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.
Certainly, veterinary science has kept up with our willingness to provide life long quality healthcare for our special friends. Treatments and diagnostic procedures once unheard of in the veterinary world are now commonplace - MRIs, radiation therapy, and specialized screenings, to name but a few.
Costs of Veterinary Care Continue to Rise
Veterinary science has seen remarkable breakthroughs in the past two decades, but just as in the human health sector, costs have risen. Many pet illnesses and diseases are being treated that often went undetected in the past.
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
Pet insurance has been around for decades in Europe, but is relatively uncommon in the United States and Canada. Much like health insurance for us, pet insurance drastically reduces the risk of caring for your pet. Perhaps most importantly, it can eliminate the heart wrenching decision of euthanizing your pet vs. incurring a large financial hardship.
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
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.
All pet insurance plans offer coverage for accidents and illness, while some offer coverage for routine expenses like annual check ups and flea preventative. Sometimes, pet insurance companies that offer routine care coverage are set up with contracted veterinarians, similar to a PPO or HMO health care arrangement. For policies that cover unplanned illnesses and injuries, you can use the veterinarian of your choice, and these plans may also offer some discount element for routine veterinary services.
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.
Fortunately, pet insurance significantly reduced his out-of-pocket expense. Instead of incurring roughly $3100 in unplanned expenses, his total outlay to treat his pets amounted to $250 ... a $50 deductible for an adult cat and a $200 deductible for a senior dog.
Make Sure Pet Insurance Fits Your Pet's Needs - And Yours
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:
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.
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