BREA, Calif., Nov. 04, 2003 (PRIMEZONE) -- As employees are taking on heavier workloads and working longer days, more companies are seeking innovative ways to provide incentives and keep employee retention rates high. One voluntary employee benefit that continues to grow in popularity is health insurance for pets.
The Weather Channel recently started offering Veterinary Pet Insurance plans to its employees, joining the ranks of hundreds of other companies including GMAC, Navy Federal Credit Union and Chipolte Mexican Grill to offer this benefit. School Districts including Los Angeles Unified have also signed up to begin offering health insurance for pets to employees and retirees. VPI is the nation's oldest and largest pet insurance plan and has teamed with companies since 1999 to offer pet insurance as an employee benefit.
Pet health insurance helps pet owners afford the sophisticated veterinary care obtainable today. Available in payroll and non-payroll forms, employees save 5 percent on a VPI plan with additional savings offered for multiple pets. The savings provides an extra incentive for pet-owning employees to protect their pets.
"When we added the Veterinary Pet Insurance plan as a benefit, our employees were pleased that this was an atypical option available to them," said Brian Clelland Director, Benefits & Administration, Los Angeles Unified School District.
Insurance for pets is also appealing to many hospitals nationwide, including, Florida Hospital Waterman, Texas Children's Hospital and Henry Ford Health Systems in Michigan. With the widespread shortage of nurses and other medical field staff, providing this unique benefit makes some hospitals stand out from the rest.
According to the American Veterinary Medical Association (AVMA) 2002 Household Pet Survey, Americans spent $19 billion on Veterinary Care and Medications in 2001 -- an increase of nearly $8 billion in five years. This shows the human animal bond is much stronger than it was five years ago. People value their pets as important members of the family and want to provide them with the best possible care. With the rapidly advancing technology of veterinary services and the high cost of veterinary care, pet owners often need the financial assistance a VPI plan can offer.
"It's great to see so many companies recognize the importance and value of adding new benefits like veterinary pet insurance for their employees," said Bill Gorman, VPI group sales manager.
At the same time that veterinary treatment is becoming more sophisticated, the pet population is rapidly increasing. Today there are a total of 61.6 million dogs, 68.9 million cats and 10.1 million birds living as pets in the United States according to the AVMA 2002 Household Pet Survey. This large number of pets implies that more people are pet owners and companies are recognizing this and offering pet insurance as an employee benefit.
About Veterinary Pet Insurance
Veterinary Pet Insurance is the nation's oldest and largest health insurance plan for pets. The company was founded in 1980 to help end economic euthanasia and is committed to making the miracles of veterinary medicine affordable for all pet owners. Policies cover dogs, cats, birds and exotic pets for medical problems and conditions relating to accidents, illnesses and injuries. Optional vaccination and routine care coverage is also available.
Policies are available in all 50 states and the District of Columbia. Policies are underwritten by Veterinary Pet Insurance Company in California and in all other states by National Casualty Company, an A+15 rated company, in Madison, Wisconsin and a subsidiary of Nationwide Mutual Insurance Company. For more information about VPI policies, call 800-USA-PETS (800-872-7387) or visit www.petinsurance.com.
VPI's parent company, Veterinary Pet Services, Inc., is an SEC-reporting company whose stock is not publicly traded.
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