Having pet health insurance is a relatively new trend. Maybe a decade ago people would have laughed if you told them you bought pet insurance, but today it’s big business. As a pet owner, you probably know how expensive a trip to the vet can be. If you’re lucky, you’ll never have to do more than give Rusty a check-up and his regular injections. But most likely Rusty has had some more serious health issues. Genetic and physical conditions can be a costly affair.
What does pet insurance offer?
It’s not that different from human health insurance. Pet insurance companies generally offer different plans. They have deductibles, premiums, copays, limits, and exclusions. The offerings are highly variable, just like human insurance, so if you’re considering making a purchase, make sure you shop around. Understand the risks for Rusty, especially if he is a purebred. Know what he is genetically predisposed to and read the policy very carefully before purchasing so you know what is being excluded.
What are the benefits of buying pet insurance?
According to U.S. News and World Report, Americans spent $9.4 billion on pet needs in 2006 and the cost is rising. As costs rise, so does the number of insurance policies. But is it worth it? There are some benefits to buying a policy for your best friend.
While buying insurance for anything carries some risk, it’s certain that any health issues Rusty suffers from beyond the usual preventative measures will be expensive. Just diagnosing a disease, for example with an MRI scan, can cost up to $5,000. Getting stuck with a bill like this, not to mention the cost of treating his condition, can be devastating. Many dog and cat owners face the terrible decision of whether they can afford to treat their pet. With insurance, you don’t have to face that overwhelming choice.
Probably the biggest benefit of having pet insurance, besides potentially saving money, is peace of mind. If you’ve ever thought about whether you could afford to care for Rusty if he got cancer or got hit by a car, you might be eligible for insurance. It can put your mind at ease knowing you don’t have to choose between Rusty’s life and well-being and having money in the bank.
What are the disadvantages of buying pet insurance?
The biggest downside when it comes to buying insurance for Rusty is that it could end up costing you more than it saves you. Perhaps more than other insurance policies, pet insurance is risky. Chances are you’ll never need it or you’ll need it once or twice for minor events. Pet insurance premiums can cost between $2,000 and $5,000 over the average life of the pet, and deductibles can be as high as $100 per event. If you are going to buy a policy, you should be comfortable with the fact that that piece of money could turn into a loss. For mixed breed dogs in particular, pet insurance often means a loss to the owner, as they are often much healthier than pure breeds.
Are there more cost-effective alternatives?
Check this with your employer. While still uncommon, more companies offer pet insurance as part of a benefit package. You can also consider creating a savings account especially for Rusty. It would essentially be emergency savings that you have set aside for any health issues that may arise. If you find yourself in a bad situation, some banks may offer short-term financing for pet emergencies.
Pet Insurance – Is It Right For You?
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