Pet insurance – Is it your rip off or your good deal?

Provided that the life expectancy of our pet lengthens, its corresponding health costs may continue to increase. In this article, we will discuss pet insurance in more details.


Purchasing pet insurance can be both an emotional and economic decision which is based primarily on our own financial situation as well as what you are willing to spend money for the peace of your mind. Regarding matters related to their pets, some people may spend lots of things to provide them with the highest-quality medical care. Likewise, they consider their pets as members of their family.

Veterinary specialists may do amazing things nowadays — from cancer treatment to heart surgery — if their customers are able to afford their price tag. However, a recent Associated Press survey stated that a large number of owners of pets (40 percent) are worried that they might not pay for their sick dog or cat’s medical bills.

Why do we need the pet insurance?

In this circumstance, can pet insurance be our answer? In my opinion, my answer may be the same every time: It depends. If you know the suitable policy, it will be your valuable asset to your pet’s healthcare as well as have the significant impact directly on your bill which results directly from your visit in an emergency situation.

Consumer groups may have a various take on their pet insurance. In case of acquiring it before your pet’s emergency occurred, it should move forward and offers you several reasonable treatments which will help your pet.

Let’s me tell you a real story. When an editor gave a customer some hypothetical medical issues in order to boost his vet bills up to $12,000, maybe 5 of the 9 policies were spent more than their actual costs. For this reason, we may draw our conclusion as the pet insurance is not worth its cost for a healthy animal.
Consider carefully before purchasing the pet insurance for your healthy cat or dog.
You may believe that it makes sense to bring a hundred dollars annually right into our household fund for emergency cases to deal with serious health issues of our pets. Both Checkbook and Consumer Reports advise against purchasing insurance in order to cover the care of their routine wellness. They say that such action is your own expense to cover and I totally agree with this idea.

All you can do now is to make payment to your vet directly, instead of paying the insurance companies and they get a long way round to come to your vet. Then, you can avoid the sales costs and overheads from your insurance company.

What does your pet eat?

Believe or not, knowing what your pet typically eat will affect the amount you have to pay for their wellness care. Many of you may ask me why. The answer is quite simple. This knowledge will let you keep them away from dangerous things which push them to emergency situations requiring the involvement of the vet.

Following is the list of common items which vets may surgically remove right from the gastrointestinal tract of a pet.
  • Pantyhose
  • Balls
  • Socks
  • Rocks 
  • Underwear

Can consumers advocate to bark up their wrong tree? 

Insurance companies for pets argue that it is impossible for them to tell whether our furry friends have a serious accident or illness or is healthy during their lifetime. A recent survey regarding this subject tells us one in ten people insured by an insurance company for pets make their claims every month. Some customers may get back 600% percent in comparison to what they will pay for their premiums during their pets’ lives.

However, pet insurance cannot your savings account. Like other types of insurance, it is a good way to manage our risks. If you try to analyze the numbers of any pet insurance form, you will find out that almost all people may not get back the amount paid in their premiums. However, such people are happy enough for making this investment.

If you already decided to purchase the pet insurance, shop around 

The policies of the pet insurance vary greatly for each company. You only know what you are buying by getting one policy copy of the potential firms and see what is covered inside your package – and the most importantly, what is not.

You should look carefully at that fine print and you are not surprised even when you file your claim which will be denied later. You have to know the below matters before making your final decisions:
  • Does that policy pay in the case that your pet was being treated then dies?
  • Is there the required physical exam to get the coverage for your pet insurance?
  • Are you fully covered in case of traveling with a pet?
  • Is there something called your waiting period?
  • Are all prescription drugs also covered?
  • How many bill percentages do a pet insurance company pay — after its deductible?
  • Are payments usually capped in a typical way?
  • Can you pick up an animal hospital or a vet?
  • Are there a co-pays policy?
  • What about recurring or chronic medical problems?
  • Does the pet insurance plan cover the pre-existing conditions of your pets?
Most policies may not cover hereditary or congenital conditions. Trupanion can cover both, even with a few limitations. It is a considerably big plus, isn’t it?

Verdict

In the case that you truly love your furry friends and you do not have a sufficient fund to fully cover all emergency situation that might cost you lots of money, you may consider purchasing pet insurance. This way will let you get the low price if buying when your pets are young.

But remember that insurance was designed perfectly to cover us from the catastrophic loss in term of the finance. Therefore, choose the maximum deductible you may reasonably afford. And it will help reduce your monthly premium. Otherwise, you purchase pet insurance which will not be used, consider that yourself lucky. Provided that pets live much longer today, your using chances of the policy can be greater than before.

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