That’s probably why 77 percent of Americans, that’s 85 million families, own pets. But, like humans, pets can develop diseases, contract colds and get into the occasional accident. Unlike their owners, however, most pets don’t have health insurance that covers the cost of their medical care.
Treating your pet for something outside the scope of normal veterinary care can be costly. For example, canine ACL surgery can range from $6,300 to $10,000. Despite the hefty bill and financial burden unplanned medical emergencies can cost pet owners, only 4 percent of dog owners and 1 percent of cat owners carry pet insurance policies, according to the American Pet Products Association Pet Owners survey.
Let’s face it, vet bills can add up. Pet insurance gives you peace of mind that you can provide adequate care for your furry friend without dipping into your emergency fund or worse, going into debt. But not all pet insurance packages are created equal. Learn more before buying protection for your animals.
How does pet insurance work?
Pet insurance is similar to health insurance for humans. Typically, when you have pet insurance, you’ll pay your vet bill, submit a claim to the insurance company and get reimbursed once your annual deductible is met. The deductible amount will vary depending on the type of insurance plan you have.
What does pet insurance provide?
Like health insurance, pet insurance covers a wide range of needs. The North American Pet Health Association explains that pet insurance is a tool that:
- Protects you against unforeseen vet costs
- Allows veterinarians to provide optimal care, using the most advanced veterinary medical treatments
- Prevents vets from having to perform “economic euthanasia,” which happens when you have to make the difficult decision about whether to put down a dog or cat because you can’t afford care
- Allows you to avoid setting a financial limit on the value of your pet’s life
- Gives you the confidence you need to take care of your pet right away, without the fear of a financial burden
- Provides you with peace of mind. No matter what happens, you can care for your ill or injured pet.
Once insured, your coverage will allow you to access three main areas of care with a lessened financial burden, including accidents, injury and wellness check-ups.
Tips on how to choose the right pet insurance
There are many pet insurance providers, so choosing the right one is key to saving money and making sure your pet is covered in the case of an accident. Use these tips to find the right one for you.
Do your research
Just like health insurance for humans, there are various levels of pet insurance. A basic package, for instance, will typically cover things like routine veterinarian visits, as well as annual shots and vaccinations. While a more sophisticated package will cover things like surgeries and medications for chronic illnesses.
Consult your veterinarian
Before you choose which pet insurance plan is right for your furry friend, consult your veterinarian. Talk with him or her about common diseases that may be associated with your animal’s breed or other potential problems that could arise as your pet ages. This information will come in handy when choosing the best pet insurance plan.
Read the fine print
Before you sign on the dotted line, read the fine print and make sure you understand what factors will impact your coverage. Some pet insurance, for example, includes exclusions for pre-existing or hereditary conditions and may affect your coverage when you file a claim.
Assess pet insurance costs
Now that you’re armed with tips on how to choose the right pet insurance, check out some of the pet insurance rates and coverage from nationwide providers. Note that costs may vary based on your pet’s location, breed, pre-existing conditions and age.
Nationwide Pet Insurance
With plans starting as low as $35 a month, Nationwide offers a wide range of pet insurance options for cat and dog owners. At $90 per month, Nationwide’s top-tier “Whole Pet with Wellness” Insurance Plan covers accidents and illnesses, dental diseases, behavioral treatment, vaccinations and much more.
Geico Pet Insurance
A more economical option, Geico Pet Insurance offers plans as low as $1 a month. At $39.66, Geico’s “Accident and Illness Plan” covers unexpected accidents and illnesses such as cancer treatment, chronic conditions, congenital conditions and more. According to their website, pre-existing conditions are not covered by any pet insurance company.
ASPCA Pet Health Insurance
ASPCA, known for their work in rescuing animals, also features a variety of pet insurance plans. For around $45 per month, the company’s “Complete Coverage” plan covers accidents, illnesses, hereditary conditions, behavioral issues and more. ASPCA Pet Insurance, like many other insurance providers, do not cover pre-existing conditions, cosmetic procedure or breeding costs.
Is pet insurance worth the cost?
Ultimately, you may be wondering if pet insurance is worth taking on another monthly bill. Pet Life Today asked the experts, veterinarians, pet bloggers and a pet insurance expert and here’s what a few experts suggested:
- “If their pet’s well-being is a top priority, then owners should absolutely have pet insurance.” — Rex Talbott is the Vice President of Business Development for Embrace Pet Insurance
- “I’m 100 percent for pet insurance right out of the gate for pets.” — Tonya Wilhelm, dog training specialist
- “Unanticipated medical issues occur daily.” — Dr. Kathryn M. Sexton, veterinarian
If you’re on the fence, it may be worth looking at costs to ensure you make the right decision for your fur family.
Get your pet covered with pet insurance
Don’t put your pet’s health or your wallet at risk when an emergency strikes. Pet insurance is easy to access, can be purchased from many insurance providers and ensures that your pet is safe, no matter what happens. Use this guide to educate yourself on pet insurance before talking with providers to find the right pet insurance for your animal.
