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Pet Insurance 101A Guide to offering Pet
Insurance as a Voluntary Benefit
*Pet Insurance is underwritten by American Pet Insurance Company. Please visit www.americanpetinsurance.com to review all available pet health insurance products. PP-APIC-V1-022019
Why Offer Pet Insurance as a Benefit?
To protect ourselves financially against the unexpected, we have health insurance, car insurance, home-owners insurance, etc. Pet insurance is no different! The care available to pets is often on par with human medical care and because of this veterinary costs are on the rise.
Studies show that more than 57%* of employers will offer pet insurance as a benefit in 2021. – Recruit and retain top talent by offering one of the most requested voluntary benefits.
Employers are recognizing that by offering pet insurance they can help protect their employees’ financial well-being and give them one less thing to worry about.
*Source: Willis Towers Watson Survey
2PRIVATE & CONFIDENTIAL
Pet Ownership in the US
68% of US households own a pet—almost 85 million homes
183.9 million pets owned $69B spent on pets in 2017, with veterinary care
being $17B+ 95% of pet owners view their pets as family
members
Source: American Pet Products Association; The Harris Poll 2015
3PRIVATE & CONFIDENTIAL
How Does Pet Insurance Work?
Choose a PlanGet
TreatmentFile
a ClaimGet
Reimbursed
It only takes 5 minutes! Simple underwriting, no medical records to
enroll, instant approval, 30-daymoney back guarantee.
When the pet becomes ill or injured, the owner can take them to any
licensed veterinarian of their choice
The client pays their vet and then submits a claim. There is no need to send us medical records unless we
ask for them.
Most claims processed within 5 days for quick reimbursement.
Get reimbursed 70%-90% of the actual vet bill after an annual
deductible.
4PRIVATE & CONFIDENTIAL
Why Choose Pets Best?
5PRIVATE & CONFIDENTIAL
We make it easy to offer Pet Insurance No minimum employee size required to enroll No fees to the employer No medical records required to enroll Online customer management tool and mobile app Flexible billing options
– Direct bill or payroll deduction*– $24/year savings when signing up for payroll deduction
Preferred employer group pricing – 5% Discount plus another 5% if they have 2+ pets**
*Direct billing will result in a $2 transaction fee to employees. Minimum employee participation required for payroll deduct. No minimum participations for direct bill. ** 5% discount applies to BestBenefit plans; available in most states. Additional 5% discount if insuring more than one pet.
6PRIVATE & CONFIDENTIAL
Companies Are Taking Note
Pets Best offers pet insurance for Fortune 500 companies through leading partner connectivity and technology
Pet customer demographic – based on Pets Best customer survey:
* Source: Willis Towers Watson
50% have acollege degree
or higher
73% take a walkmore than once
per day
43% travel withpets as much as
possible
50% have combined annual income of $80K
82% of consider themselves a “pet parent”
60% married with no children in the
home
7PRIVATE & CONFIDENTIAL
Competitor Comparison Nationwide PetPlan Hartville / ASPCA
3-5 Day Claims Processing ✓
No Upper Age Limits ✓✓
✓
Coverage for Exam Fees ✓ ✓ ✓ ✓
Online Claims Submission ✓ ✓ ✓
Free Direct Deposit Reimbursement ✓ ✓ ✓
No Exam or Medical Records Required to Enroll ✓ ✓ ✓
Full Hereditary and Congenital Coverage in all
States✓ ✓ ✓
Routine Care Coverage Option ✓ ✓ ✓
24/7 Pet Help Line ✓ ✓
SAMPLE PRICING FOR EACH COMPANY’S
RECOMMENDED PLAN:
2-year old Mix-Lab dog in Louisville, KY
$29.31Elite Option
Unlimited
$250 deductible/yr
90% reimbursement
$42.74My Pet Protection
$7,500 annual max
$250 deductible/yr
90% reimbursement
$43.47
$15,000 annual max
$250 deductible/yr
80% reimbursement
$35.51
$5,000 annual max
$250 deductible
90% reimbursement
8PRIVATE & CONFIDENTIAL
*Data collected in September 2018 on competitor sites.
Plan Options
BestBenefit Plans - most popular
covers both injuries and illnesses– Rated by breed, age and location
Accident Only Plans*
covers accidental injuries only– Dogs $9/month; cats $6/month**
Optional Wellness rider – can be added to a BestBenefit plan
coverage for routine care*– EssentialWellness - $16/month** - $305 annual benefits– BestWellness - $26/month** - $535 annual benefits
*Note: Discounts do not apply to the accident only and wellness plans. Discounts not available in all states.
**$7/mo. for cats and $10/mo. for dogs in WA. EssentialWellness is $14/month and BestWellness is $30/month in WA.
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Marketing Materials Provided
Pets Best provides employee facing communications:
Custom URL – For Quoting and Enrollment
2 Custom Emails Benefit Site Content Customized Flyer Employee Webinar* Dedicated Support
– A Pets Best Senior Account Manager will be available throughout the implementation process.
*Upon Request
Example of Customized Fields on Flyer
10PRIVATE & CONFIDENTIAL
Appendix Guide
A1 – Plan Options
A2 – BestBenefit Plans
A3 – Wellness Add-On Plans
A4 – Accident Only Plans
PRIVATE & CONFIDENTIAL
Pets Best Pet Insurance Plan Options
PRIVATE & CONFIDENTIAL A1
BestBenefit Accident + Illness Plans
Optional Wellness Add-On Accident Only Plan
BestBenefit plans cover the diagnosis and treatment of
accidents and illnesses.
• Average premium for Dogs:$35/month
• Average premium for Cats:$23/month
Accident + Wellness Plans are the same price regardless of age and breed
Available as an optional rider to the BestBenefit Plan
• BestWellness: $26/month ($30/month in WA)
• Essential Wellness: $16/month ($14/month in WA)
Price varies by plan options selected, location, pet age and breed
Can be purchased as a stand-alone plan
• Accident Only for Dogs: $9/month ($10/month in WA)
• Accident Only for Cats: $6/month ($7/month in WA)
BestBenefit Plans for Comprehensive Accident + Illness Coverage
PRIVATE & CONFIDENTIAL A2
Coverage Essential Plus Elite
Accidents, Illnesses, Cancer, Hereditary Conditions, Emergency Care, Surgeries, + Rx Meds
Accident + Illness Exam Fees
Rehabilitative, Acupuncture, + Chiropractic Coverage
Annual Coverage Limit Options $5K I $10K I Unlimited $5K I $10K I Unlimited $5K I $10K I Unlimited
Deductible Options$50 I $100 I $200 $250
I $500 I $1,000$50 I $100 I $200 $250
I $500 I $1,000$50 I $100 I $200 $250
I $500 I $1,000
Reimbursement Levels Options 70% I 80% I 90% 70% I 80% I 90% 70% I 80% I 90%
Main Exclusions: Pre-existing conditions, bilateral conditions, repetitive activity, non-veterinarian expenses, elective/preventative procedures, wellness care (available under wellness) and parasites. Not all exclusions are listed, please refer to your policy form for a complete list.Plans are subject to waiting periods: 3 days for injuries, 14 days for illnesses, 6 months for Cruciate Ligament events
Comprehensive Wellness Add-On Plans
PRIVATE & CONFIDENTIAL A3
Coverage (pays up to the following limits, per year, with no deductible)
EssentialWellness $16/Month*
BestWellness$26/Month*
Spay/Neuter – Teeth Cleaning $0 $150
Rabies $15 $15
Flea/Tick Prevention $50 $65
Heartworm Prevention $30 $30
Vaccination/Titer $30 $40
Wellness Exam $50 $50
Heartworm Test or FELV Screen $25 $30
Blood, Fecal, Parasite Exam $50 $70
Microchip $20 $40
Urinalysis or ERD $15 $25
Deworming $20 $20
Total Annual Benefits $305 $535
*Plan pricing varies in Washington State
Accident Only Plans
PRIVATE & CONFIDENTIAL A4
CoverageDogs
$9/Month*Cats
$6/Month
Designed to cover accidents like broken legs, snake bites, accidentally swallowed objects, etc.
Annual Coverage Limit $10,000 $10,000
Deductible $250 $250
Reimbursement Levels 90% 90%
Guarantee Issue: Pets with the following pre-existing conditions are not eligible for illness coverage, but can enroll for Accident Only Coverage: Addison’s Disease, Cushing’s Disease, Diabetes, Cancer, Feline Leukemia or Feline Immunodeficiency VirusMain Exclusions: Pre-existing conditions, bilateral conditions, repetitive activity, non-veterinarian expenses, elective/preventative procedures, wellness care and parasites. Not all exclusions are listed, please refer to your policy form for a complete list.Plans are subject to waiting periods: 3 days for injuries
