When a new pet owner gets their first big vet bill, it’s one of the things that surprises them the most. Most routine checkups are affordable, but veterinary costs that come out of the blue are unfortunately very common. Many things could go wrong, such as curious puppies, busy streets, noisy dog parks, and common genetic traits. Every six seconds, a pet owner gets a bill from the vet for more than $1,0001.
Usually, emergency vet care costs more than that, but pet insurance can help you out if you are in that situation. If your loved one has a mishap or gets sick, you won’t have to worry about your monthly budget because you know they will get the medical care. Dealing with a sick pet can be stressful enough, and insurance lets you worry about one less thing.
But when your four-legged friend is young and healthy, it may be hard to see the point of pet insurance. We’re here to help if you’re thinking about pet insurance but aren’t sure if now is the right time to sign up. This article will hike you through the various things you should think about to help you decide if pet insurance is a good idea for you.
Is insurance for pets a good deal?
Pet owners’ biggest worry is that pet insurance is “a waste of money.” The argument seems clear: if you don’t use your insurance, you aren’t getting your money’s worth, so pet insurance may not be a good deal.
But like many other kinds of insurance, pet insurance is meant to protect you from financial risk. You have no way of knowing if your pet will get sick or hurt badly enough to need expensive veterinary care. You might not use all of your coverage all the time, but you never know when you might need it.
You know that you won’t have to pay a veterinarian thousands of dollars with insurance. If you don’t have it, you might have to use your savings or pay off expensive credit card debt to pay for your pet’s vet bills.
The picture above shows how much you can expect to pay2 for emergency veterinary care for common problems like accidental poisoning and serious injuries. Without insurance, you must pay for these costs out of your pocket. However, with a good plan, you’d only have to pay a small portion of what you see above—as little as 10 percent, depending on your plan. Most people agree that pet insurance is a good deal because that would turn a $5,000 bill into $500.
How do you notice your future as a couple?
When deciding if pet insurance is important, it’s important to think about how much money you’d save now and in the future. For example, a pet wellness plan can reimburse you dollars for money spent on preventative care, like flea and tick medicine, to keep more money in your pocket right now.
But insurance is also a big part of making sure your pet stays healthy in old age. Even though it sounds dramatic, an insurance plan could save the life of your pet.
Veterinarians and pet owners don’t like to talk about “economic euthanasia,” but it’s important to think about how you’ll protect your pet from it. When this happens, a pet owner has to choose between A) paying for the expensive care the animal needs to live comfortably or B) putting the pet to sleep so it doesn’t have to suffer.
Recent data3 shows that about 500,000 animals are put to sleep every year because of money. As pets live longer, veterinarians also think that economic euthanasias go up by 10 to 12 percent each year.
If you sign up for pet insurance when your pet is young, it will be easier to pay for treatment if they get sick with something serious and unexpected, like lymphoma. This will make them more comfortable and give you more time together.
Even if your pet is very healthy and you don’t use your insurance plan for a few years, you can still save thousands of dollars in the long run. Think about how much it would cost to take care of someone with a long-term illness or if a loved one got hit by a car and you had to pay for emergency care. The money you spend would be well worth it, especially if it lets them get a life-saving procedure that keeps them from dying too soon.
Why pet insurance is a good idea
We’ve given you a few examples of why pet insurance is important, but here are some more benefits you might not have thought of.
Don’t worry
Peace of mind is one of the most important things you can get, and you can put a price on it. You can be sure that your pet will always be in good hands every day because you have coverage. If something bad transpires, you won’t need to worry about money and will be able to spend time with your partner.
More ways to get treatment
Many pet insurance plans also cover holistic and alternative care for pets, like physical therapy, chiropractic services, and acupuncture. If you want coverage for alternative treatments, scroll down to see “Alternative Therapies” in the “Coverage Details” section. You can find out what treatments are covered by the plan you chose.
Choices of veterinarians
Most pet insurance plans don’t pay the vet directly, different from human health insurance. Instead, they pay you back for a portion of the out-of-pocket costs you pay for covered veterinary care.
Even though you usually have to pay the vet before getting reimbursed, you can go to any vet you want. There are no vets who are “in-network” or “out of network.” If you like your vet, you can keep going to them even after getting insurance.
Multiple pet reductions
So that various animals as likely can be protected, many pet insurance companies offer discounts to owners who sign up for more than one pet. If you sign up for more than one pet insurance plan, you can save money on your monthly premiums.
Personalized policies
You don’t have to get pet insurance that fits everyone the same way. You can use Policy Advisor to compare pet insurance companies and look for customized plans based on price, reimbursement rate, etc. You can add a wellness plan for as little as $10 per month if you want extra coverage for routine care like cleaning your dog’s teeth.
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