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Pet Insurance Helps Owners Keep Up with Rising Costs

Pet insurance has become more common as employees continue to push for personalized, tailored benefit offerings. When pets become unexpectedly sick or injured, pet insurance can help focus on pet care without worrying about the cost of treatment.  

As part of Spot Pet Insurance’s A Year in Review report, the benefits provider reveals that it saw a notable increase in claims related to respiratory issues (75%), while undiagnosed coughing increased by 54%. This trend indicates a growing need for coverage addressing respiratory health. Further, Spot observed a 21% cost increase in accident and illness claims throughout the year, while annual exam fees rose by 18%. Costs for diagnosing and treating respiratory illnesses increased by 28% on average amid a mysterious respiratory virus seen in canines. Overall veterinary costs rose by 9%, according to the report.  

Spot’s demographic data reveals that the average enrolled pet age increased by 7% year over year and 11% from the peak of the COVID-19 pandemic. Golden retriever claims share increased by 37%, while labrador retriever claims share rose by 19% and miniature dachshunds rose by 21%.  

The average turnaround time for common claims is five days for less, while more complicated illness and accident claims can take nine or 10 days on average. Since 2021, Spot’s average claim processing time has improved by 30%.  

October was one of the busiest months for claims, with 11.75% of yearly claims made during the month. The claims-to-policies ratio for October reached 1.59, indicating a 44% higher ratio compared to the lowest month of the year. The challenges of October highlight the importance of having robust coverage during peak health concerns for pets.  

Recent regulatory changes, including expanded legislation requiring disclosures around pricing and waiting periods, have prompted adjustments in the pet insurance landscape. Spot remains committed to transparency and compliance to better serve pet parents.  

Tags: HR News/North America, News, News Ticker

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