Should I get pet insurance?
After JP, my 12 year-old, rescue pit bull had a dental cleaning, followed by a cancer-like mass removed from his jaw, followed by his spleen and adrenal gland removed 9 months later, I was in the hole $5,000 (and that’s with my professional discount!). One year later, he was diagnosed with a brain tumor. After a CT, MRI, and stereotactic radiation therapy, I was in the hole a whole lot more... It was just about that time when I was finally considering pet insurance. But was it too late, and is it worth it now?
While pet insurance has been around for over 30 years, it hasn’t grown in popularity when compared to other countries. For example, over 30% of pets in the United Kingdom are insured, compared to < 1% of pets in America. So why is that? First, pet insurance is indemnity insurance, and is different than your human health insurance. Both involve a third-party insurer, but with pet insurance you pay the bill directly to your veterinarian first, then seek reimbursement for the amount (or some part of the bill) by submitting a claim to the pet insurance company. Keep in mind that some pet insurance companies reimburse only a portion of the bill. And, all of them will have pre-existing medical condition limitations or breed-limitations on coverage (in other words, if you own a German shepherd where hip dysplasia is rampant in that breed, it won’t cover your dog for this!).
When it comes to pet insurance, it’s important to educate yourself as a pet owner on whether or not it’s a good fit for you. Ask yourself the following three questions to consider whether or not to invest in pet insurance:
What’s my financial situation?
Pet insurance is beneficial for large veterinary expenses or catastrophic emergencies – in other words, for that dog who swallowed a sock and needs emergency surgery in the middle of the night, to the cat who ran outside and got hit by a car. If you can’t afford a several thousand dollar surgery in the middle of the night, even partial reimbursement may help in your financial situation. Again, it’s important to remember that you still must pay the bill in full, and seek reimbursement later with your veterinary pet insurance. If you can’t afford to put yourself into debt on your dog’s behalf, pet insurance is a great emergency backup plan.
What’s my bond with my pet (i.e., stop treatment amount)?
My pets are family members in my household – they sleep with me, eat with me, share my bed, and have a high pecking order in my family circle! That said, not all pet owners share the same human-animal bond, and may not want to pursue aggressive treatment on their pets (including anesthesia for an MRI or chemotherapy). If you find yourself saying “Well, he’s just a dog,” pet insurance may not be the best option for you, as your “stop-treatment amount” is likely low. If you’ll walk the ends of the earth for you pet – as I would – extra financial help and insurance may best support your needs for your pet.
What’s my tolerance for risk?
If you worry about the veterinary costs each time your dog sneezes, or cringe each time your cat looks at you cross-eyed, pet insurance may be for you. If you aren’t comfortable with the risk of paying several thousand dollars for your pet’s emergency surgery at the last minute, indemnity insurance offers you protection. If however, you find that you tolerate financial risk well, and are willing and able to shell out a few thou’ at 2 am without any problem, you likely wouldn’t benefit as much from pet insurance.
Ultimately, pet insurance does offer the right person and the right pet adequate coverage – especially in cases of emergency, and as costs for veterinary care continue to grow. When in doubt, thoroughly research your options out there for pet insurance and talk to your veterinarian about how to educate yourself on the best pet insurance plan for you and your pet.
While pet insurance has been around for over 30 years, it hasn’t grown in popularity when compared to other countries. For example, over 30% of pets in the United Kingdom are insured, compared to < 1% of pets in America. So why is that? First, pet insurance is indemnity insurance, and is different than your human health insurance. Both involve a third-party insurer, but with pet insurance you pay the bill directly to your veterinarian first, then seek reimbursement for the amount (or some part of the bill) by submitting a claim to the pet insurance company. Keep in mind that some pet insurance companies reimburse only a portion of the bill. And, all of them will have pre-existing medical condition limitations or breed-limitations on coverage (in other words, if you own a German shepherd where hip dysplasia is rampant in that breed, it won’t cover your dog for this!).
When it comes to pet insurance, it’s important to educate yourself as a pet owner on whether or not it’s a good fit for you. Ask yourself the following three questions to consider whether or not to invest in pet insurance:
What’s my financial situation?
Pet insurance is beneficial for large veterinary expenses or catastrophic emergencies – in other words, for that dog who swallowed a sock and needs emergency surgery in the middle of the night, to the cat who ran outside and got hit by a car. If you can’t afford a several thousand dollar surgery in the middle of the night, even partial reimbursement may help in your financial situation. Again, it’s important to remember that you still must pay the bill in full, and seek reimbursement later with your veterinary pet insurance. If you can’t afford to put yourself into debt on your dog’s behalf, pet insurance is a great emergency backup plan.
What’s my bond with my pet (i.e., stop treatment amount)?
My pets are family members in my household – they sleep with me, eat with me, share my bed, and have a high pecking order in my family circle! That said, not all pet owners share the same human-animal bond, and may not want to pursue aggressive treatment on their pets (including anesthesia for an MRI or chemotherapy). If you find yourself saying “Well, he’s just a dog,” pet insurance may not be the best option for you, as your “stop-treatment amount” is likely low. If you’ll walk the ends of the earth for you pet – as I would – extra financial help and insurance may best support your needs for your pet.
What’s my tolerance for risk?
If you worry about the veterinary costs each time your dog sneezes, or cringe each time your cat looks at you cross-eyed, pet insurance may be for you. If you aren’t comfortable with the risk of paying several thousand dollars for your pet’s emergency surgery at the last minute, indemnity insurance offers you protection. If however, you find that you tolerate financial risk well, and are willing and able to shell out a few thou’ at 2 am without any problem, you likely wouldn’t benefit as much from pet insurance.
Ultimately, pet insurance does offer the right person and the right pet adequate coverage – especially in cases of emergency, and as costs for veterinary care continue to grow. When in doubt, thoroughly research your options out there for pet insurance and talk to your veterinarian about how to educate yourself on the best pet insurance plan for you and your pet.
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