Is pet insurance worth it? The pros and cons of pet insurance
You can’t imagine doing anything for your furry friends. You’re not the only one who feels this way about your pets. According to a 2015 poll, 95 percent of owners consider their pets family members.
Even though animals may not have the exact needs as people, it is essential to ensure that your pets receive the same care and love you would give any family member. While you provide nutritious food and a loving environment, you wonder if your efforts are sufficient to ensure that the pet receives quality medical care.
You already have basic needs covered by taking your pet to the veterinarian every year for a wellness checkup. Even with all these precautions, your pet can get in an accident or become ill. Pet insurance will help you to reduce the financial burden in these situations. Is pet insurance worth the cost?
We have done all the legwork for you and revealed both the benefits and drawbacks of pet insurance. Continue reading to learn if a pet insurance plan is right for you.
Is pet insurance worthwhile? The case about pet insurance
There are many benefits to purchasing a plan. Continue reading to learn the simple reasons why you should consider pet insurance.
You won’t be forced to choose between your pet or your bank account
Pet insurance offers peace of mind and is a great reason for animal lovers to consider making the investment. Many people find it difficult to pay for the veterinary care needed for their pets. Some people have had to make the difficult decision to end their pet’s life because they could not afford the treatment.
A good pet insurance plan can reduce costs significantly and sometimes cover thousands of dollars that would otherwise have to come from your pocket. It’s a safety net.
It is easy to bill
If you have ever had to cancel your health insurance, it might be prudent to not purchase a pet insurance policy. The process of getting pet insurance is much simpler. To get your reimbursement, you first pay the entire cost of treatment upfront. In most cases, you will receive funds by check or direct deposit within a few days. It may take longer for more complicated claims.
Three things determine the actual reimbursement payment: your deductible, annual maximum (if you have one), and reimbursement level for covered expenses. A copay is another way to express the reimbursement level. A copay of 10 percent is equivalent to a reimbursement level of 90 percent.
You will also have to pay a monthly premium. You’ll need to compare plans so you can choose the one that best suits your needs. It is not a good idea to have a plan that provides so much coverage that it costs too much. However, it is not a good idea to choose a plan that doesn’t provide substantial assistance in the case of a major incident.
You have the option to choose your vet
There is no need to worry about finding a small-animal veterinarian within your pet insurance policy’s network. Your insurance provider handles your claim reimbursement. Veterinarians are not part of this process. This system allows you to select any veterinarian that you like.
Although plans typically require that the veterinarian must be licensed, it is a good idea to seek out a licensed professional. If you travel frequently with your pet, some plans include veterinary care in other countries.
Other expenses can be covered by plans
You’ve likely noticed a wide range of coverages when you start comparing pet insurance plans. It might surprise you to learn that some plans will cover more than medical expenses. Many pet insurance plans offer reward costs and advertising in the event that your pet is lost or stolen.
Is pet insurance worthwhile? The case against dog insurance
Although pet insurance is a great option, it is not right for everyone. These are just a few of the reasons to reconsider buying a pet insurance plan.
Some health issues are not covered
There are many options for pet insurance coverage. Some plans offer only protection in the case of an accident. This type of insurance won’t cover your pet if they are diagnosed with cancer or other serious illnesses. Some providers offer comprehensive packages that cover everything, from routine wellness exams to behavioral treatments.
Pre-existing conditions are subject to limits. This includes any condition your pet is currently being treated for, or one they have been treated for previously. Pre-existing conditions are usually covered. Be aware that your pet’s exclusions may mean that you will not be reimbursed for medical treatment.
Insurance providers may not cover certain medical conditions that you might have later. NerdWallet explains why some plans won’t cover hip dysplasia. This is a common genetic condition in large dogs.
Certain animals are subject to restrictions
There are many insurance options available for dogs and cats. There are very few options for exotic animals, such as snakes, birds, and other exotic species. Don’t forget about health conditions, as the most common diseases among exotic animals can vary.
You’ll see age and breed restrictions for both dogs and cats. Certain breeds are not allowed in plans due to the risk of developing certain conditions such as hip dysplasia. Age restrictions typically require that your furry friend must be at least six weeks of age. Some providers have a minimum age requirement for enrolling pets, usually between 10 and 14 years.
Plans can be costly
Depending on the extent of your coverage, premiums can be quite different. The most comprehensive plans tend to be the most costly. How many pets will you be covering can also impact the price. When comparing your options, be sure to ask if there are multi-pet discounts.
Keep in mind that pet insurance doesn’t just save you money, it also provides a safety net. Pet owners who use pet insurance will pay more than what they save. This cost might be too much of a deterrent to some pet owners. However, you might consider putting your personal belongings at risk to save some money by opting for renters or homeowners insurance.
Take care of your furry friend
It is a major decision to decide whether you want pet insurance. We hope you found this information helpful in helping you decide the best way forward. If you have any questions, you can always ask your vet. They can give their opinion and possibly recommend plans that might be worth considering.
It is also important to consider the type of animals that live in your home. There are many needs that dogs, cats, lizards, and rabbits have. Some animals require more frequent vet visits than others. You can learn more about keeping your pet healthy by reading our article Taking care of animals: Tips for pet owners.
