forced to look for a different vendor the following year.
4. Can you separate pricing by treatment costs vs. vendor fees? Successful long-term partnerships are built on trust, so make sure your vendor is transparent about how their fees are earned. There shouldn’t be any confusion about the cost of a treatment versus what goes into the vendor’s pockets, nor should there ever be hidden fees or financial conflicts of interest. If they can’t clearly answer this question, then they might not be the right vendor for you.
5. Can you offer insights without compromising employee privacy? In the world of healthcare, having privacy features to safeguard your employee’s information is absolutely critical. Confirm that your vendor has the ability to offer useful insights from their platform while also respecting the anonymity of their employees. This way, you can receive high-level information that will inform your benefits and fertility coverage strategy without losing the trust of your employees – or risk compromising their personally identifiable data.
By asking the right questions while evaluating your fertility benefits vendor options, you can save yourself a ton of trouble down the road. If you’re interested in learning more about Carrot Fertility’s offerings, you can learn more and request a demo on their website.