How financial services companies can manage rising costs with women’s and family health benefits

Fertility and family health costs are rising—and standard health plan support isn’t enough. Even well-insured employees often incur healthcare debt or have to put off other financial priorities to afford expensive fertility treatments. A recent Maven survey found that a third of women spent $50K–$100K on their fertility journeys, and 46% felt unprepared for the costs.

Rising prices aren’t just limited to the employee, with 70% of employers saying fertility care costs have risen in the last three years, and 93% reporting they’re concerned about it. 

Amid these rising costs, financial services companies seem to be caught in a double bind, feeling pressured to both provide better women’s and family health benefits for their employees while keeping costs in check. If it seems like an impossible predicament, it isn’t. Financial services leaders have several levers to manage costs, and their benefits strategy is one of them. With the right comprehensive benefits ecosystem, financial services companies can improve healthcare access and outcomes for their employees without increasing costs. 

Why financial services companies are feeling the pressure

Although fertility and family health costs are rising across industries, financial services companies are feeling an acute pressure in an especially competitive labor market. Many financial institutions experience high turnover rates, which is costly and disruptive for the business, and companies need to stand out against a sea of competitors to attract and retain top talent. 

At the same time, employees are demanding more from their employers in terms of wages and benefits. A 2024 Harris Poll survey found that more than three in five employees want their employers to provide fertility benefits, and 84% of employers say that reproductive and family benefits are important or very important for attracting employees. To recruit and retain top talent, companies are increasingly leaning on benefits as a competitive lever, especially women’s and family health benefits. 

Traditional health plans are not built for today’s workforce

While traditional healthcare plans typically cover preventative and routine medical care, there’s much they don’t cover. With major insurance plans, fertility and mental healthcare are often excluded from coverage—or employees need a diagnosis of infertility to get covered support. Notably, only 11 U.S. states require insurance to cover fertility treatments like IVF and fertility preservation, and 29 states have no fertility coverage laws at all. 

In addition to fertility preservation and treatments, other gaps in coverage and care continuity include maternity and postpartum support, parenting resources, and menopause and perimenopause care. Additionally, there’s usually a long wait to see a doctor in-person, and doctors’ offices are only open during normal business hours, which can be especially challenging for financial services employees. Because of all these barriers, care isn’t actually available when people need it. 

When women’s and family healthcare is fragmented at best or not available at worst, the hidden costs can ripple throughout the business. If employees are confused or dissatisfied with their benefits, they are less likely to be engaged at work, and studies continue to show that more engaged employees are more productive and make their companies more profitable. Without proper support, employees are more likely to have poor health outcomes, which can be extremely expensive for businesses and employees alike.

How specialized platforms can bend the cost curve

Even though you’ve been tasked with managing rising costs, there are ways you can lower costs while still providing the best-in-class care for your employees. Specialized platforms like Maven allow companies to offer better and more comprehensive benefits to their employees while still keeping their own costs in check. 

A connected experience, not a collection of point solutions

More than one in four HR leaders say their top process challenge is managing multiple benefits platforms. That’s where Maven comes in. 

Maven is a comprehensive benefits platform designed to support the full spectrum of family health. As an end-to-end solution, Maven integrates all aspects of care—including family planning, fertility, pregnancy, parenting, and menopause—into a single, seamless experience. Eliminating the need for multiple vendors reduces administrative overhead and simplifies benefits management for HR teams. 

In addition to cutting down on vendor sprawl, this all-in-one offering provides a better member experience through one centralized platform, where they can easily access care providers, educational resources, and peer communities throughout their entire reproductive health journey. This streamlined navigation also leads to higher employee engagement, with more than 96% of members reporting they are more loyal to their company because they implemented Maven. By consolidating services and personalizing support, Maven not only improves patient and member outcomes but also drives cost efficiency, driving up to $5,000 per member in savings.

Driving engagement through quality care

This higher employee engagement translates directly to ROI for businesses. When employees have better health outcomes, they are not only happier but also more productive, loyal, and engaged at work. From a business standpoint, 83% of Maven Fertility members are more productive at work in addition to being more likely to stay with the company, and 94% return to work after maternity leave. 

Clinically, Maven helps companies reduce healthcare costs through improved outcomes and lower cost interventions. Maven has reduced NICU rates by up to 27%, and one in three members are able to achieve pregnancy without using assisted reproductive technology like IUI or IVF. These clinical cost savings are business savings, with up to 30% lower cost of care because of Maven’s continuous support. 

Early and inclusive care reduces downstream cost

Inclusive care is more than the right thing to do—it’s the smart financial choice too. In an industry where benefits can be a key differentiator for talent recruitment and retainment, providing inclusive, early-stage care not only promotes equity but also reduces long-term healthcare costs and drives employee loyalty. 

Preventative care and early interventions result in fewer expensive escalations, which leads to lower costs overall. For example, personalized support and education early in an employee’s fertility journey can prevent a high-risk (and more expensive) pregnancy down the line—or even help them avoid fertility treatments altogether. Offering tailored guidance to your LGBTQIA+ employees can help them find the best family-building path for them, reducing barriers like delayed care or inappropriate treatment options. 

The ROI levers that matter to financial services leaders

Comprehensive family benefits are tied to improved employee retention, better health outcomes, and higher productivity and engagement at work. They are also important to job seekers: 69% of employees have taken or would consider taking a new job because it offers better reproductive and family benefits, and 97% of women prefer to work at a company that provides fertility support. Because of Maven, parents are 74% more likely to continue working for their employer, and menopausal employees are 38% more likely to stay at their current company with Maven.

Accessible women’s and family health benefits also improve employee productivity. 83% of Maven members reported being more productive at work during fertility treatment from having Maven’s support, and nearly all Maven-supported employees return to work after parental leave.

Better clinical results also lower overall benefits costs. Nearly one-third of Maven members achieve pregnancy without any assisted reproductive technology (ART), which is a major cost saver—a single round of IVF can cost upwards of $20,000. Reduced NICU admission rates, fewer C-sections, and lower ED admissions help companies reduce healthcare costs while also supporting their employees better.

What best-in-class looks like: Lessons from Deutsche Bank

Financial services leader Deutsche Bank has worked with Maven since 2024. In that time, they’ve had over 600 employees sign up for Maven, 27% of whom are male, and over 110 interactions per member. Nearly half of all scheduled appointments take place outside of business hours, underscoring the importance of digital solutions for flexibility. Since working with Maven, Deutsche has seen 2.6x business and clinical ROI, underscoring the financial impact that Maven can have on financial services organizations.

“I would 100% recommend Maven to other benefits leaders," says Jackie McNeil, Head of Benefits for the Americas at Deutsche Bank. “If you’re looking for a partner that is specialized in women’s and family health and provides value to your employees by helping them navigate the complexities of starting and raising a family, Maven is best in class.”

Closing the loop: A smarter way to manage benefits and costs

By increasing access to preconception care, digital health support, and mental health care, financial services employers can mitigate rising costs while providing better support for their employees. Maven’s end-to-end benefits platform offers clinical, emotional, and financial support for employees all in one place. 

If you’re looking to simplify operations, deliver better outcomes for your employees, and lower costs, Maven can help. Explore how leading financial services companies are raising the bar with Maven—book a demo today.