Pets are part of the family for many Americans. According to surveys, its costs pet owners, on average, between $125 and $824, which includes food, vet visits, expenses, etc.
Owning a pet can be relatively inexpensive – if nothing goes wrong. Emergency vet bills can add up quickly if your dog or cat is involved in an accident. And, if you don’t have the money, you may have to make a decision you don’t want to make.
Today we’re answering the question, “is pet insurance worth it?” and telling you how it can help you and your fur baby. If you own a pet and don’t yet have them on insurance, then keep reading.
What is Pet Insurance?
Pet insurance is a type of insurance that covers part or all of your vet bills. This can be for routine care or emergency surgeries; however, you’re limited by what is covered by the plan you choose. Pet insurance can take the sting out of an expensive vet bill, for example, if your pet breaks a leg.
If you don’t have the money to pay a vet to fix your pet’s leg, the vet may refuse treatment, and you’ll either have to pay up or find a welfare vet somewhere. Pet insurance can help cover some of the expenses so you don’t have to spend as much, which can help when money is particularly tight.
How Does Pet Insurance Work?
Pet insurance works by where you pay the vet the total bill when you collect your pet and later claim reimbursement from your insurance company. The insurance company reviews the invoice, checks that it falls under your coverage, and, if so, pays you back.
You may have several options for the reimbursement amount.
- Maximum Annual Payout: The maximum amount the policy will pay for all claims during a policy year
- Reimbursement Percentage: After the deductible is met, the pet insurance policy will pay a percentage of the bill up to the maximum annual limit
- Deductible: Payment you must make before the company begins to reimburse you
How Much Does Pet Insurance Cost?
The cost of pet insurance will depend on the company you choose. Each company will have different criteria for how they decide your monthly premiums. They can be determined based on the pet’s information, such as:
- Your pet’s breed
- Your pet’s age
- Pre-existing health conditions
- Any additional risk factors
Pet insurance companies can also calculate your monthly premiums based on the plan’s coverage. The amount of coverage you get will affect the premium, so ensure you read all the policy details. It’s recommended to know what is and is not covered before you need to use it.
What Plans Are There and What’s Included
Most companies have several plans you can choose from, ranging from affordable to more expensive. Of course, the more expensive the policy, the more coverage you will likely receive.
There are the following plans you can choose from:
Accident and Illness
This type of plan will cover any accidents your pet suffers and any illness they may contract. While plan specifics may vary depending on which insurance company you choose, typically, accident and illness plans cover the following:
- Accidents
- Emergency vet visits
- Surgery and hospitalization
- Cancer
- Diabetes
- Allergies
Some plans may even include congenital and hereditary conditions. These can include hip dysplasia, cruciate ligament surgery, etc. Some policies may also offer a medicine savings pocket which you can access for medication during the year.
Accident Only
If you can’t afford comprehensive pet insurance coverage (accident and illness), then your next best option is the accident-only plan. It will cover less than the above option, but it will be more affordable and will cover the visit to the emergency vet.
This policy will cover accidents such as bite wounds, broken bones, and swallowed objects. It won’t cover diseases, illnesses, or congenital or hereditary conditions.
Routine Care/Wellness
Finally, some companies may also offer a wellness or routine care plan. This policy will cover routine things like vaccinations, dental cleaning, annual wellness checkups, etc.
Only some companies will offer this policy, so compare plans if you’re looking for this package.
What if You Have More Than One Pet?
If you have more than one pet, for example, two dogs or three cats, your pet insurance may offer you a discount for each pet you add. For instance, you’ll pay full-price premiums on your first pet and then get 5% and 10% off the premiums of your second and third pet.
Only some companies may offer this discount, so if you want to insure more than one pet, it’s worth reviewing the policies until you find one that does.
Is Pet Insurance Worth It?
Now that you understand what pet insurance is and what is included in the plans, you should know whether or not it’s worth it. If you don’t have a pet savings account or are living paycheck to paycheck, then investing in pet insurance can help when times get rough, and your fur baby comes down with a severe illness.
The last thing you want to do is have to say goodbye because you can’t afford the treatment. For a nominal monthly fee, you can get peace of mind knowing that some or all of your vet expenses will be covered when you need it most.
Get Top Quality Pet Care With Hampton Park Veterinary
If you don’t have much money saved or live paycheck to paycheck, then getting pet insurance can benefit you. You can choose the plan that best fits your pet or wallet and have peace of mind that your pet will be covered in the case of an emergency. Hopefully, after reading this, you no longer have to ask, “is pet insurance worth it?”
Contact us today if you’re looking for top-quality veterinary care for your pet. We offer laser therapy, laser surgery, digital radiography, thermal imaging, and the safest vaccines and pet medication available.
