The Pet Report

Many pet owners will do everything they can to make sure their pets have long, happy, 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.

The Rising Cost of Keeping Your Pet Healthy

Veterinary science has seen remarkable breakthroughs in the past two decades, but just as in the human health sector, costs have risen. Many pet illnesses and diseases are being treated that often went undetected in the past.

The increased cost of veterinary care is an important issue for many pet owners.

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.

What is Pet Insurance, and Does it Make Sense For You?

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.

The decision to consider Pet Insurance depends upon your viewpoint as a pet owner. Sadly, many pet owners consider their pets disposable and won’t get their pet medical treatment if it becomes too ill. Conversely, you’re a good candidate for Pet Insurance if you’re willing to devote a specified amount of time and money to treat and heal your pet.

Typical Plans and Costs

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.

Two Real Life Financial Examples

A business associate told us of his two beloved pets, 6 year old cat “Whiskers” and his 12 year old border collie mix “Diamond”. Whiskers was diagnosed with an ongoing respiratory ailment, and just a few months later, Diamond was found to have a malignant tumor and needed immediate treatment. Luckily, he had taken out Pet Insurance on both pets just months before Whiskers’ visit to the vet. With coverage through Instant Pet Insurance, he was paying $9.95/mo. for Whiskers and $29.95/mo. for Diamond, less a small multi-pet discount. All told, Whiskers veterinary bills totaled $1330, and Diamond racked up an $1100 tab.

Fortunately, Pet Insurance significantly reduced his out-of-pocket expense. Instead of incurring roughly $3100 in unplanned expenses, his total outlay to treat his pets amounted to $250 … a $50 deductible for an adult cat and a $200 deductible for a senior dog.

Make Sure Pet Insurance Fits Your Pet’s Needs - And Yours

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.

As a pet owner, your experience tells you that most pets will incur some unexpected veterinary treatment in their lifetime, whether it’s illness or accident. If you feel it’s important to be prepared for these unexpected expenses, consider a Pet Insurance policy. Consider these factors when choosing:

The four most important factors to look for in a Pet Insurance policy are guaranteed acceptance, choice of veterinarian, fixed premiums, and unlimited accident coverage. You want your pet to be accepted into a Pet Insurance policy, no matter their age. If you have a comfort level with your veterinarian, you want to be able to use that vet and not be assigned an unfamiliar vet. Paying more in premium and deductibles as your pet ages isn’t necessary, as there are Pet Insurance companies who will keep your premiums the same even as your pet ages. Finally, unlimited accident coverage is important, since accidents can happen at any time and with any frequency.