Dog lovers, cat lovers, and the occasional (but often peculiar) snake lovers don’t agree on a lot of things. One thing they’d all agree on, however, is the fact that they’re willing to pay a lot of money at the vet to ensure the health of their pet. It’s not like they’re happy to pay any amount of money. But, as a pet owner myself, I can say if I needed to max out a credit card so my dog could have required surgery, I’d do it without hesitation.
Just because we’re willing to pay any amount of money doesn’t mean we need to. Insurance companies recognized this and with the hopes of tapping into a new market, created pet insurance in the 1980s.
Pet owners know it’s a fair trade-off – Paying a small amount every month so we can concentrate on the health of our pets instead of stressing about how much we’ll be paying out of pocket is worth it.
While this benefit has always been a favorite among pet owners, it’s never been as popular in the workplace as it is today. Pet insurance skyrocketed toward the top of the list of benefits job-seeking millennials are looking for.
If you’re wondering whether pet insurance is here to stay or if it’s the
flavor benefit of the month, here’s what you need to know:
Reason 1: Pet ownership across American homes continue to rise. (American Pet Product Association)
68% of homes across America own a pet. This is a 13% increase from when the survey was first conducted in 1988. The survey also revealed that Millennials were the leading age-group in pet ownership.
Reason 2: Millennial women are willing to delay becoming parents. (Pew Research)
There are far more opportunities for millennial women in the workplace than there were for the Baby Boomers before them. More women are willing to delay starting their families (or skip parenthood completely) in favor of their career.
Reason 3: Millennials are more responsible pet owners than any generation before them. (Pet Owner Paths)
Pets have always been, and will always be, spoiled. But millennials specifically invest more time in their pets, evaluating their needs more thoroughly.
Let’s tie all of this together, now. Because millennials are delaying becoming parents, they’re turning to pet adoption as an alternative. APPA President Bob Vetere offered great insight when he said, “[Millennials] are almost using pets as practice families, to get the feel for having some living object totally dependent on you.”
The consistent rise in pet ownership across the country means there will be no shortage of pets that need to go to the vet. And since millennials are more involved with the health and well-being of their pet than ever before, they’re looking for ways to save money on those costly vet bills.
The world of voluntary benefits is an ever-changing environment, but pet insurance’s popularity isn’t a fad. Brokers are adding it to their product catalog so they can be among the first to offer it to their clients, and employers are looking to add it to their benefits offering.