Pet Insurance Grows As Employee Benefit
BusinessWeek:
At a time when employers are scaling back on costly health benefits, pet insurance is gaining popularity as an employee benefit.
Veterinary Pet Insurance, the nation’s largest pet insurer, saw its corporate accounts balloon from 15 to 1,600 in the past 6 years. About 15% of Veterinary Pet Insurance’s policies, or about 50,000, now come from its corporate accounts.
The growth of this perk comes as pets occupy an increasingly prominent place in the American home. According to the American Pet Products Manufacturers Association, pet owners spent an estimated $9.8 billion on veterinary care in 2007, up from $7.1 billion in 2001.
Pet owners are spending more on sophisticated care to give animals some comfort or a few extra years when illness strikes. The cost of a surgical veterinarian visit was $453 for dogs and $363 for cats in 2006, the most recent figures available, but treating a pet for an illness like cancer can cost several thousands of dollars. Read more.
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