Is Pet Insurance Worth It?

We understand any pet owner will want to do everything in their power to ensure the best healthcare for their animals. However, vet bills add up and we know how important it is to not put any pet parent in a position to choose between the survival of their pet and their wallet.

Like health insurance for humans, pet insurance is a system made to alleviate some of the high costs of keeping a healthy pet. There are a variety of plans that can cover common scenarios like injuries from accidents to more specific genetic conditions for special breeds.

Most pet insurance plans cover injuries and illnesses to some degree, but some plans offer additional coverage such as veterinary exams, imaging (MRI, Cat Scans, etc.), surgeries, and more. You can also get coverage for alternative therapies, behavioral therapies, coverage for loss or theft, and even coverage for the death of a pet. With any health insurance plan, the more comprehensive the coverage, the higher you should expect the costs to be.

As with human insurance, there are premiums that take into account a variety of things like breeds, the age of your pet, and the varying veterinary care costs across geographic regions. Many plans have a deductible that you must pay out of pocket before your coverage kicks in. This deductible can be anywhere from $0 – $2,500 a year with higher deductible plans typically giving you a better percentage of your money back through reimbursement.

Pet insurance largely works through reimbursements. Unlike health insurance for humans in the United States, which works primarily based on copays (paying a certain percentage out of pocket as soon as you see a doctor), pet insurance works in that you pay the full amount due upon receiving care for your pet and you pet insurance company will reimburse you anywhere from 20-100%, depending on your plan.

Try not to get too hung up on costs though! Pet insurance averages out to about $22/month for dogs and $16/month for cats. For just a few quarters a day, you get peace of mind that your pet will be taken care of, from routine checkups to the resulting injuries when tragedy strikes.

If you are interested in pet insurance, compare your options, look at premiums and deductibles, and never be forced to break the bank just to save your pet’s life.