Do I Need Pet Insurance?
Any animal lover will tell you that the bond between humans and pets is a two-way street: our dogs and cats give us love and laughter, and in return, we give them top-notch care to promote long and healthy lives. More and more pet owners are considering pet insurance to provide a safety net for unexpected and often daunting veterinary bills. What is pet insurance, how much does it cost, and does the average pet owner need it?
Just like our own health insurance, pet insurance exists to help cover medical expenses for both routine and unexpected and specialty medical care if a pet gets sick or gets injured. Pet owners choose their level of coverage and pay monthly premiums, then typically satisfy a deductible; additional medical costs at time of treatment are reimbursed by the insurance provider.
More than 70% of U.S. households include pets, according to the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey. Of these, around 4 million dog and cat owners in the U.S. purchase insurance for their pets, according to the State of the Industry 2022 report by the North American Pet Health Insurance Association – and the number is climbing.
Is pet insurance right for you and your furry companions? You’ll want to consider:
· Do you have reserve funds to cover a significant and unexpected medical expense? Cancer treatments, for example, can cost thousands of dollars. If pet owners would find it difficult to shell out a large sum of money to cover an out-of-pocket cost at the time of treatment, they might consider whether it’s financially easier for them to pay monthly insurance premiums, which are typically less than $50 per month, plus deductible, which may be $250 or $500.
· Have you read the fine print of your policy? While premiums can help offset bills, not all veterinary services are covered, and some policies set annual limits, so it’s imperative that pet parents select a policy that’s right for them and their pets. Your insurance agent can help you find the right plan for your situation.
· Can your pet’s ailment be addressed through experimental treatments or nutritional means? These are excluded from many pet insurance policies, so if a malady can be corrected by changing food or adding dietary supplements, an insurance policy may be unnecessary.
The insurance experts at Consumers First are available to walk you through the ins and outs of pet insurance to determine if It might give you peace of mind – so you can give your pets the care they need to live a long, healthy life.
By: Nancy Hallahan