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Evolving policies about LGBT benefits create opportunities for brokers and advisors as they seek to help HR engage this increasingly important demographic.
Not only is coverage of sex-reassignment surgery increasing, but a few companies are adding subsidies for cosmetic procedures, such as electrolysis, mastectomy, and Adam’s apple reduction surgery. (Photo: Shutterstock)As companies beef up benefits in a tight labor market, Massachusetts Mutual Life Insurance Company is one of a rapidly growing number of companies improving coverage for transgender workers.
About 10 percent of companies pay for sex reassignment surgery, according to research by the Society for Human Resource Management. MassMutual has since 2014; It’s adding subsidies for cosmetic procedures, such as electrolysis, mastectomy, and Adam’s apple reduction surgery — a rarer benefit that an estimated 3 percent of companies provide.
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