Should the Workplace Pay for my Pets’ Insurance?

by Raúl A. Menéndez

Opinions expressed in this articles do not necessarily represent the point of view of Best Served. In furtherance of bringing more voices to the table we are committed to sharing varied thinking throughout the industry.

Americans love their pets. Period. According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70% of U.S. households, about 90.5 million families, own a pet. The number one species that people own as a pet, the dog, follow them, the cats and then birds.

 I’d like to believe that every pet owner wants the best for their pet. Most times the best you can give them is your time and attention. But what if you just got a new job and you don’t have that much time in your hands anymore? Let’s say you work in the hospitality industry, where there are long, hard shifts to be covered. When you get home you just want to rest and recharge your batteries for the next day. For many, part of this process is getting love and affection from a furry (or feathery) friend.

 As of 2020, one in three Fortune 500 companies, now offers a pet insurance benefit to their employees and a study from Willis Towers Watson found that 34% of all U.S. employees offer some sort of pet insurance benefit to their workers.

 Even though these numbers show progress, we need to ensure companies keep considering pet insurance as an attractive benefit for future employees. Pets are priceless, a recent study found that more than half of respondents said they value their pets more (58%) and are more affectionate (50%) to them now than they were in pre-COVID-19 times. If companies were more open to this type of benefit, I believe in the end it would be beneficial for both employer and employee.

 Not only do people appreciate the worth of saving money through pet insurance, but they’d feel a greater sense of loyalty with pet-friendly companies. When polled by the Society for Human Resource Management (SHRM), 83% of employees said they would rather work for a company that was outwardly pet-friendly, than a company that was not.

 Before talking to your boss or HR rep, make sure you inform yourself on how pet insurance works in the first place. Pet insurance helps pay for your pet’s medical care, with many policies covering up to 90 percent of your vet bill — assuming your pet’s procedure wasn’t excluded from coverage or didn’t surpass your annual expense cap.

 Few companies deal directly with the veterinary center itself in order to cover the medical bills. Most pet insurers reimburse you after a claim has been filed.

Pet insurance helps pay for your pet’s medical care, with many policies covering up to 90 percent of your vet bill. It’s a good idea to read a pet insurance policy carefully to make sure the coverage, and what you pay for it, fits with your budget and your pet’s needs.

 There are several types of coverage, find them below:

 1. Comprehensive: This is a broad coverage for a whole range of situations, from accidents like broken bones to illnesses like cancer and diabetes.

 2. Accidents Only: This is a more economical insurance plan that covers accidents like poisoning

 3. Wellness Coverage: This is essentially preventative care for things like vet visits and regular vaccines. It means, however, that unexpected emergencies aren’t covered.

 You should also consider each plans limit:

 1. Unlimited Lifetime: As the name suggests, after the deductible is paid, there’s no maximum or cap; the company will pay your pet’s medical bills.

 2. Annual Maximum: There’s a yearly maximum to how much the company will cover your pet’s medical bills. If you reach that cap, you pet won’t be covered until the following year.

 3. Annual Per Incident: These are caps on how much a company will pay for specific treatments for specific illnesses each year.

 4. Lifetime Maximum: The least recommended of the options, this caps the amount of coverage your pet gets over its entire lifetime. If that limit is reached, your animal companion won’t be covered anymore.

 There’s a lot of different types of deductibles as well (what you pay) and ways in which companies pay you back on a claim (reimburse you). It’s a good idea to read a pet insurance policy carefully to make sure the coverage and what you pay for it fit with your budget and your pet’s needs.

 Americans have a short window of time when they’re home, so often, their pets are their greatest companions for stress relief and mental health. If your company does not currently offer pet insurance as a benefit, we suggest you talk to an HR representative. Explain to them why you believe it’s important. Find people who you think would be interested in this benefit and ask them if they can help out.

Raúl A. Menéndez is a communications strategist, photographer and Community Outreach Specialist at Money. Explore more of his professional background on LinkedIn and find his photos on Instagram @raulovisual