Every pet owner knows the joy of the love that their pet offers to them. Thankfully, only some of them have ever had to deal with the pain that comes from not being able to afford the medical care to keep your pet happy and healthy. Just like for humans, medical bills can add up for pets. Contrary to some belief, vets actually try to keep costs as low as possible. They love your pets too and just want to help them. One option to assist with future health is pet insurance. Much like any other form of insurance, you pay a premium on a monthly or yearly basis. From there, the insurance company will cover much of the cost of future health expenditures. Despite pet insurance being around for so long, not everyone has it. This leads to an important question. Will pet insurance pay off in the long run?
Answer: Above all, pet insurance offers a safety net and peace of mind
This question isn’t that easy to answer. In some cases, a pet will have near perfect health for their entire life and won’t require making use of pet insurance. In this situation it might feel like pet insurance was a bit of a scam or an unnecessary cost. That’s a very short sighted view of pet insurance. It’s no different than car insurance or house insurance. Ideally you will never need it, but you never want to find yourself left without it.
Pet insurance costs vary based on a lot of factors. For example, what kind of pet you have immediately stands out. Cats are less expensive to insure than dogs by a large margin. The breed of an animal plays a role as well. Larger breeds often have shorter lifespans, and in turn have higher premiums. When you insure your pet at an earlier age, the premiums will start lower since younger pets usually have less health issues. Finally, where you live actually plays a role too. People who live in dense urban areas will have higher costs.
With most pet insurance claims, you pay out of pocket initially and then file a claim. Any claim will need to exceed the deductible (either yearly or per visit) before getting some reimbursement. Pet insurance tends to cover between all and one half of the costs. There will also be an annual maximum amount of insurance that can be claimed. It should be noted that like insurance for humans, pet insurance plans vary. Some will cover different things, but most medical care and medications will be covered.
So what is going to be excluded from pet insurance? As mentioned, each plan is different, but there are some similarities. For example, pre-existing conditions are almost never covered in pet insurance. The same can be said of behavior issues or additional training that is required. Routine vet checkups and grooming aren’t going to be covered by pet insurance. Much of the time, dental diseases or hip dysplasia in dogs that are predisposed to it also won’t be covered. Essentially, think of pet insurance as something that will cover the unexpected. Issues that can reasonably be expected to occur in the lifetime of a pet won’t be.
The above article is only an introduction to many of the aspects of pet insurance. Additional resources can provide a much more in depth look at things before anyone commits financial assets to pet insurance. Some great resources include:
- Embrace Insurance - Embrace is a pet insurance company that has many customers and policies available. This article focuses on how pet insurance actually works and gives information to potential pet insurance buyers.
- Investopedia - Investopedia is one of the prime websites online for financial matters and helps explain almost every aspect of finance. This article focuses on pet insurance and explaining the various aspects for newcomers.
- Value Penguin - This website is a subsidiary of lendingtree and provides information on many different aspects of insurance and other financial issues. This article focuses on the ins and outs of pet insurance.