Pet Insurance as an Employee Benefit
When it comes to benefits, employers and employees have many options. One of these options is being offered by US-based Figo Pet Insurance, which is offering health-care coverage for cats and dogs, that employers can provide as part of a group benfits plan.
Launched in April 2015, Figo offers a 10% discount on insurance premiums to employees of participating organizations. The premiums can be paid as part of an employee's payroll deductions, with a few employers chosing to contribute toward the premiums. With 36% of homes owning dogs and 30% owning cats, according to the American Veterinary Medical Association (AVMA), such coverage can be an ideal fit with employees.
Figo has found that employees of all ages have been signing up for pet insurance coverage, with about 10% of eligible employees signing up for the benefit. In addition to health coverage, Figo offers a tracking tool so employees can monitor their pets’ movements in real time.
The company is currently working with Canadian carriers in order to to enter the Canadian market sometime in 2017.
Source: Do Employees Want Benefits For Their Pets? by Sara Tatelman, Benefits Canada (July 15, 2016).