Is Pet Insurance Worth It?
Nearly 60% of pet parents worry about animal related expenses. Pet insurance is the best way to ease that worry.
The Rise of Veterinary Costs
The rising cost of pet healthcare is staggering. Americans spend over $18 billion annually on vet care for their pets!
What is driving up the cost of animal healthcare? The answer is simple: More pet parents are taking an interest in their pet’s well-being and are scheduling more checkups, vaccinations, emergency visits, and grooming sessions for their pets.
Pet Debt is Growing
According to a study by LendingTree, the amount of debt that pet parents are accumulating to pay for their pet’s health care is growing. In fact, 6 in 10 pet parents worry about pet related expenses.
The expense and frequency of these veterinary visits is creating a massive debt burden that is being financed with high interest credit cards and veterinary payment plans. Approximately 41% of pet parents surveyed paid for emergency expenses with a credit card. Additionally, 39% of pet parents polled have regretted not having a pet insurance policy for their furry friend.
On a humane level, providing this preventative measure for your pet is just the right thing to do. Any means of prolonging the life, well-being, and ability to build priceless memories with your best friend is undoubtedly worth it. In addition, if you can lower the amount of money expended on veterinary visits and procedures, this will allow you a greater budget for enjoyable treats and excursions with your pal.
What is Pet Insurance?
Pet insurance is simply health insurance for dogs and cats. It covers veterinary expenses due to unexpected accidents and illnesses. Some companies also offer optional wellness plan for annual routine care coverage. Lear more about what pet insurance covers here.
How Does it Work?
Let’s assume your pet is one of the unlucky 61% of pet parents who needs emergency surgery after your furry friends breaks a leg chasing a ball and she needs emergency care, surgery and rehab to fully recover…
$6,500 Total Cost
x 90% Reimbursement
$5,850 Total Covered
– $250 Deductible
$5,600 Total Savings
… so if you had a pet insurance plan you would only be out of pocket $550 instead of the full $3,000, which means $2,450 back in your pocket!
Pet Insurance is Very Affordable
The average pet insurance plan only costs $44/month, but that is just the average. The price you will pay for a plan depends on several factors including your pets breed, age, where you live and the type of coverage you select. The good news too is that every pet insurance provider offers deductible and reimbursement options to meet your desired monthly budget.
Using our simple claims example (above)… that one incident would pay for the average plan for over 10 years! ($5,600 ÷ $44 = 127 months).
Finding the Best Plan
When you begin your quest to find the best pet insurance for your loved one, you will save a lot of time and hassle if you start with a highly reputable resource. Turning to a trusted site like PetInsuranceQuotes.com, featured in The Washington Post, will streamline your search to legitimate pet insurers. While you compare plans, keep in mind the distinctive characteristics and requirements of your pet which will determine which insurance type is right for you.
Your pet’s breed, size, age, and the state you live in are major factors when choosing coverage. Consider whether you will need Accident & Illness Coverage or Accident Only Coverage. If you will also require Wellness Coverage to help with the costs of routine care, make certain the plan you choose offers that additional option. Another vital factor to take into account is that pet insurance does not cover pre-existing conditions so please secure coverage promptly while your pet is in a healthy state.
Fully educating yourself about the types of plans available for your pet and the specifications of coverage will help you choose correctly. Being cognizant of time limits and urgency is also advisable. Obtain insurance before your pet reaches the age limitation or falls into a waiting period where they are at risk and uncovered. Rather than exerting excessive amounts of time deliberating about whether pet insurance is worth it, take note of the monetary funds you would need to have accrued to cover an unexpected pet emergency.
As with human insurance, it makes more sense to acquire a health plan than to pay doctor and hospital bills out of pocket. Just one unanticipated catastrophe could mean choosing between bankruptcy and the life of your pet. When this harsh reality of your loved one’s life possibly being at stake is weighed along with these other scenarios, the unequivocal answer to the dilemma, “Is pet insurance worth it?” is an astounding, “Yes!”
According to the 2017-2018 National Pet Owners Survey by the American Pet Products Association (APPA), 68 percent of US households own pets. APPA also estimates that around $72 billion was spent on pets in 2018.
This is because many of you treat your pets as family members. You give them love, great living conditions, and the best medical treatments when they are ill. However, these treatments can be rather expensive and unaffordable for many.
The Need for Pet Insurance
No matter how well you look after your pets, they can fall ill or accidents can happen to them. Just as any other insurance, pet insurance helps you face tough situations involving a large amount of money by covering most or even all of the necessary expenses.
As veterinary medicine becomes more advanced, costs can be quite high. However, pet insurance is not too expensive. Paying a small monthly premium could save your pet’s life.
Pet insurance allows you to make the best choices instead of the least expensive ones in times of emergency. You can base your medical decisions on what is best for your pet and not on whether it’s affordable.
You can customize your pet insurance to fit your budget and needs. It is helpful not only in medical situations, as it offers coverage for many things, including preventive healthcare and advertising for a lost pet.