A big part of being a full-service broker is offering benefit plans the modern workforce wants. When you do that, you give your clients a hiring edge. Benefits packages that meet modern needs give new hires a reason to choose your client over another employer. They give current employees a good reason to stay. With that in mind, we would like to introduce you to pet benefits.
Pet plans are similar to traditional health benefits in that subscribers have options. Plans can offer everything from discounted prescriptions to reduced fees for veterinary services. Our carrier, Pet Benefit Solutions, offers one of the most comprehensive plans out there. Here’s more about why you should seriously consider introducing your clients to pet benefits.
People Love Their Pets
To say that people love their pets is an understatement. In the U.S., April 11, 2022, was National Pet Day. And National Pet Month is May 2022—an entire month dedicated to celebrating our furry friends. And why not? Millions of American adults own pets. Many of them treat their pets like members of the family.
Data released in promotion of National Pet Day 2022 shows that:
- 45% of U.S. adults have a dog; 30% have a cat
- 22% of U.S. adults are attracted to pet owners who treat their pets like family members
- 11% of U.S. adults don't just own pets, they hang out with them
- 10% of U.S. adults consider their pets to be their best friends.
It is clear that Americans are serious about their pets. So much so that they are willing to invest substantial amounts in their pets' health and well-being.
A Market Waiting to Be Tapped
The pet benefits market is a market just waiting to be tapped. Industry data shows it is already worth some $2.5 billion in the U.S. alone, and it's expected to grow at more than 7% annually over the next five years. Furthermore, the number of pets covered by pet plans has increased more than 23% annually over the last five years.
It is clear from the numbers that pet benefits is a product people want. It is also clear that they will buy it even if it's not provided through their employers. This represents a golden opportunity for you as a benefits broker or consultant. You can introduce your clients to pet benefits as an inexpensive option they can add to their existing packages.
Pet Benefits Coverage Options
Coverage options vary from one plan to the next. Just as with traditional health plans, it pays to know what different carriers offer so that you can show your clients what you believe are the best options to meet their needs. Here is an overview of what subscribers can expect from their Pet Benefit Solutions plan:
- Prescription Coverage – Subscribers enjoy pet prescription discounted as much as 40%
- Pet Supplies – Discounts are also offered on food, treats, and toys
- Vet Services – Subscribers enjoy discounted veterinarian services at participating clinics around the country
- Online Services – Online vet services are available through chat and email 24/7
- Pet Recovery Service – Subscribers get access to a free pet recovery service to reunite them with their lost pets.
Remember, the modern workforce isn't content with the benefit packages offered to their parents and grandparents. They expect benefit solutions that keep up with today’s needs. Show your clients you have your finger on the pulse of today's benefits by introducing them to pet benefits.
To learn more about Pet Benefit Solutions, watch their video.