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Pet Insurance Is the Latest Work Perk

By Susan Jenks

Jessica Parsons, an intensive-care nurse in Indianapolis, had given little thought to pet insurance. But when her employer, Indiana University Health, offered it as part of the company’s regular benefits package several years ago, she signed up, the $40 monthly premium coming out of her paycheck automatically.

It was fortunate timing. Shortly after getting the insurance, her then 2-year-old yellow Labrador retriever, Charlie, slipped under a tractor on her farm and suffered a crushed back and tail. Soon, the dog could no longer move her back legs and had blood in her urine. Rushed to Purdue University Veterinary Teaching Hospital, Charlie underwent one operation to stabilize the spine and one to remove a badly damaged kidney. Her pet insurer, Nationwide, paid most of the $14,000 bill.

Today, Charlie is doing well. “Compared with dealing with human insurance, I found it pretty pleasant,” Ms. Parsons said of the experience.

Ms. Parsons is part of a fast-growing trend in veterinary medicine: employer-sponsored benefit plans that insure the family pooch or cat ( even the occasional ferret or potbellied pig) against accidents and illness. Some 5,000 companies, including Microsoft, Yahoo, Xerox and Hewlett-Packard, now offer pet insurance, sometimes covering part or all of the costs, in an effort to lure talent but also to recognize the strong emotional bonds between people and pets.

It’s a side of the insurance industry that is growing rapidly, said Dr. Carol McConnell, chief veterinary medical officer for Nationwide, the nation’s largest pet insurer. “People find this type of insurance more credible if an employer has vetted it first.”

As the sophistication of veterinary medicine grows, so do pet owners’ concerns about whether they can afford to pay for care. The American Pet Products Association, a trade group, estimates that Americans will spend nearly $70 billion on their pets this year, with nearly a quarter of that devoted to veterinary care.

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