While everyone's howling at the moon these days about health insurance, a certain voluntary benefit no longer resembles that lonely puppy with sad eyes in the pet store that gets passed over by customer after customer.
The benefit is pet insurance, which continues to grow in popularity with employees — and employers — around the country and at companies both large and small. There are a few reasons for the furry phenomenon: The Patient Protection and Affordable Care Act is causing many employers to review their benefits packages, searching for ways to add value without adding cost. Another reason is competition. Plenty of employers offer the benefit, and with pet owners very well-represented in the workplace, it behooves companies to keep up with their competitors.
"The headline is exploding growth," says Deanna Single, director of group accounts for VPI Pet Insurance of Brea, California. "The Affordable Care Act, with its implementation this year, has companies looking more and more at their benefits and seeing they're open to pet insurance. We're seeing employees taking a greater interest in it as well. I think now that human resources departments are doing better at promoting available benefits, and with the changes in the health care market, [employers are] looking more closely than they have in the past to make sure they have the appropriate coverage for all areas of their life."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.