More Employers are Offering Pet Insurance as a Voluntary Benefit
October 20, 2014
Researchers reported that about 70 percent of employers were planning to add pet insurance to their voluntary benefits packages during the next six months to one year. This finding came from one of the largest pet insurers in the country. With open enrollment season starting, more and more employers continue exploring the benefits of offering coverage for their workers' pets. Researchers said that there were over 1,000 organizations offering pet coverage to workers. Almost 70 percent of American households have one or more pets. During 2014, experts estimated that pet owners would spend upward of $15 billion on vet services. In order to offset the ever-increasing costs of veterinary care, more pet owners are purchasing insurance.
Experts said that since so many people consider their pets part of their families, insurance is a good voluntary benefit for employers to add to their benefits packages. This helps companies show that they care about not only employees but also their pets. With coverage for pets, workers can receive a discount for all of their eligible pets. There are usually additional discounts for people who have multiple pets on one insurance policy. With pet coverage, there is no minimum enrollment or fees for the employer purchasing it. This also means employees can sign up any time of the year they wish, and enrollment options are typically available online or over the phone. Premiums are usually paid through payroll deductions.
Some of the top pet health coverage plans provide reimbursement of up to 90 percent of covered vet costs. Workers can choose to buy coverage for their pets' wellness care, illnesses, injuries and much more. Many plans also allow people to take their pets to any licensed vets in the United States or Canada. Claims are easy and fast to file, and policyholders may receive their reimbursement amounts through direct deposits.
Experts said pet coverage was popular as an open enrollment option, but they also saw the potential for companies to add it as an off-cycle benefit due to the option to sign up at any time. This type of insurance is expected to grow significantly in popularity in the near future as a benefits package option. To learn more about pet coverage and how to add it, discuss concerns with an agent.