We love our pets like family. They are a big part of our lives, and the idea of them getting sick is beyond our comprehension. What about pet insurance? Can having insurance help you save money when your pet does need medical attention? Let’s take a closer look at these products, what they cover, the cost, and knowing if you need it.
What is Pet Insurance?
Just like human health insurance, your pet’s plan pays a portion of your pet’s veterinarian bills. There are different levels of insurance, including some that will provide for regular wellness visits and vaccines and others that only cover catastrophes. They come at wildly different price points, so you’ll want to shop around to see what works for you.
What Does It Cover?
Pet insurance will cover accidents, illnesses, and more, depending on your plan. Accidents can include broken bones, bite wounds, and swallowed objects. It will typically cover the cost of diagnostic tests like ultrasounds or bloodwork and hospital stays. Illness coverage will handle cancer, arthritis, digestion problems, UTIs, and other medical conditions. It’s stressful dealing with a sick animal, and pet insurance can alleviate much of that anxiety.
Some insurance plans also cover:
- Congenital conditions
- Alternative therapies
- Behavioral training
- Prescription medication, food, or supplements
They don’t cover preexisting conditions or breeding costs.
What is the General Cost?
Much like some human health insurance plans, these products work by paying a premium monthly or annually. When you submit a claim, you’re reimbursed for a portion of the cost. Broken down, pet insurance costs an average of $35 per month for dogs and $28 per month for cats. Of course, the specific plan will influence the price, and plans are available for all budgets.
How to Know if You Need to Insure Your Pet?
I recently talked with two colleagues who said they should have pet insurance but don’t. A two-year-old Doberman has had three surgeries, and pet insurance would have saved a significant amount of money. The other had a cat for 17 years who survived two cancers, and the surgeries and treatments were expensive over four years. Today, the same colleague has a three-year-old cat who embodies the proverb “curiosity killed the cat.”
The best time to get insurance for your pet is before accidents or illnesses happen. Consider shopping around for insurance when you bring home a new puppy or kitten. But it’s never too late if your pet has no preexisting conditions. It could save you from going into debt to get your pet the care they need when they need it.
Do you have concerns about veterinary care and debt? Sign up today to learn more at Best Credit RX.