Pet Insurance: Is It Worth It?

As pet owners, we will do everything in our power to ensure our pets live long and healthy lives. If our pets are sick, there is no question that we want the best healthcare for our furry friends. The last thing any pet parent wants to face is a choice between saving their pet or saving their bank balance.

That is a choice many pet owners have had to make in the past, but it doesn’t have to be that way! There is a plethora of pet insurance policies available to ensure a safe and healthy pet. Like human health insurance, pet insurance helps pet owners alleviate the high costs of keeping their pets in top shape.

Pet insurance plans cover a variety of scenarios, such as injuries from accidents to less common and more specific scenarios like hereditary conditions. Most insurance plans cover injuries and common illnesses, however there are some plans that provide additional coverage including, but not limited to:

  • Veterinary exams
  • Imaging (Cat Scans, MRI, etc.)
  • Surgeries
  • Alternative therapies
  • Behavioral therapies
  • Loss or theft
  • Death of a pet

As with any health insurance plan, the more coverage you desire, the higher the costs will be. Pet insurance, like human insurance, has premiums that take into account animal breed, age, and your geographic region as pet healthcare costs vary across the country.

Pet insurance policies also have deductibles that you can expect to pay out of pocket before your coverage kicks in. This can be anywhere from $0-$2,500 a year (though higher deductible plans generally give you more of your money back through reimbursements).

Speaking of reimbursements, that is primarily how pet insurance works. Human health insurance in America is largely based on copays, meaning you pay a certain percentage of the costs of healthcare out of pocket right at the doctor’s office.

With pet insurance, you pay the full amount of the care as soon as your pet receives it, file the claim with your pet insurance company, and receive a reimbursement at a later date anywhere from 20%-100%, depending on your pet insurance policy.

Please do not fall under the impression that pet insurance is unaffordable. Plans average out to about $22/month for dogs and $16/month for cats. All that for peace of mind that your pet will always receive the healthcare they need when tragedy strikes. Never make the choice between your pet and your wallet again.