We love our pets. This year, it is estimated that we will spend more than $55 billion on them. More than $14 billion of that total will be for veterinary care alone. Vet bills are expensive, and often unplanned and unbudgeted. Given our emotional attachment to our pets, we pay them, regardless of the cost. To mitigate the unexpected nature of these costs, after losing our last dog we opted for vet insurance for our current one.
Corporate America is following suit by beginning to offer pet insurance as an employee benefit.
According to Yahoo, one out of every three of the Fortune 500, plus 3,400 other smaller companies, now offer pet insurance as a benefit to their employees. Ohio employers offering this benefit include Procter & Gamble, Cliffs Natural Resources, and Quest Diagnostics.
Employee recruitment and retention is difficult. Companies struggle to locate, attract, and retain the best employees. Thinking outside the box with employee benefits is one way to attract, and keep, good employees.