The emotional bond we share with our pets makes us want to do all we can for them. In exchange for all the love they give us, we want to ensure they live long, 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.
Costs of Veterinary Care Continue to Rise
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.
While veterinary medical advances extend our pet's quality of life, the financial impact for pet owners cannot be overlooked.
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.
Should You Consider Pet Insurance?
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.
There are several different pet insurance companies. Some policies pay for all types of veterinary care. Others pay only for accidents and illnesses. Some will cover your pet regardless of age, while certain plans have numerous deductibles and restrictions.
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
Most pet insurance plans offer coverage for as low as $10 per month. Typically, there is a $50 deductible, and an annual cap of about $10,000. Pet insurance plans for senior pets (normally 8 years and older) will run a bit more, normally $29.95 per month, but be aware that only one company we know of accepts senior pets for coverage. Costs for cats and dogs generally run the same.
All pet insurance plans offer coverage for accidents and illness, while some offer coverage for routine expenses like annual check ups and flea preventative. Sometimes, pet insurance companies that offer routine care coverage are set up with contracted veterinarians, similar to a PPO or HMO health care arrangement. For policies that cover unplanned illnesses and injuries, you can use the veterinarian of your choice, and these plans may also offer some discount element for routine veterinary services.
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.
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:
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.
When considering 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 your answer is yes, you're a good candidate for Pet Insurance .
