If your pet was hospitalized tomorrow with a serious injury, could you afford the bill?
Many of us view our pets as family, and of course they are! With advances in veterinary medicine over the past decade, we now have access to advanced medical care for our pets – including cancer treatment, advanced surgical procedures, and critical care that rival medicine on a human level.
As wonderful as it is to be able to provide this lifesaving care for our fur friends, it certainly doesn’t come cheap. Canine Journal estimates the annual cost of pet care to be over $ 1800 per pet. So it’s no wonder some families struggle financially to provide the kind of veterinary care they want for their pet.
Enter: pet insurance. Designed to bridge the gap between medical care and cost, pet insurance can offset the financial burden of unexpected injury or illness on our pets. But is the monthly cost worth it? The pet experts at the hospital delve into this question, so you can weigh the costs and benefits for yourself.
Pet Insurance 101
Unlike our preventive care plans, which are monthly plans to make wellness care more affordable, pet insurance is designed to help pet owners cope with the cost of unexpected injury or illness. There are now some insurance companies that also cover preventative care, such as exams, vaccinations, and dental cleanings. However, these policies are generally more expensive on a monthly basis.
Most pet insurance companies expect pet owners to prepay for veterinary services and then submit invoices for reimbursement when care is complete. For this reason, many pet owners choose to have a care credit account as well, to cover these costs while the insurance company sends you the refund amount.
Unlike human medical insurance, pet insurance does not require pet owners to choose a specific provider, meaning your pet’s policy will cover visits to any veterinarians your pet has. need, including an emergency clinic or specialist.
Comparison of apples and apples
There are now many pet insurance companies offering coverage, so it’s best to do a little research before selecting one. Choosing a plan that works for your financial situation is a personal decision, but comparing apples to apples will be on your way.
- Monthly costs (premium amounts)
- Deductible amounts
- Limits (age, duration, accident)
- Exclusions (race, congenital)
- Waiting periods (some policies take time before policies take effect)
- Maximum Payments
- Add on costs
- Pre-existing conditions
You can also consider online customer service and reviews when selecting the right plan for you and your pet.
Many employers now offer pet insurance plans as part of their employee benefits package, so check with your company to see if this is the case for you.
No insurance company covers pre-existing conditions. So it makes sense to sign up asap, (as a puppy or kitten is ideal) before pre-existing conditions arise (which won’t be covered).
Peace of mind is priceless
For some, the peace of mind that a pet insurance policy can offer is simply priceless. Pet insurance could very well save your pet’s life. If your pet has a serious injury or is diagnosed with cancer, having an insurance policy can allow you to focus on your pet’s medical care rather than how you will pay for the treatment.
If you have any questions about pet insurance, please do not hesitate to contact us. Many members of our team have pet insurance policies and we are happy to share our experiences with the different companies.