Is Pet Insurance Worth the Cost?

Of course, we never want to be stuck with a big medical bill that we can’t pay, but do we want to spend money on something we might not need. So, ultimately, is pet insurance is worth the cost? Pros of Pet Insurance There are many options and policies that you can choose from and cater to your needs Unlike human insurance, which can be very difficult to navigate, pet insurance is pretty straightforward. Policies are simple, the different tiers are easy to compare, and you can get a no-commitment quote from different companies within minutes, making price shopping easy. If you know what you want, you really can comparison shop to find the best deal. Premiums can be low to start If your cat or dog is young and/or healthy, or you choose one of the lower policy tier, you can get coverage for less than the cost of drinks at a restaurant (you would forgo that for your beloved dog!). The monthly or annual price is worth the peace of mind. Deductibles are affordable for that unexpected emergency Most plans have deductibles that are very affordable. How happy would you be if your dog or cat had an unexpected emergency or illness that kept him in the emergency room and you had pet insurance! Instead of shelling out almost $10,000, you can pay a $250 deductible, your co-pay and your pet insurance provider would pay 70 to 80% of the remaining portion of the bill! Dogs or cats that have potential hereditary issues If you have a Labrador, there is a good chance that your dog will need some sort of hip or limb surgery during his or her life. With certain cat and dog breeds that have a pre-disposition for hereditary issues, pet insurance can certainly be worth the costs (not to be confused with those dogs or cats that already have pre-existing conditions that insurers won’t cover) You can go to any vet or medical hospital of your choice With pet insurance, there aren’t any “out of network” provider issues when choosing your plan. With pet insurance, you can go to any vet or medical hospital of your choice that is convenient and you don’t have to worry if your vet takes your pet insurance (as long as they are licensed). Since you pay the cost out of pocket, all you need from your vet is a copy of their invoice and for them to fill out a section of the claim form and then you will get reimbursed. This can be really beneficial if you are traveling with your pet and they get sick. Cons of Pet Insurance Premiums can be high for older pets If your pet is older, has a pre-existing condition or you choose a high tier, you could be looking at premiums of $600 or more per month. And then, of course, there is the deductible and co-payment that you need to reach. In this case, you will want to decide it he premium is worth it for you. You have to pay the bills up front Having pet insurance won’t save you from having to pay out of pocket immediately if your pet needs a costly procedure. Unlike health insurance, you have to pay the bill and then get reimbursed. You will get reimbursed (typically within 2 – 4 weeks) but still need to have cash available. Pet insurance does not cover routine care Even if you do have pet insurance, routine checkups usually aren’t covered, so you’ll still pay for those out of pocket. Certain hereditary/genetic conditions may also not be covered; be sure to check each policy’s specifics carefully. If you are footing the premium each month, don’t be surprised when you got to get your dog or cat’s teeth cleaned and you have to pay the entire bill. Most plans only offer dental care if associated with an illness or an injury. Some pet insurance policies have limitations so study the policies carefully and be sure you read the exclusions. Courtesy of L Fimberg