The deep emotional bond we share with our dogs and cats is one of life’s most simple pleasures. In return for unconditional love, many pet owners do everything they can to ensure their dogs and cats have long, productive, and 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.
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.
The increased cost of veterinary care is an important issue for many pet owners.
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
In Europe, pet insurance has been common for decades, but is relatively new to the United States and Canada. The main purpose of pet insurance is to reduce the financial risk of caring for your pet. Also, it eliminates the agonizing decision of having to choose between treating your pet’s illness or injury vs. your finances.
In a way, pet insurance companies are like health insurance companies. They may or may not cover certain health conditions, depending on the policy restrictions. Some pet insurance companies will not accept senior pets, similar to health and life insurance companies reluctance to cover senior citizens.
When considering pet insurance and whether it’s right for you and your pet, ask yourself whether you’re willing to devote a budgeted amount of time and money to care for your pet. You’re a good candidate for pet insurance if your answer is yes. The sad reality is that some pet owners are forced to choose between their finances vs. treating their pets.
What Pet Insurance Plans Cover And Their Cost
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.
Specifically, pet insurance covers illness and injury, although some plans do offer coverage or discounts for routine expenses like check ups, shots, etc. Most do not because it’s easy to budget for routine expenses vs. unplanned incidents.
The Story Of Two Pets
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.
As a pet owner, your experience tells you that most pets will incur some unexpected veterinary treatment in their lifetime, whether it’s illness or accident. If you feel it’s important to be prepared for these unexpected expenses, consider a pet insurance policy. Consider these factors when choosing:
The four most important factors to look for in a pet insurance policy are guaranteed acceptance, choice of veterinarian, fixed premiums, and unlimited accident coverage. You want your pet to be accepted into a pet insurance policy, no matter their age. If you have a comfort level with your veterinarian, you want to be able to use that vet and not be assigned an unfamiliar vet. Paying more in premium and deductibles as your pet ages isn’t necessary, as there are pet insurance companies who will keep your premiums the same even as your pet ages. Finally, unlimited accident coverage is important, since accidents can happen at any time and with any frequency.