Your pet needs insurance
You spent weeks looking for the perfect little guy to bring home. And hours on Amazon buying everything from chew toys to cozy blankets. You prepared the house to make it warm and welcoming. You’re starting to make headway with house training, and your thoughts turn to your pet’s health. You want to protect them from accidents or even illness. But what do you do? Should you buy pet insurance? Is it a scam? Is it a godsend? Let’s explore your options!
What is pet insurance?
Pet insurance is like human health insurance; the provider will help pay for a percentage of the bills once you reach the deductible. However, the claims process is a bit different. With pet insurance, the insurance company will reimburse you, the policyholder, instead of the veterinarian. The cool thing about that, though, is you don’t have to mess with “in-network” nonsense. You can select from a wide variety of companies; you have the pick of the litter.
The benefits Save money
The most apparent reason to obtain pet insurance is to save money. After you hit the deductible, the insurance company picks up a percentage of the bill. The remaining amount you pay is usually significantly less than what you would pay out of pocket. However, this is the age-old insurance debate because if your pet lives a long incident-free life, you essentially paid for nothing. Although, you are paying for something even more significant.
Peace of mind
Pet insurance’s greatest benefit is peace of mind. If something terrible happens to one of your little fluff balls, you don’t have to worry about finding the money for an expensive surgery. Instead of fretting over bills or which care options you can and cannot afford, you can focus on your pet’s health. For some people, this alone is worth the price.
Types of Coverage
Providers market a vast number of coverage options, but all these options can be grouped into three main buckets: accident, illness, and wellness. In addition, some providers offer coverage for chronic conditions, cancer, and hereditary conditions. So, you’ll need to review different providers’ plans if you have unique requirements; but most new pet owners will find any plan suitable.
Accidents
Some dogs like to eat rocks; others, a whole pack of AA batteries. Vets never stop being surprised by what will show up in tummy X-rays. Pets love to get into trouble. Either it’s eating something they shouldn’t be or chasing something way too fast. Other times it can be out of their control, like a bite from another animal or an eye injury from a rogue rock from your overly excited toddler. The creative ways that your young gun can catch a car ride to the vet are uncanny.
Illnesses
Your little one may come down with an illness that is breed specific or catch something that can affect all of them. These usually aren’t dire; the most common illnesses reported are skin conditions, gastrointestinal issues, ear infections, seizures, and urinary tract infections. However, sometimes things can get a little more serious, like intervertebral disc disease or tumors. It’s impossible to know what to expect.
However, many illnesses can be prevented with vaccines and medication. That’s why some insurance companies offer and advise owners to obtain wellness plans.
Wellness and preventative care
Most wellness plans (also known as preventative care) are for young pets. That is puppies and kittens. These are optional plans that you can add to your policy. They cover exams, vaccines, diagnostic tests (for heartworm and parasites), dental cleanings, spaying and neutering, and even regular vet visits.
Things usually not covered are pre-existing conditions and experimental procedures. Oh, and if you were planning on making your pet immortal, I’m afraid to say that cloning usually isn’t covered — that and cosmetic surgery.
Factors that impact the cost Breed
Some breeds are more predisposed to health problems than others. (I’m looking at you, Frenchies!) For example, French and English Bulldogs have a significantly higher chance of suffering from brachycephalic obstructive airway syndrome (BOAS) than other breeds. And German Shepherds usually need a procedure for their bad hips. So if you have one of these spirited breeds, you may have a more considerable monthly expense.
Age
Pet insurance companies are ageist. The older your pet is, the more you’ll have to pay. Like pets’ human counterparts, the older you are, the more time you spend in and out of health care.
Type of pet
Pet insurance varies based on what type of pet you are insuring. I doubt anyone will use that in their pet-buying decision-making, “I was going to get a dog, but would you look at those cricket premiums!” But it is a factor. For example, dogs are more expensive than cats. I’m afraid I don’t know about the goldfish plans.
Insurance type
Coverage options for pet insurance are comparable to the structure of health insurance, where the insurance premium and deductible have an inverse relationship. As one increases, the other decreases. If you want comprehensive coverage, you’ll have to pay a higher monthly premium. And if you only want to be insured for catastrophes, you can save money with a lower premium.
Location
Where you live is going to affect the cost of pet insurance. So, for example, New York Siamese cats will pay a premium over the Siamese in Mississippi. But that’s not going to be a surprise to New Yorkers. If vet costs are high in a particular area, you can expect pet insurance will follow.
Discounts
One way to save money on the bill is to see if your provider has any discounts. For example, some companies will offer discounts for insuring multiple pets or service dogs. You can also microchip, spay, or neuter your pet to get a deal.
The average cost of pet insurance
To give you a rough idea of what to expect when shopping plans, the national average is $35 a month for dogs with $5,000 in coverage for the year. And if you want unlimited annual coverage, the monthly is $56 a month. And for cats, it’s $28 with $5,000 in coverage and $50 for unlimited. But, again, this is just a rough idea. Many factors play a role in the cost of a plan, so you should reach out to many providers to get an idea before making any financial decisions.
Alternatives to pet insurance A savings fund
Some people, and even some vets, recommend opening a savings account that acts as an emergency fund instead of paying an insurer. All you have to do is set up a high-interest account and contribute to it monthly. Think of it as a college fund for your pet. Contribute what you can,
but a good goal is to put in how much your pet’s premium would be at an insurance provider. So, for dogs, that would be $30–50 a month. And even better would be not to touch it for standard care and save it only for emergencies.
Financing
Financing is another option to pay for your pet’s health care. For example, if you find yourself with an unexpectedly large vet bill, you can use a credit card to make the payment more manageable. You can even get rewards in the process! However, this method is not for the financially immature. You need to be diligent with payments, or you might find yourself with a much larger bill. For this reason, you won’t find me near a credit card.
Conclusion
So, is it worth it? Should you earmark some of your monthly expenses for pet insurance? Well, every furry-friended family is different! It depends on your financial situation, risk tolerance, pet age and breed, and many other factors. It doesn’t matter which plan of attack you go with, just that you have a plan of attack! Deciding to own a pet means you have decided to ensure their care.
If you are rolling in the money from all your crypto trading, I would get a comprehensive insurance plan and relax with peace of mind. On the other hand, if finances are tight, I’d start a new savings account and contribute $30 a month to it. Whatever you decide, you’ll be happy knowing that you’ve covered your loved one!
