If you’re one of the 68% of Americans who have a pet as part of the family, you could find yourself in a position where you have to pay out-of-pocket for an expensive emergency.
In 2017, U.S. pet owners spent more than $1 Billion on pet insurance, with 2019 estimates expected to be three times that. While the ASPCA estimates that 87% of pets face a medical emergency in their lifetime, the average cost for general pet emergencies in the US is $3,500.
The Washington Post took a look at the rising out-of-pocket costs for high level care for pets and here’s what it could cost an owner:
(Using an example of the average breed with an average lifespan for the animal)
• Out of Pocket Costs for a Dog with high level care: $30,210
• Out of Pocket Costs for a Cat with high level care: $16,517
Pet insurance is also being used as the latest trend for companies as a perk for employees. As more millennials represent a large chunk of the workforce, companies are redefining what the traditional “family plan” looks like and some are now including pets.
Our benefits team at Sihle Insurance Group has also seen an uptick in companies inquiring about pet insurance coverage for their team members. You can connect with our benefits group here.