Employee Benefit Spotlight: Pet Insurance

Friday, July 15, 2022 11:42 Posted by Admin

While about forty percent of American households include children, according to the 2020 census, over seventy percent of U.S. households have one or more pets. Yet only a quarter of pet parents have pet insurance, despite skyrocketing costs for veterinary services. Figures from the American Society for the Prevention of Cruelty to Animals (ASPCA) estimate the price of a routine vet visit at $225 for dogs and $160 for cats, including immunizations. Emergency visits can easily top $2,500, and specialists’ bills are much higher.

Does pet insurance make sense as an employer benefit?

First, how does pet insurance work? Kind of like human insurance, some plans cover only catastrophic events, while others include more comprehensive coverage of routine occurrences. For example, cheaper options only cover accidents, while more expensive plans may include illness, wellness, hereditary issues, and even costs associated with death.

Like your human insurance, you will probably have a deductible, but unlike with your coverage, be prepared to pay the vet yourself and then seek reimbursement from the insurance provider after they evaluate the claim. Depending on the pet’s age, breed, and type of treatment, the insurance might cover between twenty and eighty percent of your outlay.

What’s the advantage for employees?

With or without a small company subsidy, your employee will benefit from having access to a pet insurance plan at work. First, they can take advantage of the convenience of a payroll deduction to purchase the coverage. Second, having access to a group rate means they will get a better price than looking for a plan independently. Third, most providers offer outstanding customer service, and it seems to be even better for company-affiliated customers.

Employers are increasingly on board.

Offering pet insurance as one of your optional or voluntary employee benefits might make sense for employers. Like many other voluntary options for employees, you can sponsor this offering with or without a subsidy. Talk to Taylor Benefits Insurance about getting set up with a company that offers a program.

According to the Society for Human Resource Management, roughly fifteen percent of employers offer their workers access to a pet insurance program. Among large companies, that figure increases to over thirty percent. As more companies look for ways to support their workers work-life balance, helping beloved pet family members makes sense. Of course, with many people working from the home office during the past two years, pictures of pets on the desk have given way to cats joining in video conferences and dogs interrupting them. Workers and employers who have spent much more quality time with their colleagues ‘ animals have a vested interest in their health.

Employees appreciate the knowledge that their company cares about them and their pets. This kind of low-cost benefit can help attract and retain the workers you need in a competitive recruiting market.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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