Main Categories

Other Resources

Pages

OnlineEarnings Article Board » Pets » Pet Insurance - The Pros And Cons
Welcome Guest

Pet Insurance - The Pros And Cons

Author: JimHofman
Total views: 94
Word Count: 747
View PDF

Add2Netvouz

Many pet owners will do everything they can to make sure their pets have long, happy, 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.

The Rising Cost of Keeping Your Pet Healthy

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.

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.

What is Pet Insurance, and Does it Make Sense For You?

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.

Just like health insurance companies, pet insurance companies differ in what they offer and cover. Some pet insurance policies will only pay for pets below a certain age. Others have numerous deductibles and restrictions, depending on multiple factors.

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.

Pet Insurance Specifics

Pet insurance starts as low as $10 per month. If your pet is a senior, normally defined as age 8 and over, it will cost more. Further, pet insurance plans typically have a small deductible, i.e. $50, and an annual cap, which is usually $10,000.

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.

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.

He later told us he was reimbursed $1280 for Whiskers, and $900 for Diamond, accounting for a normal $50 deductible for an adult cat and a $200 senior dog deductible. Therefore, instead of an unplanned $2430 veterinary expense, his total cost was only $250.

Do Your Homework

When researching pet insurance companies, make sure the policy fits your needs and the needs of your pet. If you're comfortable budgeting for the routine pet health expenses like check ups, flea preventative, etc. then there's no need to pay a pet insurance company for those expenses. You may want to consider choosing a pet insurer that protects you from large, unplanned veterinary 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.

About the Author

Before considering Pet Insurance, make sure it's best for you and your pet. Ask yourself if you're willing to devote a reasonable amount of time and money to care for your pet. If your answer is yes, you're a good candidate for Pet Insurance .