Pet Insurance: Pros and Cons
By: Stanley P.
Pet Insurance: Pros and Cons: As pet owners, we love and care for our pets! We want what’s best for our pets, including their medical needs. So if our pet gets sick or injured, we would take them to the vet. However, a visit to the vet can be costly. Thankfully, some companies offer pet insurance that can help cover the costs of medical needs. As of 2018, it covers 2.16 million pets in the U.S. People expect this number to gradually grow higher and higher every year. Although the basis of pet insurance alone makes it seem like it’s a must for pet owners, there are also hidden cons to consider before buying one. In this article, we will go over the pros and cons of pet insurance!
Pros
As mentioned before, pet insurance is there to cover the high costs of medical needs. Some policies even cover 90-100% of all medical expenses. If finances are rough, it can be a solution for medical costs. It isn’t uncommon for insufficient finances to be the reason for euthanization. It would give any pet owner peace of mind, knowing that money won’t get in the way of their pet’s survival.
The cost of medical procedures quickly stacks; on average, the cost of an emergency visit costs $800-1500. A 70-100% coverage -most policies cover around this range- will help medical procedures become affordable. Pet insurance should be considered by any pet owner, regardless of having sufficient finances. Plus, it is at a very reasonable cost, averaging $39 a month for dogs and $29 a month for cats. On top of that, it can also cover vet bills, like vaccines and checkups.
Cons
Costs Can Build Up. Although the average cost for pet insurance may seem pretty cheap at first, the price can be deceptive. There are typically three different levels of plans a pet owner can buy; the basic, medium, and highest-coverage plan. Basic plans start as low as $10, while medium start around $34, and the highest coverage can cost upwards of $100.
Basic plans only cover preventive care, such as vaccinations and annual checkups, while medium plans only cover what the basic plan does, plus some surgeries and hospitalizations. It is only the highest-coverage plan that covers unexpected life-threatening situations, like accidents or injuries. So now, pet insurance will cost you upwards of $100 a month if you want to cover medical costs for life-threatening situations. Additionally, insurance rates also climb as your pets get older, so you should consider age as well.
It’s Different than Human Insurance
Pet insurance isn’t particularly a new thing. Pet insurance was first sold in 1982. However, when you compare people’s insurance, it isn’t very regulated. There are many policies out there offered by different companies, and they all cover various things. This may make it hard to find the insurance policy for you and your pet. For example, some policies don’t cover pre-existing conditions, while in others, pet owners will also have to make an out-of-pocket expense -typically 10-30%- before receiving reimbursement.
Some policies also don’t cover emergency visits at all and are specialized for regular pet health. Also, the price of policies can be higher depending on the breed. This is opposed to the usual fixed insurance rate for people, with some price changes here and there. It is written in the fine print that these price changes can happen, so remember to read the fine print!
Conclusion
Overall, pet insurance is definitely a thing that all pet owners should consider. If money is tight, it can be the thing that saves your pet from a life-threatening situation. However, as a pet owner, you must also be aware of the various policies out there. You can find websites that may help you choose. If you’re considering buying pet insurance, make sure to find the one you want. Ask yourself questions; am I purchasing it for emergency visits or regular vet bills? Monthly pet insurance can cost a lot for lifetime coverage, but an unexpected visit to the ER can cost even more. If you want to learn more about pet insurance you can visit Pawlicy.
Links:
https://www.marketwatch.com/story/the-pros-and-cons-of-pet-insurance-2017-04-13
https://www.realsimple.com/work-life/family/pets/insuring-your-pet
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