With the myriad of benefit options available, it might seem odd that offering pet insurance to employees would become a popular option. However, a new survey reveals that one in three Fortune 500 companies now offer pet insurance as a voluntary benefit.
“Since more than two-thirds of Americans own at least one pet, offering pet insurance will appeal to prospective pet lovers and retain current pet-owning employees,” said Deana Single, director of group accounts for Veterinary Pet Insurance (VPI). “Pet insurance can be added to a company’s benefits package at no cost to the business,” she adds, in a move that we are confident is not at all self-serving!
As the popularity of pet health insurance expands, some companies are subsidizing a percentage of their employee’s cost, with several companies now paying as much as 100 percent of their employees’ pet insurance premiums.
In general, this is a fairly low-cost program to offer. While plan options and premiums can vary, they typically start at approximately $10 per month and average $24 to $34 monthly. Those companies that do offer the programs often times allow employees the opportunity to pay their premiums via payroll deduction, a move that Single says means that there is no administrative responsibilities for employers.
So tell us, would you add pet insurance to your benefits offerings?