Pet Insurance - The Argument For And Against » Family Pet Health Insurance

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Pet Insurance - The Argument For And Against

Tuesday, November 18th, 2008 Subscribe To Our Feed

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.

Years ago, procedures like MRI’s, specialized therapy, and laser surgery were unheard of for pets. Now, these procedures are increasingly common as veterinary science continues to advance.

Veterinary Care Inflation and the Effect on Your Wallet

The American Kennel Club reports that veterinary costs have risen 60% since 2000. This is not surprising, since numerous veterinary science breakthroughs have occured, and illnesses that had gone diagnosed in the past are now routinely treated.

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.

How Pet Insurance Works

Pet insurance is relatively new in the United States, but very common in Europe. Basically, pet insurance reduces the risk of caring for your dog or cat. Perhaps the most important factor with pet insurance is that it eliminates the difficult decision of choosing between your finances or letting your pet go untreated.

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.

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.

Remember, pet insurance is designed to help you and your pet through significant illnesses and injuries. It’s easy to budget for routine expenses like annual check-ups, shots, flea preventative, etc. Some pet insurance plans offer discounts on routine care, but be prepared to use a contracted (network) veterinarian, similar to a PPO/HMO set up for humans.

How It Works In Real Life

One of my co-workers has two pets, a 6 year old cat and an 11 year old border collie mix. Early last year, his cat Whiskers was diagnosed with a respiratory illness, similar to asthma. Complicating matters, the border collie mix was found to have a small malignant tumor during a routine check up. Several months earlier, my co-worker had taken out pet insurance on both pets, roughly $10 per month for his cat and $30 monthly for his dog. After all was said and done, his cat’s veterinary bills totalled $1600 and his dog’s bill was almost the same, $1500.

The veterinarian who treated both Diamond and Whiskers submitted each bill directly to the pet insurance company. Although they were obviously seperate instancest, the total vet bills amounted to roughly $3100. The pet insurance plan covered $2850, the difference being a $50 deductible for Whiskers (adult cat) and a $200 deductible for Diamond (senior dog). Total out-of-pocket costs to treat both pets was a very manageable $250.

Researching Pet Insurance

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.

When looking at Pet Insurance, make sure it’s good for you and your pet. Determine 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 .

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