As the labour market south of the border improves, employers are making their benefits packages more attractive by offering pet health insurance, one of the fastest growing voluntary benefits in the U.S.
According to Veterinary Pet Insurance (VPI), the largest and oldest U.S. provider of pet health insurance, one in three Fortune 500 companies offers its workers insurance for their companion animals.
And recently, more than 3,400 companies and organizations have added pet health insurance to their voluntary benefits portfolio. These companies include Chipotle Mexican Grill, Deloitte, Delta Air Lines, T-Mobile and Zynga, Inc.
“With the job market improving, it makes sense for companies to strengthen their voluntary benefits portfolio to attract top talent,” says Deana Single, director of group accounts for VPI. “Adding pet insurance will incentivize prospective pet lovers and retain current pet-owning employees.”
Many employers that offer pet insurance subsidize a percentage of their employees’ cost, while some companies cover as much as 100% of their workers’ pet insurance premiums.
The premiums vary, but the starting price at VPI is about US$14 (C$14.54) a month. The average is from $25 to $35 monthly, with deductibles ranging from $100 to $1,000. Plan sponsors often allow members to pay their premiums via payroll deduction, and this does not require them to take on any administrative responsibilities.
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