New Survey from Progyny Shows Strong LGBTQ+ Demand for Inclusive Family Building Benefits

Rhea-AI Summary

Progyny (NASDAQ: PGNY) published findings from its 2024 LGBTQ+ family building survey, which included responses from over 1,100 LGBTQ+ individuals in the U.S. The survey revealed that most respondents face significant challenges such as high costs, inadequate access to care, and lack of mental health support. Key data points include 76% being concerned about family building costs, 54% hindered by these costs, 83% willing to change employers for better benefits, and 85% considering a second job for employer-sponsored care. Many are also exploring adoption (48%) and surrogacy (29%). Progyny emphasizes the importance of inclusive and comprehensive family building benefits offered by employers to support LGBTQ+ employees, promoting workplace inclusion and loyalty.

Positive

• Progyny's survey highlights strong demand for inclusive family building benefits among LGBTQ+ individuals.
• 76% of respondents are concerned about the cost of family building, indicating a significant market for financial support services.
• 83% of respondents are willing to switch employers for better family building benefits, showing potential for client acquisition.
• Progyny partners with over 460 leading employers, demonstrating strong market penetration and client trust.
• The company offers access to over 1,000 top fertility specialists and a range of comprehensive services, enhancing its value proposition.

Negative

• 54% of respondents are currently prevented from building families due to high costs, highlighting a major barrier.
• 85% of respondents consider taking a second job for family building care, indicating financial strain and unmet needs.
• The survey underscores insufficient mental health support for LGBTQ+ individuals during their family building journey.

NEW YORK, June 20, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women’s health benefits solution, today released findings from its 2024 LGBTQ+ family building survey. The report, which surveyed over 1,100 LGBTQ+ individuals in the U.S. planning to build their families, highlights the unique challenges LGBTQ+ patients face, including struggles with insufficient access to care, financial constraints, and lack of mental health support throughout their family building journey.

Progyny’s survey underscores the pivotal role employers can play in providing inclusive and comprehensive family building benefits that support all paths to parenthood. The findings highlight that employers can significantly improve the lives of LGBTQ+ employees by providing extensive support and resources for family building – these benefits are proven to promote a more inclusive workplace and strengthen employee loyalty. This data equips benefit decision makers with the insights needed to effectively support LGBTQ+ employees throughout their fertility and family building journeys.

"At Progyny, we believe that everyone deserves the opportunity to build their family, regardless of their background or identity," said Pete Anevski, CEO of Progyny. "For the LGBTQ+ community, this often means navigating additional hurdles and challenges. By adopting comprehensive and inclusive family building benefits, employers can help ensure that every individual has access to the care and resources they need to realize their dream of becoming a parent."

Key findings
Of the LGBTQ+ individuals surveyed:

• The majority of respondents (76%) indicated they are concerned about the cost of family building.
• Over half (54%) of respondents said that the costs associated with family building prevented them from growing their family.
• An overwhelming amount (83%) of respondents said they would consider leaving their employer for one that offered family building benefits.
• A significant 85% of respondents indicated they would take on a second job to gain employer-sponsored family building care.
• Nearly half of respondents (48%) said they are exploring adoption and a third (29%) said they are considering surrogacy.
  

"Inclusive family building benefits are transformative for employees on their journey to parenthood, especially those in the LGBTQ+ community," said Cynthia McEwen, Head of DE&I at Progyny. "These benefits not only provide crucial support and resources but also send a powerful message of acceptance and validation. When employers offer comprehensive family building benefits, they foster a sense of belonging, company allegiance, and demonstrate their understanding of the importance of equity, inclusion, and access.”

Progyny partners with over 460 leading employers to deliver personalized and impactful fertility and family building benefits. Progyny’s equitable benefit design ensures access to enrollees of all genders, sexual orientations, and relationship statuses, and provides access to comprehensive coverage for services including preconception, IUI, IVF, fertility preservation, postpartum, adoption, and surrogacy. Each patient also has convenient access to over 1,000 of the nation’s most sought-after fertility specialists so they can choose a physician who best meets their needs, as well as concierge support from a dedicated fertility coach to ease the stress and anxiety common to fertility treatment and family building journeys.

For more information about Progyny’s LGBTQ+ Family Building Survey, visit progyny.com.

About Progyny
Progyny (Nasdaq: PGNY) is a transformative fertility, family building and women’s health benefits solution, trusted by the nation’s leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive, and intentionally designed solutions simultaneously benefit employers, patients and physicians.  

Our benefits solution empowers patients with concierge support, coaching, education, and digital tools; provides access to a premier network of fertility and women's health specialists who use the latest science and technologies; drives optimal clinical outcomes; and reduces healthcare costs.

Headquartered in New York City, Progyny has been recognized for its leadership and growth as a TIME100 Most Influential Company, CNBC Disruptor 50, Modern Healthcare's Best Places to Work in Healthcare, Forbes' Best Employers, Financial Times Fastest Growing Companies, Inc. 5000, Inc. Power Partners, and Crain's Fast 50 for NYC. For more information, visit www.progyny.com.

For Further Information, Please Contact:
Investors:
James Hart
investors@progyny.com

Media:
Alexis Ford
media@progyny.com

FAQ

What did the Progyny 2024 LGBTQ+ family building survey find?

The survey found that LGBTQ+ individuals face significant challenges in family building, including high costs, inadequate access to care, and lack of mental health support.

How many LGBTQ+ individuals did Progyny survey in 2024?

Progyny surveyed over 1,100 LGBTQ+ individuals in the U.S. for its 2024 family building survey.

What percentage of LGBTQ+ survey respondents are concerned about family building costs?

76% of respondents expressed concern about the costs associated with family building.

How many LGBTQ+ respondents are willing to change employers for family building benefits?

83% of respondents would consider leaving their employer for one that offers family building benefits.

What family building options are LGBTQ+ individuals exploring according to Progyny's survey?

According to the survey, 48% of respondents are exploring adoption and 29% are considering surrogacy.

How many employers does Progyny partner with?

Progyny partners with over 460 leading employers to provide fertility and family building benefits.