Pet Insurance - The Pros and Cons
The deep emotional bond we share with our dogs and cats is one of life’s most simple pleasures. In return for unconditional love, many pet owners do everything they can to ensure their dogs and cats have long, productive, and healthy lives.
Just as health care technology has dramitically advanced, so has veterninary science. Illnesses previously untreatable even 10 years ago are now routinely resolved, thereby helping out pets live longer lives.
Veterinary Care Inflation and the Effect on Your Wallet
The American Kennel Club reports that veterinary costs have risen 60% since 2000. This is not surprising, since numerous veterinary science breakthroughs have occured, and illnesses that had gone diagnosed in the past are now routinely treated.
Pet owners are grateful for these veterinary advances, yet the rising cost to care for our pets is an important factor to many.
Recently, our neighbor’s German Shephard “Duke” suffered from hip dysplacia. Duke is now happily on the mend, but not before his owners paid over $2000 in vet bills. Another friend’s cat developed a stubborn kidney infection, requiring extensive diagnostic and follow up treatment. The $1400+ in costs left our friend juggling her finances to pay the vet bills.
How Pet Insurance Works
Pet Insurance is relatively new in the United States, but very common in Europe. Basically, Pet Insurance reduces the risk of caring for your dog or cat. Perhaps the most important factor with Pet Insurance is that it eliminates the difficult decision of choosing between your finances or letting your pet go untreated.
In a way, Pet Insurance companies are like health insurance companies. They may or may not cover certain health conditions, depending on the policy restrictions. Some Pet Insurance companies will not accept senior pets, similar to health and life insurance companies reluctance to cover senior citizens.
Anyone considering Pet Insurance should ask themselves this question: “Will I devote a reasonable amount of time and money to treat and heal my pet?”. If your answer is “yes”, you’re a good candidate for Pet Insurance. Sadly, many pet owners are forced to choose between finances and their pet’s health. Worse, other pet owners view their pets as disposable, and simply won’t treat the animal if it becomes too ill.
Pet Insurance Specifics
Pet Insurance starts as low as $10 per month. If your pet is a senior, normally defined as age 8 and over, it will cost more. Further, Pet Insurance plans typically have a small deductible, i.e. $50, and an annual cap, which is usually $10,000.
Specifically, Pet Insurance covers illness and injury, although some plans do offer coverage or discounts for routine expenses like check ups, shots, etc. Most do not because it’s easy to budget for routine expenses vs. unplanned incidents.
The Story Of Two Pets
Another of our neighbors is a pet owner to both a dog and cat. His cat, a 6 year old tabby named Whiskers, incurred a respiratory infection late last year, with veterinary bills totalling almost $1600. Earlier in the year, his 12 year old border collie mix, Diamond, was found to have a small malignant tumor during a routine physical. Fortunately, Diamond was able to be treated and recovered well, but the veterinary bills were large - $1500+.
He later told us he was reimbursed $1280 for Whiskers, and $900 for Diamond, accounting for a normal $50 deductible for an adult cat and a $200 senior dog deductible. Therefore, instead of an unplanned $2430 veterinary expense, his total cost was only $250.
Researching Pet Insurance
There are a handful of pet insurers available to you. Do your homework and make sure the policy is right for you and your pet. For example, if you’re comfortable budgeting for routine annual expenses like check ups, shots, and flea preventative, there’s no need to pay a Pet Insurance company to cover routine expenses. Rather, look for a company that protects you from large, unplanned expenses.
Our experience as pet owners and animal lovers has shown us that most pets will require some form of unexpected medical treatment in their lifetimes. If it’s important to you as a pet owner to be prepared, consider taking out a Pet Insurance policy. Here are the main factors to consider:
1. Look for Guaranteed Acceptance, no matter your pet’s age. 2. The ability to use the veterinarian of your choosing. 3. Fixed Premiums/Deductibles: Your premium shouldn’t increase as your pet ages. 4. Unlimited Accident Coverage: Accidents happen, particularly with pets.
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