Pets are a beloved member of the family. We share our homes with them, buy them toys, take care with choosing their food and include them in our daily lives – it’s no surprise, then, that most of us want to make sure we’re offering our critters and creatures the best quality of life. This typically means regular checkups at the veterinarian, vaccinations and treatment for any issues that do arise.
Unfortunately, the cost of this doesn’t come cheap. Especially if your pet suddenly becomes unwell and needs emergency care, or is a large breed that needs lots of medication, the vet bills soon add up. To try and spread the cost, many pet owners choose to take out insurance – but that in itself can be expensive.
In this post, we take a look at the pros and cons of pet health insurance coverage to help you decide if it’s the right choice for your pet.
How does pet insurance work?
Much like human health insurance, pet health insurance allows you to pay a monthly premium in exchange for reduced bills when you need to see the vet. Some practitioners will be able to put the cost directly through your insurer; others will need you to pay upfront and then claim a reimbursement. The amount you pay per month will depend on the age and breed of your pet, any medical conditions they have, where you live, and the level of coverage required. The average cost for dogs in the US is $675.61.
There are several types of coverage available:
- Accident and illness. This is for emergencies, infections and serious illnesses such as cancer and diabetes.
- Accident only. This is a more limited cover that only insures for cuts, broken bones and similar issues that aren’t long term.
- This insurance only covers routine and preventative care.
Let’s look at the pros and cons of pet health insurance.
Pros of Pet Health Insurance
Get financial support almost immediately
Most insurance policies will have some kind of measure in place to prevent people from taking them out on the same day they get a big vet bill. Fortunately, you can still get financial support fairly quickly. If your pet needs major surgery for an accident six months after the policy starts, for example, you’ll be covered. In comparison, it would likely take you longer than this to save up the cost in cash.
Avoid unexpected bills
Having insurance means that you reduce the chances of you having to suddenly shell out money for a large vet bill. Yes, you will have to pay any deductibles on the policy, but this is usually minimal in comparison to vet’s fees. You don’t want your pet’s treatment to put a strain on your personal financial situation, and the best way to do this is to reduce unexpected expenses.
More likely to have regular appointments
Finally, if you’re insured, it may mean you’re more likely to book things such as vaccinations and regular health checkups for your pet. In turn, this can mean that any concerning symptoms are detected earlier, and treatment can be started right away. Not only will this hopefully improve your pet’s chances of making a full recovery, but also reduces the chance of needing major treatment because the symptoms have worsened.
Cons of Pet Health insurance
Cost
The major issue with pet insurance, is, of course, the cost. Many of us would struggle to make monthly payments, and it can be frustrating to see money going out of your account if your pet is healthy. Premiums may increase as your pet ages. So, although it is a hard choice, you may decide that if your pet is elderly, you’d rather just decide on and pay for treatment on a case-by-case basis. You may potentially decide to on using your savings or other finance methods. Although I personally do not like credit cards, this may be an option for you.
Understanding if insurance is right for your pet
Ultimately, whether or not pet insurance is right for you will depend on both your personal financial situation and your pet. If they’re young and accident prone, or have an existing condition, you may decide that regular, smaller payments are a better option than big bills that you can’t anticipate.
However, some people do prefer to take the money they would pay towards insurance and put it into a savings account. The important thing with this option is to make sure that you are committing to regular payments, to avoid a pet-related illness or accident negatively impacting your personal finances.
Contributing Author bio: Neil King
A lifetime lover of pets, Neil currently has two Labradors, a cat, and an elderly adopted donkey. Alongside his writing work, he tries to volunteer when he can at his local animal shelter.
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