Smart Benefits: Pet Benefits in 2020?

Smart Benefits: Pet Benefits in 2020?

MetLife acquiring pet health insurance administrator PetFirst is just the latest development demonstrating the increasing popularity of this voluntary benefit. What’s the reason behind the rise?

According to a survey by the American Pet Products Association, 67 percent of American households own a pet. Many companies know that owners typically consider their pets to be family members and will go to great lengths to care for the animals. To show they understand the value pets play in their workers’ lives, more and more businesses are offing pet insurance. In fact, the growth rate for the benefit has been more than 20% the last five years.

Depending on the policy, pet insurance can cover everything from exams to treatment for severe injuries – which can result in sizable veterinary costs. With the growing interest in the benefit, should you add pet insurance to your offerings? Here are some advantages to consider:

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• With only 15% of companies offering pet insurance, you can set yourself apart with this added benefit, making your package more competitive for attracting and retain employees.
• Helping employees worry less about their pets’ health and the financial burden of caring for them can improve their productivity at work.
• With so many workers owning pets, offering a benefit that caters to taking care of the animals demonstrates your commitment to their well-being, which can improve morale and retention.
• The added perk can help strengthen the culture at the company, improving your reputation in a tight labor market.

 

Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer-driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance