SAN FRANCISCO, Oct. 15, 2019 /PRNewswire/ -- Carrot Fertility, the leading global fertility care benefits provider for medium and large employers, today announced the launch of the Carrot Card, a flexible fertility debit card for employees who have access to Carrot's fertility benefits at work. The first-of-its-kind Carrot Card is the easiest way for employees to pay for treatment like egg freezing, in vitro fertilization (IVF), adoption, donor and gestational services, and more. Nearly 100 customers are on track to fund more than $3B in new employer-sponsored fertility coverage to their employees in 2020, based on each company's customized financial plan design. More than 50% will offer fertility care benefits for the first time. Carrot's customers cover technology, retail, financial services, food and beverage, entertainment industries, and more.
There is a growing demand for fertility care in today's workforce, as more people face medical challenges or need more inclusive options to pursue parenthood. Without support from employer-sponsored health programs, most employees would never be able to access the treatments and services they need. Costs can range from $5k to $50k and can last for many months or years. The Carrot Card removes the single most significant barrier to accessing high-quality fertility care and treatment: cost. The easy-to-use Carrot Card works like a debit card. Employees use the employer-sponsored debit card to pay for treatments and services at approved Carrot provider locations at the time of service. Previously, employers only had the option to offer the benefit as a reimbursement.
"The Carrot mission is to make fertility care more accessible and affordable to everyone, beginning at work," said Carrot founder and CEO, Tammy Sun. "In the last year we've experienced record customer growth, underscoring rising support for more flexible and inclusive fertility benefits programs in the workplace. Still, more than 80% of people who undergo fertility treatments have little to no coverage. They accrue an average of $30k in debt after undergoing fertility services, often relying on credit cards or loans or tapping their 401(k) to pay for treatment. The Carrot Card is a solid first step in solving the problem of access to fertility care."
More than a financial benefit — a global care navigation team of compassionate experts
In addition to financial coverage, Carrot offers high-touch employee support through this highly complex area of healthcare. Built by some of the top fertility doctors, researchers, and subject matter experts in the world, the Carrot Care Team provides each employee with clinical care navigation, which includes education and coaching, identifying top provider options in their area, and access to critical emotional support for them and their partners. Employees also have unlimited access to medical chats with reproductive endocrinologists, emotional support experts, urologists, and adoption experts — a benefit that can cost up to $500 an hour if paid out-of-pocket.
How Carrot Fertility Works
Carrot works with companies to design a personalized financial fertility plan for their employees. The financial benefit ranges from $5k to $100k per employee. Employees then engage with their personalized Care Team for coaching and clinic matching. Once they are ready, employees use the Carrot Card to pay for eligible high-quality treatments and services at approved Carrot provider locations. Carrot lets employees transparently track and manage their financial benefit, along with offering continuous personalized support from the Care Team via text, video, and voice chat. Employers get peace-of-mind knowing that payments are reliable and restricted — with anonymized data and insights transparently available on-demand.
About Carrot Fertility
Carrot Fertility (carrotfertility.com) is the leading global fertility benefits provider for employers. Carrot's simple-to-use software product provides a turnkey solution for companies to establish an inclusive fertility benefits program for all employees regardless of age, sex, sexual orientation, gender identity, or geography. The program includes everything from egg freezing, in vitro fertilization (IVF), adoption, donor and gestational services, and more. With over 1,900 clinics in nearly 40 countries, and a dedicated personal care navigation team, Carrot provides the highest-quality fertility care to all employees. Founded in 2016 and based in San Francisco, Carrot has raised more than $15M and is backed by top-tier investors including CRV, Uncork Capital, Sound Ventures, and Maven Ventures.
SOURCE Carrot Fertility