Midmark Corp. and Midwest Veterinary Supply have joined the 11 percent of U.S. employers that offer pet health insurance as an employee benefit.
Midmark, a Dayton, Ohio, manufacturer of veterinary, medical and dental equipment, is partnering with industry leader Nationwide pet insurance. Midwest Veterinary Supply, a Lakewood, Minnesota-based distributor, signed on with ASPCA Pet Health Insurance.
A 2018 survey conducted by the Society for Human Resource Management found that just over 1 in 10 employers provides pet health insurance as a benefit, nearly double the 6 percent rate in 2014. The benefit is voluntary in most cases, meaning the employee pays the entire cost, often at a discount.
“As a leader in the health care industry, we are committed to enhancing the care experience for our teammates and their families; this includes those furry friends who have become such an integral part of our families,” said Shelly Gasson, a Midmark human resources director.
Scott Liles, president of Nationwide pet insurance, told The New York Times that the employee benefit is popular among Fortune 500 companies, with half of them partnering with his company.
A 2018 report from the North American Pet Health Insurance Association found surging demand for coverage. More than a dozen insurers operating in the United States wrote policies for more than 1.8 million dogs and cats in 2017, a year-over-year jump of 17.5 percent.
A recent analysis conducted by the market research firm Packaged Facts forecast industry revenue of $2 billion by 2022, nearly double 2017’s total.