Employers, in the midst of the “Great Resignation”, are finding it difficult to wrangle and keep quality talent. While an adequate or lucrative pay scale can always attract the best candidates, a new avenue is being sought. It is relatively untouched but it is one that seeks to keep prospective employees happy and eager to show up in the office or online.
Company culture, loosely defined as the beliefs, practices, and ethics that a company’s employees abide by when interacting with one another, clients, and customers. Companies go out of their way to build a culture and have it practiced, amended, and perfected to create a happier employee, client, and customer.
In dealing with employees, the best way to keep the talent happy and healthy is the offering of benefits. From healthcare, life insurance, show & sporting tickets, all the way to free meals, employees love benefits and employers love having their team intact and happy. But a new benefit is being offered in the form of pet coverage.
Pet coverage, whether in the form of traditional insurance or a pet insurance alternative like Eusoh, is now a much-sought benefit that employees desire. There’s been a change in how employees see their pets; they’re not just pets, they’re family. Younger employees now see that pets are family and they are willing to pay a good price to fund their veterinary costs. In a poll from MetLife and OnePoll, 58% of pet parents worry about their pet’s health more than their own.
Benefits like health, dental, and vision will always be staples of offerings for employees. And you can always have pizza parties or company outings that bond employees together. But pet coverage can extend these bonds by bringing together those who love pets together. Much like an outing at the dog park or an office with a pet at work policy, companies that are pet-friendly strengthen the comradery of employees.
Nothing brings people together more like a common love of pets. Companies must find a way to offer pet coverage as a benefit. Employees want to cover their own health and even the health of their furry friend. And with community-based platforms like Eusoh, they can cover and protect the health of their fellow employees and their pets. Now that’s company culture built on community.
Being prepared is the best way to avoid panic. Being ready for anything will help you to stay calm, sum up the situation quickly, and proceed with more efficient, capable action.”
Young generations such as Millennials and Gen Z’ers brush off the thought of having insurance for some reason. It’s either they seem themselves as being fit as a fiddle or their income is modest enough to pay for their bare essentials; Thus, they are understandably cautious and hesitant when the subject of saving and investing comes around. This is one of many reasons why there are young adults who are underinsured.
Having insurance may seem like an unnecessary expenditure if you have debts to pay or you’re in perfect health. However, like the line from the movie, “Life is like a box of chocolates, you never know what you’re going to get.” It’s important to have some sort of insurance for the unexpected surprises life throws your way.
The most needed and most popular insurance products in the US
A doctor consultation in the United States can be quite expensive. For an initial consultation, the cost ranges from $100 – $200 while specialist consultation fee is at $250 minimum. What’s more is that the average hospital stay charge costs $10,700, which most low-income and middle-income people cannot afford to pay, especially if they lack funds for emergency purposes.
With health insurance, Millennials and Gen Z’ers need not worry too much about unexpected hospital costs as your chosen health insurance company pays a portion of your medical bills. Some of the essential health benefits included in health plans in the U.S. are emergency services, outpatient care, hospitalization, laboratory tests, maternity, and newborn care among others.
Car accidents are one of the most common personal injury accidents in the U.S. which could result in rollover collisions, single-vehicle collisions, rear-end collisions, side-impact collisions, and side-swipe collisions. These losses for the crashes could make you financially responsible, and without auto insurance, the expenses would be thousands.
Through car insurance, property damage and bodily injury claims are covered; it is important to note that car insurance price is significantly lower as compared to the huge amount of money millennials and Gen Zers have to shell out in case of a car accident.
To provide the best health care for pets, veterinary practices have changed over time. With the advancement of technology, equipment and facilities have been upgraded to the most modern version; however, this comes with a higher veterinary fee. By buying a traditional pet insurance plan, you have the assurance that in times of costly emergency veterinary treatment, surgeries, routine care, and/or orthopedic services, there is an insurance company to help you save money. The average pet health insurance cost which does not offer complete coverage is from $40 to $70 while others charge $100.
If you are looking for the most affordable plan at nothing more than $65 with the most comprehensive pet protection service, go for Eusoh, a community health sharing plan similar to a pet insurance company that reimburses wellness expenses and routine veterinary visits. With the help of Eusoh, you do not have to stress yourself out on the veterinary cost; rather, you can focus more on your pet’s health and wellness.
While the landlord’s policy covers the building structure such as the foundation, roof, fixtures, furnaces, and walls, the renter’s property inside the apartment unit is insured by renter’s insurance policy. In the event of natural disaster, fire, and theft, it goes without saying that the renter’s possessions are in a vulnerable situation. Buying new clothing, furniture, appliances, and electronics would be very expensive, especially for millennials and Gen Zers who are just starting out with their career.
This is where renters insurance comes into the picture. The policy takes charge of the cost to repair or replace damaged or lost items. Tenant insurance also includes repairs for someone else’s damaged property as well as injured visitor’s medical bills if the renter is responsible for the harm incurred.
Going on an international trip is truly beautiful as there are many striking places waiting to be explored not to mention the different cultures and lessons you will discover, but it comes at a cost. Foreign travelers are more vulnerable to thieves; accidents may happen; political turmoil and natural disasters are inevitable; trips may have to be canceled.
Without the existence of travel insurance, dealing with an emergency situation would be expensive to handle. For millennials and Gen Zers, they may give it a second thought about whether to buy travel insurance, but doing so for global trips would give you peace of mind.
The Bottom Line
Purchasing insurance may seem to be a big investment for all generations, and the younger generations are not open to putting their money on a plan which does not yield immediate return, but long term planning should be the major goal of millennials and Gen Zers.
Unfortunate events are inevitable but with the right insurance, worrying about major money troubles would be the last thing on your mind. Insurance reimburses claims through cash as a single payment or through monthly payouts; thus, insurance is known as a financial security net.
From July 2019 through May 2020, Pawlicy Advisor generated personalized pet insurance recommendations for tens of thousands of dogs and cats. Each recommendation is personalized to the pet based on the pet’s unique attributes, and only after analyzing hundreds of policies across top pet insurance provider companies.
The algorithm scans and prioritizes recommendations based on breed-specific risk factors, age, location, and the fine print in each provider’s policy. This enables us to rank insurance policies across top providers by lifetime cost and coverage value for each unique pet.
The recommendation algorithm also asks pet parents about how they’d handle an unexpected $5,000 veterinary bill to better understand the best “coverage versus cost” fit.
In data analysis, sampling is the practice of analyzing a subset of all data in order to uncover the meaningful information in the larger data set. To help maintain business confidentiality as a startup, this report dives into a sample of 20,000 pet parents from the unique data we’ve seen across the United States.
NOTE: In this report, “parents” refers to pet parents or pet owners. Rather than a thing to be owned, instead, we believe pets are unique, conscious individuals and family members.
How 20,000+ Pet Parents Would Handle A $5K Vet Bill Without Pet Insurance
The rising cost of veterinary care is one of the key reasons pet parents search for pet insurance in the first place.
Although a regular checkup isn’t usually that expensive, there’s always the possibility that the veterinarian will find something wrong with the pet. The pet could then require additional diagnostics and potential treatment, leading to unexpected costs.
When a pet parent compares top pet insurance companies on Pawlicy Advisor they are first asked, “How would you handle a vet bill of $5,000?”
This high unexpected cost represents a common worst-case scenario in which the pet needs lifesaving care or expensive diagnostics and treatment. According to Joshua Louis Lachowicz, a veterinary oncologist at BluePearl Veterinary Partners in New York City, treatments for some illnesses could cost between $4,000 to $14,000.
Only 19.44% of pet parents surveyed would be able to cover a $5,000 expense out-of-pocket.
30.86% would seek financing options such as a loan, a credit card, or a payment plan offered by the veterinarian.
49.7% of this dataset of pet parents surveyed say they would not be able to cover a $5,000 expense out-of-pocket.
49.7% of pet parents surveyed who are interested in pet insurance say they would not be able to cover a $5,000 expense out-of-pocket.
This is a critical factor in what makes pet insurance worth it for both pet parents and veterinarians. Furthermore, with the recent onset of COVID-19 across the US, this statistic is likely to grow as households struggle with financial insecurity.
Millennials may be especially vulnerable to financial insecurities caused by the coronavirus pandemic as median earnings are 20% lower for those aged 18 to 34 than they were in the 1980s. That wage gap, paired with many millennials’ shift in viewing their pets as family, should highlight the importance of pet insurance for millennial pet parents.
With veterinary costs on the rise, pet lifespans increasing, and the US economy shaken by the COVID-19 pandemic – pet parents must be educated about pet insurance options and the overall costs associated with owning a pet.
From the tens of thousands of pet parents we surveyed, we analyzed pet insurance options from top providers for an even greater number of pets (as many parents are looking to insure multiple pets.
Dogs account for 81.62% of pets whose parents are interested in pet insurance.
Dogs account for 81.62% of pets whose parents are interested in pet insurance.
Cats account for 18.38% of the pets we analyzed insurance options for.
Not surprisingly, most pet parents who shopped for pet health insurance on Pawlicy Advisor in the last 9 months were looking for insurance for their dog. Dogs tend to be more expensive to treat than cats due to their size, but also because of the history of dog breeding.
Some dog breeds are more prone to illnesses and injuries than others. For example, large and giant dog breeds are more susceptible to bloat and hip dysplasia. Dog breeds with short snouts are more prone to breathing problems.
Cats, meanwhile, don’t suffer from as many breed-specific illnesses because their breeding history has allowed for more genetic diversity. According to the ASPCA, cat veterinary costs are lower than those of dogs on average. Some studies even indicate that cats get sick less often than dogs.
As a result, it usually costs less to buy insurance for a cat than it does for a dog. This is another important input in the Pawlicy Advisor algorithm for finding affordable pet insurance policies that suit the pet’s attributes.
Pet gender is a near even split, 47.4% female and 52.6% male.
A slight majority, 52.57%, are male, while 47.43% are female.
Pet gender does affect spaying and neutering costs. Spaying a female pet requires a more complicated surgery, so it generally costs a bit more. Un-spayed and un-neutered pets have increased risk for additional medical complications later in life, such as infections and cancer, which could be costly to treat. Furthermore, breeders who wish to insure their animals may need to buy specific insurance plans that cover breeding risks.
Dog and Cat Breeds
Pawlicy Advisor users submitted queries for over 225 different dog breeds over the past year.
Certain breeds are prone to specific health conditions, and certain variations of mixed-breeds reveal different premiums. This info is often tucked away in the fine print of any given policy, Pawlicy Advisor was built to scan hundreds of policy variations to help determine which insurance plan (and provider) is best for each unique pet.
The Most Popular Dog Breeds of Parents Interested in Pet Insurance
7.95% of the dogs were of an unknown breed, and 6.20% were of an unknown mix of breeds.
However, Poodles (5.45%) and Labrador Retrievers (4.74%) were also popular.
Meanwhile, 3.78% of users had Chihuahuas (and another 3.34% had a Chihuahua mix).
3.49% had a German Shepherd.
3.34% had a Terrier Mix.
And 34.8% was made up of 215 other breeds, each with less than 1% each
Other popular breeds were French Bulldogs, Shih Tzus, Golden Retrievers, Yorkshire Terriers, and American Pit Bull Terriers. According to the American Kennel Club Registry List, the Labrador Retriever has been the most popular dog breed in the U.S. for the past 29 years.
What’s interesting is that so many pet parents with Chihuahuas are interested in pet insurance. Poodles make up a large segment, and this is to be expected as it’s a breed with common health issues and the 6th most popular dog among US households. Similar story with Labrador Retrievers. Chihuahuas are a generally more affordable breed to adopt, but perhaps the driving factor is that the tiny breed often struggles with luxating patellas (slipped kneecaps), dental issues, and hypoglycemia (burning more energy than they consume).
Top 50 Dog Breeds Whose Parents Are Interested In Pet Insurance
Mixed (Breed Unknown)
American Pit Bull Terrier
Labrador Retriever – Black
Shih Tzu Mix
Labrador Retriever – Yellow
Border Collie Mix
Jack Russell Terrier
Labrador Retriever – Chocolate
Cavalier King Charles Spaniel
American Staffordshire Terrier
Dachshund miniature – smooth coat
Poodle – Toy
Poodle – Standard
Australian Shepherd – miniature
The Most Popular Cat Breeds of Parents Interested In Pet Insurance
Pawlicy Advisor users were less specific in how they designated their cat breeds, although the breed is often less of a consideration when insuring domestic cats. Most cats are considered Shorthair, Mediumhair, or Longhair.
33.89% of the cats we analyzed for pet insurance quotes were identified as Domestic Shorthair.
10.58% were Domestic Mediumhair.
6.47% were Domestic Longhair.
And 35.42% were an Unknown Mixed-Breed.
According to our data, a plurality of pet parents interested in pet insurance had Domestic Shorthair cats, at 33.89%. Meanwhile, 10.58% had Domestic Mediumhair cats and 6.47% had Domestic Longhair cats. Among specific cat breeds, Maine Coons, Siamese, Ragdolls, and Bengals are among the most popular.
NOTE: Domestic Shorthair, Mediumhair, and Longhair are all technically generalized categories of “mutts” (mixed-breed cats).
Top 50 Cat Breeds Whose Parents Are Interested In Pet Insurance
American Shorthair (purebred)
Himalayan Seal Point
Norwegian Forest Cat
Himalayan Flame Point
Himalayan Blue Point
Scottish Fold Longhair
There are no pet insurance providers that cover pre-existing conditions (though some plans do cover curable conditions after a certain waiting period with no recurring symptoms), which is why it’s so important to enroll in pet insurance while your pet is still young and healthy. If you enroll before any conditions arise, those conditions will be covered by your plan. Wait too long, and you’ll have to pay out-of-pocket to treat your pet.
Percent Of Dogs with Pre-Existing Conditions Whose Parents Are Interested In Pet Insurance
A clear majority of dog parents understand the importance of signing up for insurance early – before their pup is diagnosed with any health conditions. But, thousands of pet parents are looking for pet insurance for a pet with a pre-existing condition.
9.8% of dog owners are shopping for pet insurance for a dog with a pre-existing condition.
After surveying tens of thousands of dog owners, 9.8% of the dogs who needed insurance already had an existing condition.
90.2% of the dogs we generated a pet insurance comparison for did so before their dog developed a condition that could be considered “pre-existing.”
The importance of comparing pet insurance sooner than later becomes even more evident when looking at the age breakdown of those with pre-existing conditions below.
Puppies vs Adult Dogs with Pre-Existing Conditions Whose Parents Are Interested in Pet Insurance
Puppies are far less likely to develop health conditions than their older counterparts. It’s best not to wait until a condition arises. Most pet insurance plans include a waiting period, and if your vet discovers an illness before your insurance kicks in, it is usually considered “pre-existing” by the insurance company.
87.97% of the dogs that did have pre-existing conditions were adults.
87.97% of the dogs that did have pre-existing conditions were adults.
Only 12.03% were puppies less than one year old.
That data should encourage new puppy parents to look into pet insurance, ASAP. Out-of-pocket costs can be greatly reduced for both vet bills and pet insurance premiums by finding the right coverage sooner rather than later (and the same is true for insuring rescue puppies).
Percent Of Cats with Pre-Existing Conditions Whose Parents Are Interested In Pet Insurance
Similarly, while most of the cat parents that searched for insurance did so before their pets developed any pre-existing conditions – more than 1 in 10 were shopping for a cat with a pre-existing health condition.
12.27% of cat owners are shopping for pet insurance for a cat with a pre-existing condition.
12.27% of the cats we analyzed had a pre-existing condition.
87.73% of cats had a clean bill of health.
Although vet care is generally less expensive for cats, treating major illnesses can still leave a serious dent in your wallet without insurance.
NOTE: If your pet has a pre-existing condition, pet insurance is still worth the investment. For one, if the condition is curable it can be covered by some plans. You can find out which plans fit your best best by generating a new search on Pawlicy Advisor. If the condition is not curable, other conditions may arise and having to pay fully out-of-pocket for multiple medical expenses is a nightmare. If the cost of pet insurance is an issue for you, use Pawlicy Advisor’s recommendation engine to find the best plan at the best price.
Kittens vs Adult Cats with Pre-Existing Conditions Whose Parents Are Interested In Pet Insurance
Kittens, like puppies, are less likely to develop health conditions than adult cats. Again, do not wait until a condition arises to research pet insurance.
91.9% of the cats that did have pre-existing conditions were adults.
8.1% of the cats with pre-existing conditions were less and one year old.
Meanwhile, 91.9% of cats with an existing condition were adults.
Just like puppies, kittens are less likely to be diagnosed with a pre-existing condition than their adult counterparts. Insuring your kitten can save you thousands of dollars in veterinary costs as they grow older.
More importantly, pet insurance also ensures that the cat gets the care they need. The same analysis indicated that the cost of care for cancer in cats based on insurance claims can reach almost $15,000. Pet parents who must pay expenses out of pocket may not be able to afford important treatment options.
The Most Common Breeds of Dogs with Pre-Existing Conditions Whose Parents Are Interested in Pet Insurance
Humans have been breeding dogs for almost 4,000 years. Due to limits in genetic diversity, some purebred dog breeds are more prone to pre-existing conditions than others.
Based on the analysis of our data, many pet parents with smaller dog breeds and purebred dogs reported pre-existing conditions in their pets.
Chihuahuas (4.4%), and Chihuahua Mixes (3.95%) represented many of the dogs with pre-existing conditions.
As well as Terrier Mixes (3.45%), and Yorkshire Terriers (3.12%).
Additionally, 3.95% of dogs with pre-existing conditions were Poodles
3.78% were Labrador Retrievers
3.01% were Shih Tzus.
Now, this shouldn’t deter anyone from adopting/rescuing a purebred dog. If you adopt a purebred puppy, you can enroll in pet insurance early to ensure any conditions that might emerge are covered by your policy.
Top 10 Dog Breeds That Developed Health Conditions Before Enrolling In Pet Insurance
Chihuahua & Chihuahua Mix
Mixed (Breed Unknown)
American Pit Bull Terrier
The Most Common Breeds of Cats with Pre-Existing Conditions Whose Parents Are Interested in Pet Insurance
The most common cat breeds with pre-existing conditions mirror the results of the most popular cat breeds from the previous question.
27.73% the cats with existing health conditions that we analyzed were Domestic Shorthairs.
8.50% were Domestic Mediumhair cats.
And 6.88% of cats represented with pre-existing conditions were Domestic Longhairs.
Among the top pure-bred cats that had existing conditions were Siamese cats (1.42%), Russian Blues (1.21%), Maine Coons (1.21%), Persians (1.01%), and 18 other breeds each making up less than 1% of the total.
Top 10 Cat Breeds That Developed Health Conditions Before Enrolling In Pet Insurance
American Shorthair (purebred)
The Most Popular Pet Names
Overall, there were a ton of great pet names that went through the Pawlicy Advisor search algorithm. Bella, Max, Luna, Lucy, Charlie, Buddy, Daisy, Molly, and Lola are just a few that stand out as most popular. But the real gems are in the more obscure names like Cthulhu, Jiggles, Sir Pounce A Lot, and Zig Zag.
The Most Popular Dog Names
The most popular dog names were Bella, Max, Charlie, Luna, Coco, and Lucy. There were also a few Bobs and Peanuts thrown in for good measure. And who couldn’t love a dog named Bruno, Bear, or Bandit?
Top 20 Most Popular Dog Names
The Most Popular Cat Names
Naturally, there’s some overlap between dog and cat names.
Many cat parents also named their cats Luna. Among the most popular cat names were Zoey, Stella, Tucker, Teddy Bear, Zeus, Toby, and Thor.
Top 20 Most Popular Cat Names
105 Unique Pet Names That Caught Our Eye
We also compiled a list of the many pet names that stood out as particularly unique. If you’re looking to adopt or have recently adopted, we hope you consider a few name options like “Mr. Muffin-Stuff” and “Albus Dumbledog.”
Unlike the other marketplaces or review sites, we provide objective education and comparison tools to help pet parents find the right plan at the best price – no matter the provider.
Pet parents use Pawlicy Advisor to instantly scan hundreds of policies across top providers, easily finding their own best-fit quotes based on their pet’s unique breed attributes, location, age, and more. These personalized recommendations can save pet parents up to 83% on costs over the lifespan of their cat or dog.
The insurance premium model ties the insurance companies’ profits as a proportion of your monthly premiums. This means that the more expensive coverage is for you, the more money the insurers make.
We see the effects of this in healthcare magnified to the extreme. They have allowed every possible inefficiency to creep in, as they all lead to higher monthly costs while protecting them from blame.
We need a better system that aligns interests as a core principle.
The Solution – Eusoh Health Care
Eusoh solves this by introducing the first-of-kind, flat-fee subscription model. Eusoh’s fees are 100% not connected to its users’ monthly costs of coverage. Regardless of how high or low monthly fees are, Eusoh makes the same amount of money. Because of this, Eusoh has no incentive to drive up costs. This allows Eusoh to run a model that is simply fair.
How is Eusoh superior to traditional pet insurance?
Flat-fee subscription of $17/month
Zero incentive to increase costs
Pricing transparency of vet costs
Transparent Pricing – Know What You’ll Pay
Ever wonder how much you should be paying for something at the vet? Why don’t any of the insurers help with this BEFORE you pay?
Eusoh is the only coverage platform that offers a pricing list accessible from any screen with an internet connection. Twenty-four hours a day, Eusoh members have up-to-date pricing that reports what users on average are paying for any given veterinary service. Pricing transparency at this level drives down costs, something insurance companies do not want, as it drives down their profits, but again, Eusoh operates under a better model.
Eusoh Helps You Know Your Costs Up Front.
Unlike insurers, you’ll know the costs before you pay
Pricing list accessible from any screen without internet
Users get up-to-date pricing on average vet costs
Eusoh takes transparency to a whole other level. Members have the choice to join small community groups that contribute to one another slightly more than others. Don’t worry, every Eusoh member enjoys the full support of the entire membership at large, but members can choose to join smaller community groups that contribute slightly more to one another. Members can see how much each other is contributing or expensing. All of this works to limit fraud and abuse, which ultimately drives down their users’ costs.
Eusoh has partnered with some major partners – Willis Re, the 3rd largest reinsurance brokerage globally. Jacoby and Meyers is offering it as a benefit for their employees. Even Wags & Walks has their own community group on the Eusoh platform.
How it Works – Signing Up
For the consumer seeking a new alternative to pet insurance, signing up is simple. Users register by email or through their Facebook account. They will be required to add a pet and fill out a questionnaire regarding their pet’s overall health.
Within Eusoh, there are groups built and populated by families, workplaces, and college alumni. There are also groups based on pet breed, religious affiliation, pet affinity, and even lifestyle. Rescues are even getting into Eusoh to provide coverage for their adoptees. Wags & Walks, one of the most prominent rescues in the Los Angeles area, has registered pets to Eusoh and its group members are currently sharing expenses together.
Signing up and getting started is easy!
Register with email or Facebook account
Add your pet and fill out a short questionnaire
Join a group and you’re done
To date, members have averaged about 70% in savings against equivalent coverage with a traditional insurance plan. Yep, 70%. That’s not a typo and that number is huge! Don’t waste time. Protect your pet and your wallet and join Eusoh today.