by Jim Hofman
Many pet owners will do everything they can to make sure their pets have long, happy, and healthy lives.
Certainly, veterinary science has kept up with our willingness to provide life long quality healthcare for our special friends. Treatments and diagnostic procedures once unheard of in the veterinary world are now commonplace - MRIs, radiation therapy, and specialized screenings, to name but a few.
The Rising Cost of Keeping Your Pet Healthy
Much like the human health care sector, medical care breakthroughs result in higher costs for vets and pet owners alike. Conservatively, veterinary costs have risen over 60% in the past five years, per the American Kennel Club. Conditions that normally went undiagnosed and untreated are now becoming routine.
Pet owners are grateful for these veterinary advances, yet the rising cost to care for our pets is an important factor to many.
One of our neighbors recently incurred a $2100 veterinary bill to treat his German Shepard’s hip dysplacia. Similarly, another friends cat developed a stubborn urinary tract infection, necessitating lengthy diagnostic and follow up treatment, to the tune of $1400.
What is Pet Insurance, and Does it Make Sense For You?
Pet insurance has been around for decades in Europe, but is relatively uncommon in the United States and Canada. Much like health insurance for us, pet insurance drastically reduces the risk of caring for your pet. Perhaps most importantly, it can eliminate the heart wrenching decision of euthanizing your pet vs. incurring a large financial hardship.
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.
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 plans cost basically the same for cats and dogs. Most start at $10 per month, with a nominal deductible, usually $50. Senior pets, if insurable, cost somewhat more, typically $25-$35 per month. At this time, we only know of one company that accepts senior pets, normally defined as age 8 and above.
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.
Do Your Homework
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.
If you determine pet insurance is right for you and your pet, here are some important factors to consider when choosing the right policy for you and your pet:
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.
About the Author:
When looking at
Pet Insurance, make sure it’s good for you and your pet. Ask yourself if you’re willing to devote a reasonable amount of time and money to care for your pet. If you answered yes, you’re a good candidate for
Pet Insurance .