Is pet insurance worth it for your employees? Many pet owners ask this question when they realize just how high veterinarian bills can get. And the answer is a resounding yes! A good pet insurance policy may help your employees afford to get their pet emergency treatment that might otherwise cost thousands of dollars. On top of that, some plans even offer options for helping cover routine care. In the long run, pet insurance just makes sense.
Research shows that 66% of U.S. households have a pet and spend about $39.8 billion on veterinary care and products. These overall costs are only expected to grow as pets live longer and standards of veterinary medicine improve.
This is where pet insurance may help. On average, those who have pet insurance can give their pets more veterinary care than those without—up to hundreds of dollars more per year, in fact. Pet insurance may ultimately save lives.
Often, pet insurance isn’t really about covering smaller bills, like vaccinations or general exams. Instead, it’s about making sure people can help their pet during emergencies like accidents, injuries and unexpected illnesses. And the prices of these emergencies are increasing by the year. Vet care costs in the U.S. have increased more than 60% since 2014.
Here’s a rundown of some average costs your employees might face without insurance:
Pet insurance may help offset costs like these (and sometimes cover most of the cost if the plan doesn’t have a maximum annual limit). For many pet owners, it’s a lot easier to budget a small monthly premium than to suddenly come up with thousands of dollars without warning.
Sometimes, pet insurance can save a pet owner from having to make the devastating choice between financial solvency or treating their pet’s illness or accident. Bankruptcy can be a real danger when it comes to veterinary bills.
There’s one caveat: Your employees should ask their insurer if there’s an annual or lifetime cap on how much they pay out. Pets Best plans, for example, offer a variety of coverage limits, including unlimited coverage options.
For some pet owners, knowing that they can afford their pet’s treatment is enough to make pet insurance worth it. This avoids devastating situations, such as when someone might have to consider “economic euthanasia” for a pet in pain. If the pet develops a chronic condition, they could end up getting reimbursed thousands, along with potential heartache.
Most policies don’t include routine wellness care, but it can be an add-on. These wellness plans typically don’t have deductibles but instead pay a set amount per treatment. The type of wellness and preventive care they might cover includes spays and neuters, teeth cleaning, vaccinations, general exams, heartworm tests, fecal analysis, deworming and the like.
One study found that pet owners with a wellness plan visited their veterinarian about 20% more than those who didn’t have a wellness plan.
Another benefit of pet insurance? Your employees can choose the policy that best meets their pet’s needs and their budget. If they want the lowest monthly premium possible, they can choose a plan that covers unexpected accidents and illnesses with a larger deductible. They won’t be using it for smaller costs, but it can come in handy if their pet has an accident that costs thousands. If they want to cover every contingency, they can choose a higher monthly premium that comes with a low deductible and add on wellness coverage.
As with almost any big purchase, people must do their research. Some pet insurance policies will be a better fit than others. Each person’s situation is different. The American Veterinary Medical Association notes that deciding about pet insurance is really up to the individual.
But, the organization does recommend researching the following questions before choosing a policy:
Employees are heavily invested in their pet’s health and well-being, and it goes a long way when employers recognize that. By offering pet insurance alongside all other traditional benefits, employees can customize their dog and cat insurance plans for their unique needs. It’s an easily added benefit to your program that your employees will appreciate.
At Pets Best, our dog insurance plans and cat insurance plans can be customized for each pet’s unique needs. In addition, Pets Best policyholders can speak to a veterinary expert anytime through our 24/7 Pet Helpline.
