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The Business Case for Pet Insurance

Gym reimbursements, hotel discounts, mental health resources, and more options in today's competitive benefits packages offer more than yesteryear's standard health insurance package. Cutting-edge companies understand that their employees are unique and that they need to provide various benefits to meet their interests and needs. One such interest to consider is the animals that patiently wait at home.

Almost 70% of American households have a pet. Yet, research shows that less than 15% of companies currently offer pet insurance as a benefit, although it aligns with many of employees' top values, including family and financial health.

If pet insurance has not made it to your slate of voluntary offerings, this is your opportunity to rethink the proposition.

Three reasons you should add pet insurance to your company benefits package.

1. Pets are family, too.

Pet adoption rates have risen dramatically as many employees spent more time at home over the last few years. The American Society for the Prevention of Cruelty to Animals noted that 20% of American households added a pet to their home during COVID-19. And a whopping 78% of owners consider their pets to be a member of their family. Employees devote time, attention, and money on their loyal companions. Companies are missing the mark if they are not considering how they can support this important member of the family.

2. Employees are concerned about finances.

MetLife’s U.S. Employee Benefits Trends Study identified finances as the top employee concern, surpassing mental and social health worries. The increased cost of living in many locales and inflation have ignited the fire. Employees are in dire need of a financial break and medical expenses for pets can be expensive. A recent study by LendEDU uncovered that almost half of pet owners expect their animal’s healthcare costs to be the same or more as their own. Sudden, unplanned expenses – for humans and for pets – can be crippling. Pet insurance can also provide peace of mind, decreasing the mental anguish of unexpected expenses.

3. Pet insurance is a low-cost voluntary benefit.

Adding a new benefit may sound like it would blow up your budget. The good news is that pet insurance comes in a variety of offerings, ranging in monthly cost and coverage. Employers can determine how much of the monthly premium (if any) they want to pay, and employees get access to discounted coverage.
Offering pet insurance to your employees is a kind gesture that acknowledges who and what is important to them. If your company has not jumped on the pet insurance bandwagon yet, this may be your cue to build that business case.

SOURCE: United Benefit Advisors (UBA)