FinanceSpectrum.com Applauds Businesses for Offering Pet Insurance

After a news report by the Associated Press was published on July 10th titled, “Employers Offer Pet Insurance as Employee Perk,” FinanceSpectrum.com financial advice column applauded the 1 in 3 Fortune 500 companies who give discounts on pet insurance and the thousands of other companies who subsidize pet insurance for their employees as part of an extended benefits package

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New York, NY (PRWEB) August 03, 2013

Today FinanceSpectrum.com financial advice online magazine today issued their observations on the many companies getting on board with offering pet insurance as an employee benefit, and gave advice to consumers whose employers don’t offer such a perk on whether or not they should get pet insurance.

An Associated Press article published in Yahoo!News by Sue Manning stated that one out of every three Fortune 500 companies currently offers discounts on pet insurance, as does another 3,400 other companies and businesses around the country. Manning reported that Veterinary Pet Insurance is the biggest and oldest pet insurance company, and smaller companies like the American Society for the Prevention of Cruelty to Animals offers insurance to a smaller group of employers.

FinanceSpectrum.com is quite impressed that employers are adding this type of benefit, and that it’s a perk which is becoming offered more every day. FinanceSpectrum.com says that it has heard of companies offering benefits packages including common things like health, dental, and vision insurance, as well as retirement packages like 401(k) plans where the employer will match a portion that the employee puts in. Less common things that employers sometimes offer are relocation packages, group-term life insurance, child-care benefits, and transportation discounts. But FinanceSpectrum.com stated that this is the first time they are hearing about pet insurance benefits.

The financial advice column applauded the companies who are offering such perks, and recommended that consumers with pets who are interested in such a benefit check with their employer to see if they offer it. Another Associated Press article, this one printed in the Washington Post on July 10th, stated that consumers can visit http://www.petinsurance.com, select the “Employers” tab on the page, and then type in the name of their company to see whether pet insurance is included in their benefits.

To pet owners whose employers don’t offer pet insurance discounts, the big question becomes whether or not they should spring for it themselves and pay out of pocket. FinanceSpectrum.com is quoted as saying, “Deciding whether or not to purchase pet insurance for your furry kids is a decision that is personal and individual to each family and situation. It truly depends on what type of pet you have and how many, what the breed is, what the tendency of the breed is to have certain ailments, what their age is, what your income is, and then the biggest factor in our book… how much money you would be willing to shell out for your pet if it came down to the wire. If you’re the type of person who would spend $10,000 for your dog to have a liver transplant then pet insurance might be for you. If you’re thinking that your maximum would be more like $5,000 then you’d have to do some serious math to decide whether or not it would be worth it.”

According to the above-mentioned Washington Post article, a few Fortune 500 companies who currently offer pet insurance are Ford, Boeing, FedEx, Delta Air Lines, Kellogg, and Amazon.com. Other companies include Wells Fargo, Home Depot, Google, Staples, and Kohl’s.

About FinanceSpectrum.com:
FinanceSpectrum.com is an online financial advice column that specializes in tailoring personal finance and money management information and tips to middle-class, middle-aged consumers. FinanceSpectrum.com reports on all types of topics including investing, insurance, budgeting, credit management, and retirement planning.


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