While 67% of American households have a pet, pet insurance is not often offered as an employee benefit. The good news is that pet insurance plans for employees have been gaining popularity, and is now one of the most talked-about and requested voluntary benefits. If you’re interested in pitching a pet insurance plan or pet wellness plan perk to your boss here are some top talking points to help you prove your case:
Why Pet Insurance Is Desired
There are roughly 136 million dogs and cats that are pets in the United States, compared to 73 million children. More households have animals than children, yet our health insurance benefits rarely reflect this. Not to mention pet insurance is only going up in price. The pet insurance market has been rising at an average annual growth rate of almost 24.2% from 2016 to 2020.
It is a reality that 45% of pet parents in the US spend more on their pet’s healthcare needs than their own. 47% of pet parents have even gone into debt in order to keep their pets healthy, while some of their human health benefits remain unclaimed and unneeded as they don’t have dependents etc, etc.
Employee retention and loyalty usually go hand-in-hand with financial stability. The less stressed your employees are about money the happier they are in general, especially with their employers. With Wagmo’s pet insurance benefits you could be saving employees an average of $13,000 over the course of their animal’s life. If companies are dedicated to retaining and attracting a quality workforce, they’re going to have to address the major change in employees’ families - the addition of a pet.
In a recent survey conducted by Wagmo, pet parents and employees had a lot to tell Wagmo about the change they’d like to see in the workplace when it comes to owning a pet. Here are some top takeaways from the survey:
- 67% of employees surveyed by Wagmo said their pet is the main reason they are unwilling to return to the office five days a week.
- Employees are looking for employers that recognize this shift in priorities. Things that keep pets healthy and happy like vaccines or tick medication add up fast.
- Employers who address this change by providing pet health insurance benefits will emerge successful in retaining employees.
- Wagmo is seeing an increase in employers using pet health benefits as part of their talent management and acquisition strategy.
The Millennial Mindset
Interestingly, millennial men are more likely to be pet parents than women. 71% of men aged 18-35 have a dog (62% of millennial women), and 48% have cats (35% of millennial women). This is a massive chunk of the workforce. As a society, we are seeing fewer millennials having children, but opting to be pet parents instead. Young Americans are less likely to own a home and become parents to a human baby, but they are the leading generation when it comes to pet ownership.
Millennials are also demanding more flexible work arrangements in order to be better pet parents. The Covid-19 pandemic only furthered this movement with many Covid-adoptions happening while everyone was in lockdown and working from home. During the COVID-19 pandemic, nearly 30% of Americans adopted a pet. One in every three people (from 2020 adoptions alone) now require pet insurance plans.
62% of pet parents are usually shocked to find out how expensive taking care of a pet is. This is why we see roughly only 2.2 million pets insured across the country. If more employers offered pet insurance plans and pet wellness plans as a benefit option we could save our employees thousands of dollars for routine care and emergency care. These employers would also be helping millions of animals across the country live healthier, happier lives.
It’s Easy To Get Started
If you’re interested in pitching pet insurance as a health benefit at your place of work it’s important to start with a conversation. Sometimes planting a seed in a leader’s mind could get the ball rolling, considering the odds are high your management team is also full of pet parents. In this conversation try and weave some of these top points:
- Wagmo Insurance is super easy to set up for employers. We are here to help and do the grunt work for you.
- 95% of Wagmo members use their plan on an annual basis.
- It costs NOTHING to set up.
Wagmo is here to make it extremely easy for employers to set up Wagmo benefits for their employees. It is also super easy for employees to navigate the product and get set up with their perfect pet health insurance plan. Wagmo pet insurance truly is a win-win for everyone.
Looking for more information or to talk to one of our Wagmo representatives? Contact Us anytime and we are happy to help answer any questions you or your employer may have.