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An enterprising group of students won the 2003 Annual Wharton School Business Plan Competition, not with a technology plan or a biotech venture, but with a simple business plan highlighting the large opportunity for growth that exists in the pet insurance market, had gross sales of $100 million last year. Industry leader Veterinary Pet Insurance offers two levels of coverage that pay 50% to 90% of covered treatment costs after a $50 deductible. Here’s how the numbers work out. You may not know it, but pet insurance has been growing at an annual growth rate of 45% over 5 years, totaling $88 million in 2002 according to the research firm, Packaged Facts. A few years ago, pet insurance would have ranked right up there with policies on children and dread disease coverage on my list of insurance you don’t need to buy. Treatments once reserved for humans, from radiation therapy to kidney transplants, are currently available for pets. That means once-fatal conditions are now treatable at costs ranging from $1,000 to $5,000 or more. VPI is the nation's oldest and largest licensed health insurance plan for pets, with its VPI Superior, VPI Standard and VPI Avian & Exotic Pet Plans available in all 50 states and the District of Columbia. Founded in 1980, VPI offers several plans that cover everything from homeopathic medicine, vaccinations, and other routine care to cancer treatments, for a wide range of pets, including many birds species. "It's great to see so many companies recognize the importance of adding new benefits like pet insurance for their employees," said Bill Gorman, VPI group sales manager. "A company may elect to have pet insurance coverage with as few as 100 eligible employees." "When we added the Veterinary Pet Insurance plan as a benefit, our employees were pleased that this was offered to them," said Brian Clelland, director of benefits and administration for the Los Angeles Unified School District. The older your animal, the more you’ll have to shell out that much for treatments. The oldest company, Veterinary Pet Insurance, Pet Protect, Pet Assure, and Hartville Group. The U.S.. Do insuranc et healh fr sa - Dkg insurabce prt hralth fof hsa. |
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