Many people adopted furry friends during the pandemic. And while they bring needed companionship, pets also bring high medical bills. The solution to this problem … pet insurance benefits.
Forty-five percent of pet owners will spend the same amount or more on their animal’s health care than their own, according to a survey conducted by financial firm Lendedu.
On average, caring for a healthy pet can cost between $700 and $2,000 a year. If the pet has any health issues, that cost increases exponentially.
While more employers have started offering pet insurance since the pandemic started as a benefit for their employees, it’s still only a small portion. But it’s a perk still in high demand.
4 reasons to offer pet insurance
Pet insurance can cover anything from wellness exams to shots to care for chronic conditions.
Here are four compelling reasons for employers to consider providing pet insurance benefits:
1. Helps employees focus at work. Workers would be much less stressed if they weren’t worrying about the financial burden of pet care, meaning they’d be able to focus more on their jobs. And stress-free, happy employees stick around.
2. Encourages pet ownership. Anyone on the fence about adopting a furry friend would be encouraged to do so if you offered pet insurance as a benefit. And people with pets tend to have less anxiety and lower blood pressure.
3. Shows the company cares. This benefit shows your people you care and want them to have fulfilling home lives as well as work lives.
4. Gives you a competitive edge. Offering such a unique, coveted benefit will give you that extra edge when recruiting. If a candidate is torn between two offers, it could be the deciding factor.