How pet insurance promotes employee financial wellness

Especially now, pet insurance can be key to supporting animal-loving employees.

Pets are family. Just like children, they can be expensive. (Shutterstock)

In the wake of the COVID-19 pandemic, thousands of dogs and cats have been fostered or adopted by employees shifting to remote work lifestyles, so much so that many animal shelters are empty.

With so many employees welcoming these new family members into their households, there are bound to be implications for new pet-parent finances. According to MetLife’s most recent U.S. Employee Benefit Trends Study, employees are more concerned about their finances than any other aspect of their well-being, including physical, mental and social health. In fact, millennials and Gen Zers, who comprise the majority of dog parents, have been hit particularly hard by the financial fallout from the pandemic.

Of course, many pet owners view their animal as more than a friend. Pets are considered family. In fact, 78% of pet owners view their pet as a member of the family, and 34% of pet owners say their pet is their favorite child.

So, while owning a pet can be expensive, with annual costs of dog parenting running as high as $2,455, taking care of a furry family member is of utmost importance.

Important employee benefit

In its simplest form, pet insurance helps pet parents manage vet expenses. There is coverage available for heftier, unexpected costs like surgery or cancer treatment. It’s even possible for pet insurance to help with routine pet expenses like vaccines or flea and tick control.

Here are three reasons why pet insurance can help employees with their financial wellness:

  1. Pet insurance offers a cushion for unexpected expenses.
    • Most pet parents (67%) primarily pay out-of-pocket or with cash for vet expenses, and 1 in 5 (22%) pet parents say they are “not very comfortable” financially when it comes to managing veterinary expenses, according to an August 2020 survey from MetLife and Civic Sciences.
    • By covering accidents, illnesses, surgeries, exam fees, medications and more, pet insurance can help ensure that these unexpected expenses do not further strain financially stressed employees.
  2. Payment plans are flexible.
    • With many employees grappling with financial stress due to the pandemic, having available cash on hand may be difficult.
    • Pet parents can customize deductibles and reimbursement rates, making their pet insurance affordable and manageable.
  3. Plans off quick enrollment and claims processes.
    • Pet insurance comes with the peach of mind that claims will be addressed in a timely manner. That’s especially valuable in an emergency when stressors are abound.
    • MetLife processes the majority of pet insurance claims (80%) within 10 days or less, which goes a long way to ease the financial burden linked to pet care.

Almost half of all employees agree that employers have a responsibility to address their financial well-being, according to MetLife research. How can employers adequately support their pet-owning employees? The answer is simple: Offer employees pet insurance.

Katie Blakeley (kathleen.blakeley@metlife.com) is vice president and head of pet insurance at MetLife.

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