Is Pet Insurance Right For Me?
Pet insurance has become increasingly popular in recent years, with more pet owners considering it to provide financial support in case of unexpected accidents or illnesses. In this article, we will discuss the benefits of pet insurance, important considerations, and how to decide whether it is right for you and your pet.
What are the benefits of pet insurance?
- Financial protection: In the event of an accident or illness, pet insurance can help cover the costs of unexpected veterinary care, including emergencies, surgeries, medications, and diagnostic tests (see How Does Pet Insurance Work?).
- Peace of mind: Pet insurance can give you peace of mind knowing that if your pet needs expensive medical care, you will be able to afford it.
- Customizable plans: Pet insurance plans can be customized to fit your needs and budget.
- More affordable care: With pet insurance, you may have access to a wider range of veterinary care options that would normally be outside of your budget, including specialty care and alternative treatments like acupuncture or chiropractic care.
- Lifetime coverage: Some pet insurance plans offer lifetime coverage, meaning that your pet will be covered for any ongoing or chronic conditions they may develop over time.
What are the important considerations?
- Cost: Depending on the level of coverage you choose and the deductible and co-payments you select, monthly premiums average around $50 for dogs and $30 for cats - but you can customize your policy to fit your budget.
- Exclusions and limitations: Pre-existing conditions, certain breeds, and some treatments may not be covered by your policy (see How Do I Choose the Right Pet Insurance?). Additionally, some pet insurance plans may have limits on the amount of coverage you can receive each year or over your pet's lifetime. It is important to enroll while your pet is healthy before pre-existing conditions arise.
- Reimbursement process: Most pet insurance policies work on a reimbursement basis, requiring you to pay for veterinary care out-of-pocket and then submit a claim to your insurance company to get reimbursed. This can be challenging for pet owners who cannot afford to pay for veterinary care upfront - but there is also no network to worry about so you can use your pet insurance at any licensed vet practice (find an AAHA-accredited veterinarian).
How do I decide if pet insurance is worth it for me?
- Is your pet healthy? It is best to enroll before pre-existing conditions arise. Most people enroll within the first 6 months of adoption. If your pet is healthy, regardless of their age, you should consider pet insurance, as there is a high likelihood that issues will arise in the future.
- Does your pet already have several pre-existing conditions? Insurance may not be the best option for pets with numerous pre-existing conditions.
- Do you want peace of mind? Many people see their pets as family and decide to enroll in pet insurance because they do not want to have to choose between their financial wellbeing and their pets’ health. With the right pet insurance, you have the peace of mind that your covered costs (unexpected accidents & illnesses) will be reimbursed 60%-100% depending on your policy.
Pet insurance can be a valuable investment for pet owners who want financial protection and peace of mind in case their pet falls ill or gets hurt unexpectedly.
Researching different pet insurance plans can help you find a solution with sufficient coverage that suits your budget. Pawlicy Advisor is AAHA’s Preferred Business Provider for pet insurance, as they help pet owners make an informed decision when comparing top companies and provide personalized recommendations unique to you and your four-legged family member.