Trick Or Treat? Pet Insurance An Employee Benefit?
WE LIKE TO THINK UNCONVENTIONAL! HOW ABOUT YOU?Today is Halloween where Zach Abo is bringing his Dachshund to work at Red Light Management in Culver City California dressed as a scuba diver and Dr. Benjamin Abo touts that his dog at University of Florida Hospital-Shands is the cutest dressed in a first-responder’s outfit while Marty Abo is on wiener watch for Jane’s three dachshunds. Tomorrow Marty is visiting with a new veterinarian client in North Jersey so what a great time to discuss pet insurance.
Veterinary bills for a dog or a cat can easily run into the thousands of dollars. Thus, pet owners should be pleased that an increasing number of employers are now including “veterinary pet insurance” among the eligible voluntary benefits of their cafeteria plan. We learned reimbursement ranges from 70% to 100% of covered expenses after a deductible is satisfied, and premiums for full coverage ranging upward of $600 per year.
Yes, we’ve seen it all over the years, including taxpayers trying to deduct such vet bills as legitimate medical expenses. Look what we learned when we looked into the concept’s application for a client desiring such a fringe benefit for their employees:
As a pet owner you should also be aware that some insurance companies refuse to provide homeowner’s insurance or pet insurance companies may require a higher monthly premium for certain breeds of dogs. You may have trouble qualifying with any dog that falls into the aggressive breed category. For example, Pit Bulls and Pit Bull-like breeds, Rottweiler, Llasa Apsos, Doberman Pinchers and Chow Chows may either come with a higher premium or not qualify at all. Before purchasing a homeowner’s insurance policy, make sure that the insured has no exclusion if you keep one of these dogs as a pet.
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