What’s the latest trend in workplace insurance? Healthcare plans for pets. Veterinary costs are rising just as quickly as human medical costs and keeping our pets healthy can get really expensive. Studies show the average pet owner spends $600 a year on veterinary bills. And as our pets age and develop illnesses like cancer those costs can increase into thousands of dollars per year.
So a lot of companies are now adding pet health insurance to employee benefits packages with policies that cover everything from regular vet visits, to accidents, to hereditary illnesses. They cost between $100 and $400 a year per pet. At the moment, only one in 330 dog and cat owners have pet insurance because a lot of them don’t know they can insure their pets through their workplace or that their company might pay some or all of the premiums. Some companies that offer pet insurance coverage for their employees are MGM Resorts and Chipotle restaurants. In fact, one out of every three Fortune 500 companies now offers pet insurance benefits.
If you’d like to get your pets covered, talk to your human resources department. If they don’t offer coverage, check out the policies with the ASPCA and VPI, the Veterinary Pet Insurance company.