One of the worst things that can happen is learning that your cat or dog has cancer, and you have to turn down treatment because it’s too expensive. Having pet insurance allows you to make the best choice for your furry family members, instead of the least expensive option.
The biggest misconception about pet insurance is that it’s expensive. The reality is, for about a dollar a day, you could end up saving your pet’s life.
What is Pet Insurance?
Just like the human equivalent, pet insurance helps to offset the costs of unexpected medical expenses due to accidents or illnesses. Some plans even offer wellness coverage. A plan may cover these conditions (and more):
- Veterinary exam fees
- Emergency hospitalization
- Surgeries
- Veterinary specialists
- Prescriptions
- Hereditary conditions
- Chronic conditions
- Congenital conditions
- Prosthetics & Orthopedics
- X-Rays, MRIs, CAT Scans, Ultrasounds
- Hip Dysplasia
- Cancer treatments
Most pet insurance will not cover pre-existing conditions, spaying/neutering, breeding expenses, or experimental medicine.
How Does Pet Insurance Work?
Almost all pet insurance plans reimburse you for veterinary care expenses. After paying the bill, you’ll send a copy of your receipt to the insurance company along with a claim form. The insurance company will send you a check, usually within 30 days or less. The amount of your reimbursement depends on plan details, and the coverage you chose.
Need an example?
Let’s say you’re unlike most people and you planned ahead when you brought home a new puppy. You faithfully saved $30 each month for 5 years and set it aside in case of an emergency, and your vet bill savings account has a $1,800 balance. Unfortunately, that $1,800 won’t get you far. You might have enough for initial testing, diagnosis, and a few treatments for most pet illnesses.
Had the same $30/month gone towards a pet insurance plan, you would be covered for well beyond what you paid in premiums.
So…Is Pet Insurance Really Worth It?
The cost of a pet insurance plan varies widely, depending on pet type (dog/cat), breed, location, and coverage chosen.
You have to weigh the annual cost of premiums against potential veterinary expenses. The most important thing to remember is that all pet insurance programs exclude pre-existing conditions, so it’s important that you start a plan while your pet is still young and healthy. Here are a few things to consider:
- The #1 reason pet owners buy pet insurance is that they “want to make decisions about my pet’s health care without worrying about whether or not I could afford the procedure.”
- 50% of pet insurance policyholders file a claim each year.
- 35% of pet insurance claims are for chronic conditions (ongoing issues with recurring vet bills).
- Less than 1% of pet parents have pet insurance even though veterinary care costs are increasing faster than human healthcare.
- Allergies are one of the most common pet insurance claims for dogs.
It’s easy to be confused by all the pet insurance lingo, plans, and coverage options. We are pet insurance experts, so feel free to contact us with any questions you have. We’d be happy to provide you with a pet insurance quote.
