Pet Insurance Is It Worth It

Pet Insurance: Is It Worth It?

Like medical coverage for people, pet insurance policies can be complex.  A serious illness or injury can take a financial toll, regardless of if the patient is a human or a pet.  For example, three days in intensive care, medication and tests can easily cost up to $2,000.  This is where pet insurance comes into play.  It is sold with the promise that by helping to cover some of your pet’s medical bills, you won’t be forced to consider dipping into savings or even taking out a loan to help your four-legged friend.

We must ask ourselves, is pet insurance worth the cost?  Let’s look at some things to be considered.

Pet policies come with a variety of deductibles, co-payments, and premiums.  Keep in mind that you will usually have to pay the vet bills in full and wait for the reimbursement.  However, there are some insurance providers out there that can disburse payments directly to vets on the day of the service.  The cost of coverage can increase depending on the pet’s breed, age, and rising cost of veterinary care.  Almost all policies exclude pre-existing conditions and may exclude breed-specific conditions (or even charge more).   Pet owners have the option to pick a plan that insurances costs due to accidents.  There are also providers that offer wellness coverage for routine care, annual exams, and vaccinations.

Once again, is it worth it?  Sometimes you must play the odds.  If you have a pet with costly conditions or illnesses that you want to treat, pet insurance may pay out more than it costs to you.  Vet bills are different for every animal, and there is no way to predict whether your pet will become sick or injured.  This is the same for humans!  A plan may be worth considering if you would like help with unexpected vet bills.  If not, you could consider starting an emergency savings fund for pet care instead.