While veterinary care has become more advanced than ever, it comes along with much higher bills. Unfortunately, vet bills can become so high that pet owners choose to put their pets down.
Pet insurance can help you get out of what would otherwise be quite a sticky situation. But, is it really worth it? Can you count on it to help out when you really need it?
Read on to learn more.
Pet Insurance Can Be Confusing
Make no mistake about it, pet insurance can be just as confusing as human insurance. In fact, some people just choose to put money in a savings account for future vet bills just to keep things simple and reliable. Others choose a high-deductible policy that only comes into play when you have a truly disastrous situation on your hands.
If neither of those fits you, here's what to consider when shopping for pet insurance:
Compare, Compare, Compare
Pet plans vary widely. Like extremely widely. You absolutely need to compare the plans you find worthwhile. You'll need to evaluate all of the below:
Deductibles - The deductible will vary by plan. Remember, the higher the deductible, the lower your premium. And vice-versa.
Reimbursement - What percentage of your claim will be reimbursed? 70-90% is the general range.
Coverage - What does your policy actually cover? Remember that you want to find this out way before you actually need the coverage. You're pretty much out of luck trying to find pet insurance which covers something that already happened.
Exclusions - If your pet has a pre-existing condition, it's highly unlikely that will be covered. That's why you don't want to wait until your pet has a health condition to find pet insurance. Know also that some insurance companies will not provide coverage for common health conditions, such as hip dysplasia. Other plans will provide coverage for such conditions by offering riders for an additional cost.
Breed-specific exclusions - Yep. These exist all over the place. Make sure you understand any breed-specific exclusions your policy might have.
Ongoing conditions - This includes conditions such as epilepsy or diabetes. Some insurance plans offer coverage for these at an additional cost.
Specialist care - Think opthalmologists and dermatologists here. How does your plan cover, or not cover, these services?
Premiums - Will your premiums rise as your dog's age advances?
Multipet discounts - Does your insurance plan offer this?
Prescription meds - Are these covered with your insurance plan?
Per incident limitations - What is the limited amount of coverage on a per incident basis?
Annual cap - Does your plan place an annual cap on insurance benefits?
Lifetime limit - What's the lifetime limit on benefits?
Vet usage - Can you use your own vet or do you need to use an in-network one?
Travel - Does your policy provide coverage while your dog travels with you?
Emergency services - Does your policy provide coverage for emergency vet clinic usage?
Holistic care - Does your policy provide any coverage for acupuncture or other holistic pet care?
When Should You Insure Your Pet?
Whew! That's quite a not-so-straightforward list of things to know for your pet's insurance policy.
...But it all is important to know!
When it comes to timing when to insure your pet, you should always do so as early as possible (if you're going to do it). That's because insurers do have "pre-existing conditions" in their pet insurance policies.
In addition, premiums are lower when your dog is younger. And, some companies lock in your premiums when you first insure with them. You can also sometimes get certain conditions, like hip dysplasia, insured when dogs are younger.
Ways to Save on Pet Insurance Costs
If you do opt for pet insurance (which still puts you in the minority of pet owners), there are things you can do to keep costs a little more under control. Here's what to look for:
Look for accident-only policies. These cost less than traditional policies because they offer accident-only care.
Ask your insurer about discounts. Pet insurers will offer up to a 25% discount if you pay for the entire year ahead of time.
Ask about employee discounts. No joke here! More and more companies are offering pet insurance to their employees as an optional benefit. Check to see if yours does.
Identify other discounts. If your employer doesn't offer discounts, you may have discounts available through other memberships you have. Make sure to check them out.
So, Should You Buy Pet Insurance or Not?
Well, it really boils down to what types of health conditions you expect your pet to have.
Remember that pet insurance is designed to cover unexpected medical problems, and not the routine costs associated with owning a pet.
Generally speaking, if your pet only faces minor health conditions throughout their life, you'll end up overpaying for pet insurance.
On the other hand, if your pet experiences a major medical condition, that could easily cost you thousands of dollars. And, in this case, pet insurance would most likely come in handy and save you money.
The typical policy costs around $53 per month for dogs and $32 per month for cats, according to NAPHIA data quoted at NerdWallet.
If you go with an accident-only policy, those costs drop to $16.75 per month for dogs and $10.01 per month for cats, again according to NerdWallet.
So, the bottom line is that you have to make your own decision and live with the consequences.
Do you pay more and feel safe, or do you pay less and take on a little more risk?
It's not an easy decision. But it's one you have to make and live with.
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