Animal Health Insurance
Is Pet Insurance Worth the Cost?
Getting an animal is no small decision. There are a lot of costs to consider including food, toys, gear, and most of all, veterinary bills. While the cost of vaccinations and well-visits are two things for which you can budget, there are many unexpected health twists that can put you in a financial bind.
Below Dr. Rich will look at the Pros and Cons to consider when shopping around for health insurance for your four-legged friend.
Q: Is pet health insurance worth the cost?
While only you can answer this question, here is a scenario I have seen: A mini labradoodle jumps off the couch, lands wrong, and breaks its forearm. There goes 5k! Now the $500/year pet insurance that covered accidents doesn’t look too bad.
- Low deductibles – Unlike human health insurance, pet insurance generally has low deductibles averaging $150-200/year.
- Serious illnesses – If you are looking to safeguard your pet against serious illnesses or catastrophic events then a pet health insurance plan will work well for you with affordable monthly premiums around $10 plus.
- Chose your own vet – Most health insurance plans let you choose your own vet as they are mostly reimbursement plans.
- Preexisting Conditions – Unfortunately, most pet health insurance plans don’t cover preexisting conditions. In this case, your money would best be spent toward future treatments.
- Routine Care – Surprisingly almost no plans cover routine well-visits. This is something you need to budget for before you decide to get a pet.
- Maximum Benefit – Regardless of the plan you choose, be aware that all have a maximum benefit each year.
There is a lot of information online so make sure to do your research, speak with your vet, and enjoy the lifelong benefits of being a pet owner to a healthy and happy animal!