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Pet insurance: a popular new employer perk

Pet insurance is the latest work perk that’s popping up around the nation.

Today more than ever, pets hold a special place in the home. Close to half of all Americans own a pet -- around 44% of US households have a dog, and about 35% have a cat. 

From hiking buddies to snuggle buddies, your pet is part of the family. Some pet owners might even say their pet is their favorite family member!

As an owner of a beloved four-legged friend, you want to make sure your pet gets the best care they can. But only a very small amount of American pet owners have pet insurance — only around 2%. 

From an accident or injury to a disease, pet insurance helps you cover the costs of care when your furry or feathered friend needs it. And a pet plan can make a big difference in paying off your bills: Americans will spend over $70 billion on their pets this year, with ¼ of the cost going to vet bills.

Maybe that’s why so many companies are now offering pet insurance as the latest employee perk.

In 2018, over 5,000 companies including Microsoft, Yahoo, Xerox and Hewlett-Packard now offer pet insurance.

Learn more about this latest work perk that’s popping up around the nation.

The rapid growth of pet insurance

In 1982, there was only one company carrying pet insurance. Now, employers can choose from over 11 different plan providers. 

Pet insurance isn’t just growing as an employee perk. The North American Pet Health Insurance Association noted a 12-15% growth rate of pet insurance plan holders over the last 2 years, which includes individual plan holders.

Benefits of pet insurance

Pet insurance plans can help cover anything from injury care, sick visits, hereditary condition treatments or routine trips to the vet.

Basic pet insurance premiums can start at as little as $20 a month. But the rewards of coverage can pay off when your pet needs expensive care down the line. 

Dr. Christine Hardy, a vet who got her training at Colorado State University, was saddled with nearly $5,000 in vet bills when her golden retriever developed an elbow problem and tore a ligament in his knee. 

After her dog passed away, Dr. Harvey decided to buy a plan for her next dog. Once the dog grew older and was diagnosed with a rare form of cancer, her pet plan covered 80% of the $9,000 total in vet bills.

Pet insurance can keep pet owners from making a painful decision: afford care for my pet when they’re in need, or forgo care due to costs.

Helping protect your pet with a plan

You don’t have to wait for your employer to jump on the bandwagon to give your pet the protection they need. An individual pet plan from Pet’s Best® can take the stress out of covering vet bills so you can say yes to care when your furry friend needs it.

Your pet is always there for you. Make sure you’re there for them when they need it most.

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Sources:

  1. https://www.aspca.org/animal-homelessness/shelter-intake-and-surrender/pet-statistics
  2. https://www.aspca.org/animal-homelessness/shelter-intake-and-surrender/pet-statistics
  3. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  4. http://www.americanpetproducts.org/press_industrytrends.asp
  5. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  6. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  7. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  8. https://guardiandirect.com/products/pet-insurance
  9. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  10. https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
  11. https://guardiandirect.com/products/pet-insurance
     
Brought to you by The Guardian Life Insurance Company of America (Guardian), New York, NY. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, investment or medical advice.
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