Is Pet Insurance Worth the Cost?

For many pet owners who consider their four-legged friends as their little kids - the members of their family, a topic to grapple with now is whether it is worth getting pet insurance or pet insurance is just a rip-off. This question is such a tough one. Like a medical coverage and a life insurance policy to cover and protect yourself and your family financially, insurance policies to protect your pets in an emergency situation are complicated. Below is something that we found out after analyzing the coverage and obtaining quotes from many pet insurance companies.

Is pet insurance worth the cost?
 By helping owners avoid making life or death decisions about pets, like medical bills for humans, pet insurance has gained so much attention from pets’ owners in the last decade and now it is hugely popular. But is pet health care coverage a good deal you should consider for your pet? What does a pet insurance cover? And how does it work? Your beloved friend’s health, plans, and increasingly growing cost – there’s much to be considered when it comes to pet insurances.

According to a recent report of the North American Pet Health Insurance Association (NAPHIA) and the Statistics Canada, there are about 85 million families in the USA own at least a pet and in Canada, more than 50 percent of households own pets. 95% of pet parents consider their four-legged friends as part of their family. At the end of 2017, there were approximately 2.1 million pets in the U.S. and Canada covered by a plan, which was up by 17 percent from the previous year.

Pet health care coverage even has a much bigger impact in other countries, especially those in Europe. For example, in Sweden, where the pet insurance industry got its start almost a century ago, about 50 percent of all pets are covered by a plan. Meanwhile, in the United Kingdom, the estimated number is 40-45 percent.

But even so, it is still difficult for a lot of dog, cat, and other pet owners to decide whether it is worth having a big expense (about $300 a year or more) on pet insurance or not.

Is pet insurance a good deal for your beloved friend’s health?

Is pet insurance a good deal for your beloved friend’s health?
 Making a decision on buying expensive health care coverage for your sick pets is as easy as you might have expected. It is not only an emotional strain, but it also has financial consequences. However, it depends on your income, your own financial situation as well as your ability and your willingness to pay for peace of mind.

When it comes to the lovely pets, there are some who spend whatever it takes to give them an asset to their health care as well as the best medical care possible, while there are also others who can afford the medical bills for a sick cat or dog in the event of a tragedy.

How does a pet insurance plan work? 

To you, your pet may be the whole world, but to your insurance companies, Fido or Fluffy may be worth its value on paper. That’s why the emotional value is not included in a quality pet health insurance plan. Whether it is for your popular or rare breeds, most pet health insurance plans share a few similar basics, which are not too hard to understand.
  • Choose a deductible (a certain amount before the policy kicks in): usually per incident or per year. Usually, the annual deductibles are not too high.
  • Select your co-pay. Don’t expect your co-pay to be much more than one-third of the worst-case scenarios’ cost. 
  • Pay for coverage on a monthly or annual premium.
  • Look for treatment at any licensed veterinarian: As long as the veterinary clinic is licensed, all pet insurance policies can be used. 
  • Submit Your Claim: It is easy to have your vet do most of the work for you and pay him/her directly and then get reimbursed for covered treatment.

What does a pet insurance cover? 

Pet insurance is primarily designed to cover the cost of vet fees for the treatment of injury, illness, dental care, alternative treatment as well as the purchase of prescription drugs to save you thousands of dollars. It not only works well when your pets get sick or injured unexpectedly, and these unexpected veterinarian bills pop up, but it also makes sure that their pets are always in good health condition.

However, like a regular health care coverage for humans, not all pet insurances are the same. And the difference when it comes to the number of policies and the kind of policies can vary significantly depending on the type of animal and the kind of plan you choose. In some cases, pet insurance will usually cover part of essential medical costs in an emergency, when your pets get injured or need veterinary treatment. In others, it helps pay for treatment of preventative care such as vaccinations or elective procedures like neutering when your pet is ill, plus some options of routine pet healthcare like teeth cleaning and worming. It seldom covers the whole thing. Moreover, some companies also include some premium policies like paying the cost of advertising, after your animal if you have to go into hospital, paying for the indemnities to pet parents if their four-legged friends are stolen, pass away, or go missing.

Does the dog, cat, bird, or lizard you are caring have incalculable value to your family? Don’t be one of 41 percent of pet owners, who are always extremely worried that they could not pay for veterinary services. Yet, to find out the best pet insurance for your friends, it is highly recommended to shop around the find the best deals!

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