Employee Benefits: Pet health insurance one of fastest-growing workplace perks

Millions of employees will have access to popular benefit during open enrollment period

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Oct 03, 2017, 08:02 ET

BREA, Calif., Oct. 3, 2017 /PRNewswire/ -- Election 2017 is upon us as millions of U.S. employees will select their 2018 workplace benefits during the fall open enrollment period. While human health insurance continues to be a hot-button issue, pet health insurance, on the other hand, is quickly becoming one of the most requested voluntary benefits as its popularity continues to skyrocket among U.S. employers looking to attract and retain pet-owning employees. Today, more than 5,500 companies and organizations have added Nationwide^® pet insurance to their voluntary benefits portfolio, inclusive of small businesses and companies as large as 100,000+ associates. Industries that offer pet-friendly perks run the gamut, ranging from technology, finance, healthcare, retail, hospitality, professional sports and many others.

"According to the American Pet Products Association, pet owners spent nearly $16 billion on veterinary care in 2016," said Scott Liles, vice president and chief pet insurance officer for Nationwide. "Since 68 percent of Americans own at least one pet, more than two-thirds of employees may be shouldering sizable pet care costs. Pet insurance can help employees offset these veterinary expenses."

To meet the growing demand and to simplify and enhance pet insurance coverage for employees, Nationwide introduced My Pet Protection^SM earlier this year. With this benefit, employees are able to visit any licensed veterinarian in the world and receive 90 percent reimbursement on eligible veterinary expenses. With one set price for employees regardless of the pet's age, My Pet Protection covers accidents, illnesses and preventive care (such as vaccinations, flea and tick medication and annual wellness exams).

"With the cost of core benefits on the rise, companies are looking for offerings that can be added to a benefits portfolio at no expense to the employer," said Liles. "Offering pet insurance as a voluntary benefit appeals to prospective pet lovers and helps retain current pet-owning employees."

About Nationwide pet insurance
With more than 600,000 insured pets, pet insurance from Nationwide, formerly known as Veterinary Pet Insurance (VPI), is the first and largest pet health insurance provider in the United States. Since 1982, Nationwide has helped provide pet owners with peace of mind and is committed to being the trusted choice of America's pet lovers.

Nationwide plans cover dogs, cats, birds and exotic pets for multiple medical problems and conditions relating to accidents, illnesses and injuries. Medical plans are available in all 50 states and the District of Columbia.

Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Underwritten by Veterinary Pet Insurance Company (CA), Brea, CA, an A.M. Best A+ rated company (2016); National Casualty Company (all other states), Columbus, OH, an A.M. Best A+ rated company (2016). Agency of Record: DVM Insurance Agency. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. Pet owners can find Nationwide pet insurance on Facebook or follow on Twitter. For more information about Nationwide pet insurance, call 800-USA-PETS (800-872-7387) or visit petinsurance.com.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

Contact:
Adam Fell
714-706-5520
[email protected]

SOURCE Nationwide