Animal healthcare costs are rising, with $31.4 billion spent on veterinary visits and care in 2020. Because of this, pet owners tend to go into credit card debt and miss a payment on bills to pay for their pet’s care. In fact, a survey of 1,000 pet owners found that 45% of pet owners spend the same amount, or more, on their pet's healthcare than they do on their own.
If your employees have pets, chances are they consider them to be well-loved and beloved family members. Pet insurance may be a benefit you want to offer to your employees.
What is pet insurance, and what does it cover?
Pet insurance pays—in part or total—for veterinary treatment of a person's ill or injured pet. It covers things like:
- General wellness exams
- Booster shots and vaccinations
- Flea prevention
- Medical costs for emergency care
- Chronic conditions (e.g., arthritis)
- Acute illnesses (e.g., allergic reactions)
- Acute injuries (e.g., a bone fracture)
What is the main benefit of pet insurance?
Having pet insurance ensures that cost will be less of a factor when it comes to providing pets the best possible care. With the average veterinary visit being between $50 to $400 on average, and the average emergency vet visit costing between $800 to $1500, employees will not have to choose between paying a bill or going into debt to give their pet the care they need.
What are the other benefits of pet insurance?
1. Delivers peace of mind
Not having pet insurance can make employees who own pets more stressed if they don’t know how to pay for their pet’s care, either preventatively or during an emergency. By offering this benefit, employees may be less stressed by this financial burden—and when employees are less stressed, they are more healthy, focused, and productive. Also, research shows owning a pet helps soothe anxiety and reduce blood pressure.
2. Encourages employees to own pets
Pets are a significant emotional investment and a significant financial investment as well—pets require not only health care but also:
- Food and treats
- Dishes for their meals
- Collars and leashes (for dogs and/or cats)
- Grooming and nail trimming
- Over the counter medications
- Items for mental stimulation (e.g., toys)
For your employees who don’t have a pet but are considering purchasing or adopting one, a pet insurance benefit makes the choice of buying or adopting a pet easier since employees know their pets’ health needs will be a bit easier to manage.
3. Demonstrates to employees that you care
There are pet-friendly hotels, apartments, and restaurants, and by offering pet insurance, you send the message to your employees that your workplace, in this regard, is pet-friendly. You also demonstrate and support the idea that pets are important family members and deserve to be loved and taken care of. That is a genuine, loving, and caring message, which can also positively impact hiring and retention.
Pet insurance—protection for a pet’s wellbeing
By offering pet insurance, you will create a positive relationship with your employees, and they, in turn, will know that their pets can get the best care possible. If you are interested in providing this supplemental benefit to your employees and want to learn more about how it works, talk to a trusted consultant or advisor.
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Photo by damedeeso
