Pros and Cons of Pet Insurance

You probably know that pet insurance could help you cover the costs of unexpected veterinary bills. But this peace of mind can be expensive, especially if your pet is older. Not only do you owe ongoing pet insurance premiums, but꧋ you’ll also owe out-of-pocket expenses whenever you go to the vet.

So, when does having pet insurance make sense? Let’s dive deeper into the pros and cons to see 𒉰whether pet insurance is 🐟right for your wallet and pet. 

What Is Pet Insurance?

Pet insurance is similar to human health insurance, but it’s for the furry members of your family. Veterinary bills can add up quickly if your dog, cat, or other pet gets sick or injured. According to the American Veterinary Medical Association, the cost of veterinary care averaged $354 per household in 2020 and accounted for one-third of total spending on pets. Also, insurance could save you 澳洲幸运5官方开奖结果体彩网:thousands of dollars if your pet needs emergency surgery. 

Though each policy has slightly different terms and conditions, typically, you’ll get reimbursed for a portion of your pet’s eligible vet visits and treatments. For example, a policy might cover 80% of vet bills, leaving you responsible for the remaining 20%.

What Does Pet Insurance Cover? 

Pet insurance coverage varies based on the 澳洲幸运5官方开奖结果体彩网:type of insurance you select. There are three main types, and choosing a plan that’s a good fit depends on your circumstances and what you c✅an afford:

• Accident only: These plans cover expenses for care related to injuries or accidents, such as your puppy falling off the couch and breaking a leg or your cat swallowing a foreign object. 
• Accident and illness: This type of plan is the most comprehensive. It covers both accidents and illnesses, including many chronic conditions. 
• Wellness care: The other two plans don’t cover preventive care, such as routine well-pet visits and vaccinations. Wellness care coverage helps with those expenses. 

While your exact coverage varies based on your policy, here are a few things that 澳洲幸运5官方开奖结果体彩网:usually aren’t covereꦆd by pet insurance: 

• Pre-existing medical conditions
• Services related to breeding or pregnancy
• Preventable diseases
• Boarding or kennel fees
• Taxes
• Grooming
• Experimental treatments

Pros and Cons of Pet Insurance

Even though 澳洲幸运5官方开奖结果体彩网:pet insurance can give you peace of mind, it’s not right for every pet owne𓄧r. To help you decide, let’s look at a few pros and cons. 

Pros Explained

• Saves you money on unexpected vet bills: When your pet needs to visit the vet or get treatment for a covered reason, your insurance helps pay the bill. This can help save you money and give you peace of mind, especially if your pet requires 澳洲幸运5官方开奖结果体彩网:expensive surgery or ongoing care. 
• May allow you to consider more treatment options: No pet owner wants to make decisions based solely on financial reasons. However, if you don’t have insurance, you may have to since you’ll be responsible for the bills. With a policy in place, you’ll have more treatment options to consider.
• Helps you budget for pet care: By paying a fixed monthly premium, you can more easily add “pet care” as a line item to your budget. This lets you spread out the cost over the year instead of paying for a vet visit all at once. 
• May cover hereditary or chronic health problems: Some breeds are prone to hip dysplasia. Others may have a higher chance of getting diagnosed with epilepsy. If your dog develops one of these hereditary problems after being insured, your insurance may cover it.

Cons Explained

• Often costs more in premiums than you get back: If you have a healthy pet, you may not need to use your pet insurance benefits much. In fact, an analysis by Consumers’ Checkbook found that most people wouldn’t break even unless their pet had major health problems, and even then, they would only come out ahead with if they had a good policy with 澳洲幸运5官方开奖结果体彩网:affordable premiums. 
• Plans may have deductibles, copays, or co-insurance: Premiums may not be your only expenses for your pet insurance. You’ll often have deductibles, co-pays, or co-insurance to cover out of pocket when your pet needs vet care. Be sure to read the details of your plan carefully. 
• Many plans require you to pay upfront and then get reimbursed: Typically, you must pay your vet for services rendered. Then, you can submit the claim to your pet insurance for reimbursement. This can take time. 
• Premiums increase over time: The older your pet gets, the more likely they are to get sick. Expect your premiums to increase throughout the years. 
• Many kinds of care are excluded, including wellness and treatment for pre-existing conditions: If your pet is already sick or injured, it’s too late to get coverage for that specific reason. It’s important to enroll while your pet is still healthy. Regular wellness visits to the vet are usually not covered either, unless you have a wellness coverage add-on or a separate wellness policy.

Does Pet Insurance Make Sense for Me?

Here are some scenario🍎s where having insurance might be a good move: 

• You’d do anything for your pet, but you don’t have a lot of cash saved in the bank for unexpected veterinary bills.
• Your pet is at higher risk for accidents due to your lifestyle (such as an outdoor dog that runs around off-leash).
• You have a breed that’s prone to certain health challenges. 
• Your pet is young and doesn’t yet have any health problems.
• You want the peace of mind that comes from this coverage.

However, pet insurance isn’t for everyone. Here are some reasons why pet in൲sur♉ance may not make sense for you: 

• Your pet is older and already in poor health.
• You have money saved to cover large, unexpected expenses.
• You wouldn’t choose to have certain major procedures done on your pet, even if you could afford to pay for them.
• Your pet has already been diagnosed with a chronic condition.

Frequently Asked Questions (FAQs)

The Bottom Line

Pet insurance, while an additional monthly cost, can be a lifeline in financially strenuous situations. This coverage can mean the difference between life and death if you can’t afford to 澳洲幸运5官方开奖结果体彩网:pay for large veterinary bills out of pocket. However, most pet owners won’t have the kinds of expense🧔s that make pet insurance worth the cost. Each pet owner’s situation is unique. Be sure to weigh the pros and cons of getting coverag𝐆e before making a decision.