Is Pet Insurance Worth It?
Below is a summary of an article from Dog Advisory Council. Original article can be found here: Is Pet Insurance Worth It?
Pet Insurance: How It Works:
- Pet insurance helps cover the cost of medical care for your pet.
- You purchase a specific plan and pay a premium each month to keep your pet insured.
- When you incur a medical expense, you may be eligible for partial or full coverage.
- A deductible is what you’d need to pay out-of-pocket before your health insurance company reimburses any expenses.
What Pet Insurance Covers:
- Most pet insurance plans cover unexpected or accidental injuries, unexpected illnesses, chronic disease, cancer diagnosis and treatment, dental illnesses, medical testing, medication, surgery, and emergency care.
- With most pet insurance plans, you can expect 60-100% of these expenses to be reimbursed – after you’ve met your deductible, that is.
Types of Pet Insurance:
- There are three main types of pet insurance: Accident-Only, Accident-Illness, and Accident-Illness + Wellness Add On.
- Accident-Only pet insurance covers emergency care related to accidents.
- Accident-Illness insurance covers both accidents and illnesses like cancer, ringworm, and urinary tract infection.
- Accident-Illness coverage with a Wellness add-on is the most comprehensive level of coverage pet insurance offers.
Cost of Pet Insurance:
- The cost of pet insurance depends on a variety of factors, such as the type of pet you have, your pet’s age, your location, and the level of coverage you want.
- The cost of Wellness add-on coverage varies depending on the plan and level of additional coverage.
- As your pet ages, the premium is likely to increase.
Breed-Specific Health Risks and Considerations:
- Certain breeds, such as border collies, are predisposed to medical conditions that could rack up a hefty vet bill in a heartbeat.
- If your pet’s breed is more prone to medical issues, pet insurance may make more sense for you.
Alternatives to Pet Insurance:
- If you just can’t get down with the idea of forking over a monthly premium, consider these alternatives to pet insurance: Personal Savings and Veterinary Financing Programs.
The Final Verdict: Is Pet Insurance Worth It?:
- Pet insurance doesn’t come without expense, but the costs are often easier to manage as they are more predictable, and large unexpected bills are reduced.
- As a veterinarian, I’ve seen many pet owners struggle with difficult decisions when finances are a barrier to medical treatment.
Create a pet-specific emergency fund:
- Having a savings account specifically for your pet can help cover unexpected expenses.
- This can provide peace of mind and prevent financial stress in emergency situations.
Utilize low-cost clinics:
- Low-cost clinics offered by veterinary colleges, pet-related service organizations, and local shelters can save you money on both emergency and routine care.
- This can be a great option for those on a tight budget.
Consider borrowing money:
- In a pinch, borrowing funds from a family member, friend, or lender can be an option.
- However, this should be done with caution and a plan for repayment.
Evaluate the cost-benefit of pet insurance:
- Pet insurance can provide guaranteed coverage for certain expenses, regardless of the vet office you attend.
- However, it may not be worth it for older pets or those with low potential for high medical expenses.
