Having pet health insurance options is a relatively new trend. Perhaps ten years ago, people would have laughed if you told them you bought pet insurance, but today, it’s big business. As a pet owner, you probably know how expensive a vet visit can be. If you’re lucky, you’ll never have to do anything more than check up on Rusty and his usual shots. But most likely, Rusty had some more serious health problems. Genetic and physical disorders can be a costly problem.
What does pet insurance provide?
It is not much different from human health insurance. Pet insurance companies generally offer different plans. They have discounts, premiums, contributions, limits, and exclusions. Offers are highly variable, as is human insurance, so if you’re thinking of buying, be sure to shop around. Understand what risks Rusty is in, especially if he’s a purebred. Find out what it is genetically predisposed to and read the policies very carefully before you buy so you know what will be excluded.
What are the pros of buying pet insurance?
According to US News and World Report, Americans spent $9.4 billion on the health needs of pets in 2006 and costs are rising. As costs increase, the number of insurance policies is also on the rise. But is it worth it? There are some benefits to buying a policy for your best friend.
While buying insurance for anything does have some risk, any health problems Rusty might have that go beyond normal preventive measures are sure to be very expensive. Just diagnosing a disease, for example an MRI scan, can cost up to $5,000. Getting caught up in a bill like that, not to mention the cost of treating his illness, could be devastating. Many dog ​​and cat owners have been faced with the daunting decision of whether or not they can treat their pets. With insurance, you won’t have to face this overwhelming choice.
Perhaps the biggest benefit of owning a pet insurance policy, besides potential money savings, is peace of mind. If you’ve ever considered whether you could afford to take care of Rusty if he got cancer or was hit by a car, you might be a candidate for insurance. It can put your mind at ease knowing you don’t have to choose between Rusty’s life and luxury and having money in the bank.
What are the downsides to buying pet insurance?
The biggest drawback when it comes to buying insurance for Rusty is that it may ultimately cost you more than it saves you. Pet insurance is probably more risky than other types of insurance. Chances are high that you will never need it or that you will need it once or twice for minor events. Pet insurance premiums can cost between $2,000 and $5,000 over the average age of the pet and deductibles can be as high as $100 each. If you are going to buy an insurance policy then you have to be comfortable with the fact that this part of the money could end up being lost. For mixed-breed dogs in particular, pet insurance often represents a loss for the owner because they tend to be healthier than pure breeds.
Are there more cost effective alternatives?
Check with your employer. Although still unusual, more companies are offering pet insurance as part of their benefits package. You might also consider creating a savings account just for Rusty. It will basically be emergency savings that you set aside for any health issues that may arise. If you get stuck in a bad situation, some banks may offer short-term emergency pet financing.
