Pet insurance may seem like a relatively new concept, but it has been around for quite some time. In 1982, Veterinary Pet Insurance (VPI) issued the first pet insurance policy in the United States. That pet just happened to be Lassie, the most famous canine TV star in the world [source: Embrace Pet Insurance ]. More than 25 years later, the popularity of pet insurance has skyrocketed.
Pet insurance may seem like an unnecessary expense for most pet owners, but the American Veterinary Medical Association reports that Americans alone spent more than $24.5 billion on pet health care in 2006 [source: AVMA ]. This begs the question: How much could you afford to spend if your pet has a medical emergency?
As veterinary science continues to advance, procedures and equipment that have not always been accessible to veterinarians are becoming more readily available. As a result, veterinary bills continue to rise. In fact, some of the new procedures cost more than $5,000.
If you’re considering pet insurance, you might want to consider this: The average monthly cost to insure a dog, one of the most expensive pets to insure, is $28. That’s roughly $336 a year. In 2006, the cost of veterinary care in American homes for all pets averaged $366.
It is important to understand that paying for insurance will not cover all of your veterinary expenses. You still have to pay deductibles and co-pays, and you have to limit how much your policy will pay annually, but it can’t cost much more than you’re already spending annually. In the event of a major emergency, you could save thousands.
If you are the type of person to go into debt to save your pet’s life, pet insurance may be a better alternative to shelter. Several companies offer affordable policies that are tailored to your specific pet. We’ll learn about them, and more, on the next page.
A European trend
It is estimated that 50 percent of Swedish pet owners carry pet insurance while 25 percent of Britons choose to do the same. In the United States, the number is less than 5 percent.
Pet Insurance Plans
The number of companies offering pet insurance has grown tremendously in the last decade. If you have a dog, cat, bird, or some type of exotic pet, there is a policy out there to meet your needs.
Veterinary Pet Insurance (VPI) has been around the longest and holds a staggering 71percent market share. They offer policies with coverage for laboratory expenses, surgeries, prescriptions, and office visits. They even have policies for birds that cover self-mutilation and feather-harvesting. Don’t worry if you don’t own a dog, cat, or bird – coverage is available for hamsters, pigs, sugar gliders, lizards, and a host of other exotic animals. The most popular pet insurance plan offered by VPI is called the VPI Superior Plan. Under this policy, pets are protected in case of accidents, illnesses, x-rays, surgeries, cancer, prescriptions, and hospitalizations. The maximum annual benefit is $14,000. VPI also offers more expensive – and expansive – plans that cover everything from vaccinations to dental procedures.
Unfortunately, there are currently very few companies that offer coverage for animals with pre-existing problems and hereditary conditions. One company that offers insurance for genetic diseases is Embrace Pet Insurance. They will cover your pet’s surgery, chemotherapy, or any other procedure related to your hereditary condition source. There are several companies to consider in your search for pet insurance. Well-known pet insurance companies include VPI, Petcare, and Pet Assure. If the idea of shelling out big bucks is hard to stomach, there is an insurance plan out there that suits your pet’s specific needs and your budget. The next page will help answer some of your questions about insurance costs.
The cost of a pet
The average annual cost of owning a dog is $730, and some dogs can live well into their teens. That means a dog that lives to be 15 years old will likely set you back $10,950, and that doesn’t include incidental medical expenses.
pet insurance costs
The costs associated with pet insurance are the same costs associated with your own health insurance. That said, insuring your pet’s health is much cheaper than insuring your own. You have to deal with monthly premiums, copays, and deductibles no matter what. However, in the event of a pet’s medical emergency, the correct policy can save thousands. On average, pet insurance policies cost anywhere from $9 to $40 a month. Cats are slightly more expensive to insure than birds and other exotic animals, while dogs are more expensive to insure than cats. It makes sense. The bigger the animal, the more it costs to insure. Fortunately, bargain hunters have plenty of providers to choose from, including PurinaCare and Pet first Healthcare. Additionally, the American Kennel Club (AKC) and the ASPCA both carry their own pet insurance plans.
According to Veterinary Pet Insurance (VPI), the world’s largest provider of pet insurance, the deductible per incident is going to be around $50 and your co-pay will be 10 percent. From there, the costs depend on your insurance plan. Under VPI’s standard plan, the annual premium for a dog is $134 and $94 for an adult cat. Under the VPI Premium Plan, the premiums jump to $239 and $164, respectively. Mature dogs and cats will cost a bit more, as they are more likely to have medical problems caused by old age. The Standard plan offers a $2,500 accident cap, while the Superior Plan adds $2,000 to that total [source: Weston ]. In case of an emergency, pet insurance can be a lifesaver. Preparing for a medical emergency in advance can save you from having to euthanize your pet for financial reasons. Read the next page to learn how to choose among pet insurance options.
Can chocolate really kill a dog?
Yes! Some types of chocolate contain methylxanthines, which can cause vomiting, diarrhea, tremors, seizures, and even death in dogs. Giving out a candy bar where your dog can get its paws on it could lead to hundreds of dollars in medical bills for your beloved pooch.
Choosing the Right Pet Insurance
Choosing the right pet insurance for your pet can be stressful, but it doesn’t have to be. It may seem overwhelming at first glance, but the benefit of having so many companies – and policies – to choose from is that you’re sure to find one that suits your needs. The first thing to consider is your budget. You don’t have to spend a ton of money to get a policy that will save you thousands of dollars in the event of an emergency.
You can get a good policy for the amount of money you’d save by skipping your morning coffee once a week. When looking for the right policy to fit your pet, the first expense you’ll run into is your premium, which can range from less than $100 to $500 a year, depending on the type of pet you have, the age of your pet and the amount of coverage you want. You will also have a copay and a deductible, which vary depending on your premium. You will need to consider any hereditary conditions your pet may have. Very few companies offer coverage for animals with pre-existing conditions, but there are a few that offer coverage for genetic conditions, which can save you a large sum of money in the long run. Some companies also offer multiple pet discounts, which can save you a ton of cash. You will also want to make sure that your chosen policy allows you to use a veterinarian you approve of or a specialist if your veterinarian does not offer the treatment your animal needs. Most pet insurance plans don’t require you to choose a vet in their network, so you’d have the option to see any vet you like. However, you should verify this with your insurance provider. To make sure you’re choosing a financially sound company that will be able to cover your pet’s medical expenses, check their history on the Better Business Bureau website. Each pet and owner will have specific needs when it comes to health insurance. With a little research, however, you will be able to find a policy that protects you and saves you money in the long run.
2022-02-02