Pet insurance policies are increasingly commonplace as employee benefits
Employers are seeking to draw younger talent by offering them unique additional forms of coverage.
Companies that are looking for the best talent find themselves facing a great deal of competition and pet insurance policies are often used to help them to shine above rivals. Today’s younger workers don’t necessarily want the same benefits as those ten years or a generation older.
Health insurance isn’t covering as much but plans with more coverage are very expensive for businesses.
Over the next month, many companies are adding other types of benefits to their menus for workers. They are changing their packages to include more affordable health plans but need to have something else to offer so they won’t lose their workers. For many employees, pet insurance policies can help to add some appeal to benefits packages with shrinking health plans for their human family members.
These popular extras are also known as voluntary benefits. More traditionally, they include critical illness and accident insurance. However, for younger workers, there are other types of coverage that can have a greater draw than conventional offerings. This is particularly true when health plans offer reducing coverage.
Pet insurance policies help workers to face unexpected veterinary bills for beloved furry family members.
Other types of policies other than pet insurance that are now being added to appeal to younger workers include assistance with mortgage payments in case injury or illness gets in the way of the ability to earn. Some are even offering matched employee student loan payments. This is meant to help young workers to pay off an additional $2,000 per year up to a lifetime maximum of $10,000.
Some employers are now offering the opportunity to enroll in some or all of these additional benefits. Typically the offer comes with the chance to obtain this coverage at a reduced rate but won’t actually assist in paying the premiums. For example, an employee will usually have to pay a full premium for an accident or pet insurance policy, but that plan will be notably less expensive than it would be if purchased in the individual market.