The Basics of Pet Insurance

Have you explored the potential benefits of pet insurance?

Pet insurance is a valuable type of coverage that can help us fund the care of our furry friends. Typically, the cost of this coverage is determined by the type of pet, the pet’s age, and the pet’s sex. The coverage functions very similarly to a traditional health indemnity plan, meaning that costs would be paid out of pocket up front and then a predetermined percentage of the cost would be paid back to you once the claim is settled.  

In general, pre-existing conditions are not covered by pet insurance, so it is in your best interest to purchase a policy when your pet is young and healthy. Too often people will abandon a pet when they find the cost of care is too high for them to maintain, so pet insurance may be a good option for them, but not for everyone.

Pet health care costs vary widely, depending on the region you live in, and what kind of care your pet may need. According to the American Pet Products Association a dog owner will spend, on average $212 per year on routine vet visits, while cat owners pay out an annual average of $160 on routine care, Heartworm tests can tack on another $35 to $75 annually, with monthly medications costing from $6 to $18 apiece. This means the annual cost can range between $107 and $291 for heartworm prevention, while flea and tick prevention can cost from $40 to $200 per year.

Even a healthy pet may need emergency care, ranging from a few hundred dollars to thousands. Wound treatment and repair, for example, can run as high as $1,500 for a dog. Emergency surgery for a large dog can cost at least $2,500. In fact, emergency room bills for pets can run as high as $8,000 when adding in hospitalization costs.

How much you pay for pet insurance varies greatly. Monthly premiums can range from as low as $10 to higher than $100, though most pet owners can expect to pay between $30 and $50 per month for a plan with decent coverage. There are however some pet insurance options that have breed-specific exclusions, so it could cost extra to cover specific breeds. For instance, bull-dogs often have respiratory issues, which may increase the premium payment for bull-dog owners.

It’s important to read the details. Many plans limit the amount you can claim, either annually or over your pet’s lifetime. If your pet suffers a major medical problem, you could quickly max out your plan’s limit and find yourself paying the difference.

It is easy to see the need for health insurance for a person, but many people don’t account for the costs associated with caring for a sick or injured pet. Pet insurance in combination with a preventative care rider can go a long way to ensuring that our furry friends live a happy and healthy life in Harmony with us. Do yourself and your pet a favor and get a quote for pet insurance today to see if it might be a good fit for you!