If you look back over the past several months, one trend that stands out is an increase in the number of pet adoptions. As more people spent time at home, more pets found their forever homes with caring families. Pets are special companions that become a part of the family. New and existing pet owners want to do what they can to take good care of their pets. Sometimes, the costs associated with keeping a pet safe and healthy are higher than expected, requiring pet insurance.
What Is Pet Insurance?
Recently, companies have found that their employees are looking for ways to cover the cost of pet care. In response, the popularity of this insurance has seen substantial growth over the past year. In fact, it has become one of the fastest-growing and most highly requested voluntary benefits offerings.
Pet insurance is similar to the health insurance plan covering you and your family members. Also, like your personal health insurance plan, it covers unexpected medical expenses. You’ll most likely find plans with a deductible, co-pay, premiums, and guidelines around coverage for pre-existing conditions.
To help address the cost of pet medical care, companies of various sizes now offer pet insurance as a voluntary benefit to their employees. According to the Society for Human Resource Management, 6% of major companies, such as Microsoft and UPS, offer it.
Should You Include Pet Insurance in Your Company’s Benefits Package?
Although some companies offer their employees pet insurance, many companies have yet to add it to their benefits package. But why should companies consider including it in their benefits package? The answer is all about growth and popularity.
According to a recent survey by Willis Towers Watson, 47% of the companies surveyed currently offer this insurance. Further, that number is expected to grow to 69% in 2022.
As demand increases, offering this as a voluntary employee benefit can be a great way to differentiate your company and stand out to prospective employees. Adding pet health insurance to your company’s benefits package is a powerful recruiting and retention tool.
Recruit New Employees
Along with identity theft and tuition reimbursement, pet insurance is one of the fastest-growing voluntary benefits. If your company doesn’t offer it, prospective team members might be scrolling past your job opportunities.
As the number of companies that offer this insurance continues to grow, a talented prospect with a furry friend at home might only seek companies willing to support what they value most. Pet insurance also makes you more competitive in terms of keeping existing talent.
Retain Current Employees
The things that are important to employees should also be important to their employers, which is why a voluntary benefit like pet insurance is an effective retention strategy for your existing employees. By offering pet medical coverage, you show your employees that you support them in their work lives as well as at home.
Caring for your team members’ pets sends a positive message that you value what’s important to your employees’ well-being. And that’s a sentiment that can improve the perceived value of benefits, as well as job satisfaction, which encourages your team members to stay with you long-term.
Learn More About Voluntary Benefits, Including Pet Insurance
To stay current with voluntary benefits, consider using a digital benefits platform like Benefits Zone. Not only does Benefits Zone help you connect, educate, and engage with your employees, we help you maintain flexibility of benefits offerings.
To learn more about the platform, connect with a member of our team and request a demo.