Medical coverage for animals has become super trendy, particularly since the pandemic.
Employers seeking to be competitive when seeking the best employees to join their teams are increasingly turning to pet insurance as an additional part of worker benefits, due to the massive draw it has developed.
Employees want more options from their benefits, and caring for their furry family members has weight.
For even greater value to many employees, pet insurance coverage extends not only to cats and dogs, but also other types of animals, such as birds (even pet chickens!), rodents and pot-bellied pigs, among others. That said, coverage for fish and other aquatic animals still remains difficult to find.
Employers seeking to attract and keep top talent to fill open positions are getting creative and are offering the type of coverage that will matter most to those workers. For many of those prospective employees, this includes covering veterinary bills in case the unexpected should happen.
Pet insurance is one of the most appealing voluntary benefits employers are currently offering employees.
According to the Mercer consulting firm, last year, 36 percent of large employers with over 500 employees offered this type of coverage to their staff. This represented a massive 22 percent leap over the percentage of large employers doing so in 2017.
“It certainly has now become mainstream and come in vogue,” said Mercer voluntary benefits practice leader Brian Russell. “It transcends all types of employer groups; it’s not just limited to one industry. … Employers are really finding that it is a benefit that can appeal to a majority of their employee populations, regardless of their generation, regardless of their other statuses.”
According to Pew Research Center data from April 2023, nationwide, about 62 percent of people are pet owners. Among them, 35 percent have more than one. Among the surveyed animal owners, 97 percent consider those animals to be family members.
Employers can therefore use pet insurance benefits to draw and retain employees as well as to help workers to enjoy greater financial security and overall wellbeing. Those with plans will submit an average of two to three claims annually.