Pet Health Insurance Gains Popularity as an Employee Benefit
Workplace Wellness Companies are beginning to offer pet insurance to their employees as part of their benefit package as a way of making their packages the best available.
A growing number of companies are investing in their employees by providing coverage for veterinary costs as part of their benefits package. Employers who offer a pet insurance benefit are looking to attract top talent that are looking for the best company perks available, as well as increase company loyalty and retention for those already established at their organization. Employers are looking to medical insurance for pets as a clear differentiator.
Pets are a member of the family
According to Harris Poll, 62 percent of Americans have at least one pet in their household, with the highest ownership among Millennials and Gen X groups. These groups also make up the highest population in the current workforce according to Pew Research Center analysis of U.S. Census Bureau data — with Millennials surpassing Generation X in 2015. As younger generations are delaying having children, the definition of family is changing at a rapid pace. Employers understand that and are increasingly providing health care to the entire family—including cats and dogs.
When family pets get sick, it can be devastating to the owner. Giving employees the ability to focus on their pet rather than the financial stress of an unexpected illness or injury is a win-win for the employer and employee. Employers show their willingness to help every member of their team’s family and employees are given peace of mind in the face of an unexpected veterinary bill.
Pet health insurance
Pet health insurance provides coverage for medical costs that can arise after a pet gets sick or injured. While many pet owners know the normal costs that are associated with having a pet, the unexpected costs that can come with a sick or injured pet can cause emotional and financial stress. In the event that a pet falls ill or has an accident, pet health insurance is there to let owners make the best decision for their pet, regardless of financial barriers.
While coverage varies across providers and plans, pet health insurance can cover items like hereditary and congenital conditions, injuries caused by bite wounds and car accidents and serious illnesses such as diabetes and cancer. Some of the most common injuries and illnesses to a pet, like a knee ligament rupture, can cost almost $3,000 to repair. Insurance for veterinary costs allows pet owners to make the best medical decisions for their pets, regardless of cost.