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Pet Insurance | MD Employee Benefits Agents

We’ve all heard the saying “A dog is a man’s best friend” and we know it’s true! Pets give us unconditional love, companionship, and joy. But, are we willing to pay the price when a hefty vet bill comes along? Pet insurance may help you stomach that unexpected emergency room charge due to Fluffy’s uncanny ability to eat anything within reach—even if it’s rotten!

In 2017, over $16.62B were spent on veterinarian bills in the United States. In that same year, Americans also spent over $1B on pet insurance. This begs question “has pet insurance worth buying?” While this market continues these grow, 99% of pet owners report NOT having pet insurance. The number one reason? Cost. Premiums are lowest you own puppy or kitten and increase the pet gets older. This results in insured only keeping pet insurance for average of 3 years. The cost of insurance can increase 5-fold between the puppy and adult years.

Pet insurance is fastest growing markets in US. This insurance can purchased with increased levels of coverage. The most basic level may cover treatments for some common illnesses or accidental injury. The mid-range coverage could cover preventative care as well as immunizations. An example of premium coverage is surgical cost and liability for pet injured someone. Prices these levels range from $15/ month to $45/month.

Pet insurance is now becoming a more commonplace employee benefitContingencies.org says that 6500 employers in the US and Canada offer pet insurance to its employees. A report by SHRM says that offered pet insurance as an employee perk, only 6% of pet owners utilized that benefit in 2012. By 2017, that number rose to 9%. Employees say this important benefit because, for many, pets are considered part of a family and you insure human member of family, why wouldn’t you also insure your pet?

If your company does not offer pet insurance, here are some tips on what you should look for when considering purchasing pet insurance:

  1. How much do my premiums increase as my pet ages?
  2. What is covered and not covered? Does the plan include pre-existing conditions?
  3. Can you purchase just accident coverage for pet injures someone?

With our pets being a vital part of our family, having pet insurance can give you peace of mind that you don’t have to shoulder the entire cost of an injury or illness of a pet. Not having to make decisions for their care based on money is a blessing to their families. For over 6,000 companies and their 80,000 employees this perk is worth every penny.

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