Pet Insurance
Insurance is vital for peace of mind and security for all individuals, including your beloved Snickers the Cat. Pet insurance is a growing industry in today’s economy, and is incrementally becoming a more common option offered to America’s workforce. Over 60% of Americans have pets in their home, yet very few are aware of the availability of pet insurance.
What does it cover?
Pet insurance packages vary depending on the availability of local veterinary services and the policies offered by businesses to their employees. While they do not cover the death of a pet or preexisting conditions, insurance packages allow for the pet to receive medical attention as needed, with coverage from an insurance provider. Specifically, regular checkups, tests, orthopedic surgery and cancer treatment are customarily covered.
Leaps and Bounds: Not just for pets
In the United Kingdom, Pet insurance is markedly more common than it is in the United States; around 25% of pet-owners in the U.K. have insurance for their pets. However, the U.S. is slowly catching up to these figures. With an estimated 1 million pets insured nationwide in the U.S. as of 2010, the past few years have exhibited the presence of a dramatic increase in pet insurance of around 20%. In addition, exposure from large organizations, such as the American Society for the Prevention of Cruelty to Animals (ASPCA) is kick-starting rapid growth in the industry; as awareness increases, more and more businesses will offer pet insurance health options to their employees.
Spending on veterinary services in the U.S. provides promise for the growth of the industry as well. The expected revenue spent on insurance plans for pets is estimated to be around $753 million by 2014, which is more than double the levels spent in 2009. With this influx of monetary resources, it will become increasingly common for more accommodating packages and insurance plans to be offered to the general public, which means better care for your pet.
The responsibility of owning a pet and the responsibility of purchasing the proper pet insurance plan lie with the owner. First, an owner needs to assess whether or not a pet insurance plan is appropriate for his or her pet. While purchasing pet insurance now may prove vital later if poor Fido gets hurt, a smart pet owner will conduct a proper cost-benefit analysis; such factors to be considered include the age of your pet, cost of the plan, and general health of the breed. What must also be considered is whether or not your employer offers pet insurance through their PEO or if you would need to purchase the insurance independently.
Furthermore, while having the insurance is the first step in keeping your pet safe, it is up to you to ensure that any problems with your pet are caught early and given proper attention. After all, the most important factor in reaping the potential benefits of a pet insurance plan is the participation of the owner.
For that furry friend in your family, it is important that you be prepared for the worst. Pet insurance gives you the ability to feel assured that your pet will be in good hands if necessary and get the care and attention it deserves.
About the author
Carolyn Sokol is a frequent contributor to and writes about issues that may affect small businesses such as administrative duties which can be handled by Employee Leasing companies. She is a founder of PEOcompare.com which helps match small businesses with the right PEO Company for their particular needs. Her background is in marketing and communications, employee education and training, development of policies and procedures and the ongoing delivery of outstanding service to customers.
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