One in Three Fortune 500 Companies Offers Pet Insurance
Recent reports show that more Fortune 500 companies are offering health insurance options for their employees; but not in the way one might think. Rather than providing more coverage to people, companies are actually offering pet insurance health care plans.
Offering Health Insurance for Pets Becomes the Norm
A new report from New York Daily News has revealed that a large number of employers are providing their workers with health insurance for pets as an employment enticement and retention tool.
The newspaper shared that according to Veterinary Pet Insurance — the Americaâ€™s oldest and largest pet insurer — around 3,400 companies and associations across the country are providing this perk to reduce the cost of out-of-pocket expenses many pet owners pay.
Other organizations also offer coverage, the report found, including the American Society for the Prevention of Cruelty to Animals. But despite many coverage options being available, the number of people who sign up for pet insurance appears to be small.
What You Should Know before Purchasing Pet Insurance
If your employer offers pet insurance and youâ€™re not sure whether it will benefit you, here are a few things to note about purchasing this insurance:
- Coverage: Typical pet insurance policies cover illnesses, accidents, prescriptions, surgeries, hospitalization and other medical care.
- Cost: The cost of health insurance for pets can vary, but often costs in the ballpark of $20-$30 per month. Unique breeds of pets or those with pre-existing conditions can boost costs.
- Deductibles: Like human health insurance policies, itâ€™s possible that you may have to pay an annual deductible.
- Bites: Animals biting others are not covered under most pet insurance policies related to health. Some homeowners insurance companies will cover dog bites, but many steer clear of this type of coverage.
One bonus of purchasing pet insurance with an employer is that many employees are able to choose payroll deduction or direct billing to pay their premiums. If your employer does not offer coverage, you can inquire about coverage options for your pet during your next vet appointment.
(Image courtesy of digidreamgrafix /Â FreeDigitalPhotos.net)