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.
Years ago, procedures like MRI’s, specialized therapy, and laser surgery were unheard of for pets. Now, these procedures are increasingly common as veterinary science continues to advance.
Veterinary Care Inflation and the Effect on Your Wallet
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.
Should You Consider Pet Insurance?
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.
Just like health insurance companies, pet insurance companies differ in what they offer and cover. Some pet insurance policies will only pay for pets below a certain age. Others have numerous deductibles and restrictions, depending on multiple factors.
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.
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.
The Story Of Two Pets
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 several pet insurers in the marketplace, so do your homework and make sure your policy is right for your pet. If you feel comfortable budgeting for routine annual costs like check-ups, immunizations, flea preventative, etc. there’s no need to pay for routine coverage.
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:
Look for guaranteed acceptance, whether your pet is a kitten or a puppy or a senior pet. Also, if you’re comfortable with your vet, make sure the pet insurance policy gives you the freedom to go to any vet. Further, make sure your policy premium doesn’t increase as your pet ages. Last but not least, look for unlimited accident coverage. Accidents can happen at any time, particularly to pets.
