How To Take A Bite Out Of The Rising Costs Of Pet Care

Anatole France is credited with saying – “Until one has loved an animal, a part of one’s soul remains unawakened.” Americans largely share France’s sentiment and account for one of the largest pet-owning populations in the world.

Owning a dog or cat is emotionally rewarding but the rewards don’t come without responsibilities attached:

• Proper diet and exercise.
• Medical Care and attention.
• Regular vaccinations and immunization shots.
• Creating a strong emotional bond
• Pet health insurance if you cannot afford to pay for unforeseen accidents and illnesses out-of-pocket.

Similar to a life insurance policy or medical insurance for people, investing in an insurance policy that reimburses you for the veterinary costs to treat accidents and illnesses can save you tens of thousands of dollars over your animal’s life. But is pet insurance worth it? Well, not for everyone.

To determine if pet insurance is worth it for you, start by calculating the out-of-pocket cost for medical treatment vs. the total pet insurance cost.

The thought process counts

Some pet owners find it useful to consider pet insurance as an investment in the health and happiness of their furry family members instead of a sunk-cost and pure liability. However, what this approach fails to account for is the financial sense that pet insurance makes.

The numbers matter

Depending on the type of coverage you choose and the health status and breed of your pet, your average monthly expenses can be as low as $7 and as high as $500, with the average monthly premium coming in at around $30.

Contrast these numbers with the cost of a single emergency medical procedure that can eclipse the $25,000 mark. Like any insurance plan, you’re paying a bunch of small payments for protection and peace of mind knowing that if bigger costs do arrive one day, you and your pet will be covered.

When should you invest in pet insurance?

Just like insurance for human beings, younger animals are much cheaper to insure than older ones are. And veterinary experts recommend enrolling your pet in coverage immediately because:

• Kittens and puppies are more likely to get sick or injured in their first year of life than all of the other years combined.
• Costs of insurance may be higher as the animal ages and pre-existing accidents or illnesses are not covered.
• An emergency can happen at any stage of your pet’s life.

So why wait until something unforeseen befalls you and your pet? Not only will pet insurance cost be higher for an older pet but in a few cases your pet may even be denied insurance coverage after an accident or illness.

How to choose the right plan?

The easiest thing that you can do is to go online and do some research. While there is no denying that veterinarian care can be expensive, you can certainly ensure savings with a perfect pet insurance plan.

All details such as the longevity or the reputation of the insurance company, price quotes, the process of settlement of medical bills and even the kinds of accidents and illnesses that are covered etc., can be found when you go online and visit websites of pet insurance companies.

What do the plans cover?

Typically, you can find an entire range of problems covered by pet insurance plans. Some of the most common components are:

• Accidents.
• Illnesses.
• Congenital conditions.
• Hereditary problems.
• Routine care that can also include wellness programs.

You should also be able to find a plan that covers the specific breed of your pet. After all, some pets are prone to specific problems whereas other breeds may not have these problems. Your money that goes towards meeting your pet insurance cost will then be money truly well spent.

Tags: Pet insurance

Category: Family Finances