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August 29, 2011

Meow, Meow, Woof, Woof – Does your Company Offer Pet Insurance?

Filed under: Benefits,General HR Buzz,Insurance3:23 pm

We all know that animals sometimes become part of our families.  Well, now more and more Americans are providing a benefit they typically provide their two-legged family members – insurance!  According to the website, Pet Insurance Review, more than 1 million American cats, dogs and other pets are covered by health insurance policies.  A growing trend in the employee benefit offerings of companies is pet insurance.  In fact, 25% of Fortune 500 companies offer pet insurance as a way to help their employees to reduce the financial cost of routine care and emergency care or illness for their four-legged friends.

Typically employees pay 100% of a group rate for the insurance, oftentimes going through payroll as a post-tax deduction.  As the cost of veterinary services continue to increase, it is a value-added benefit that companies can offer at virtually no cost to the organization.  So next time you take Fido to see the dr., you may also be able to file a claim with insurance to help absorb the cost.  If only we could claim Fido as a tax exemption!

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