Thinking about getting pet insurance for your furry friend? Not sure if it worth the money? You are not alone. This is not an easy decision and requires some serious thinking - and evaluation.
Is pet insurance worth it?
This is the big question - pay now or pay later. You do not know if or when you pet will get sick or hurt. Veterinary bills can be very expensive. Ask yourself how would you handle an unexpected bill for $100’s or $1,000’s of dollars? Even if you try to stash away some money, chances are you will come up short.
According to the American Pet Products Association, close to 70% of American households (that’s like 80 million! ) own a pet. The North American Pet Insurance Association indicates that only 2.43 million pets are insured (2018). This may sound like a lot, but it isn’t. Unfortunately, statistics indicate that one in three pets will need emergency veterinary treatment in a given year. Needless to say, most will not have insurance.
What type of insurance plan?
There are three types of pet insurance plans:
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Accident only – covers harm or injury caused by an accident
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Accident and illness - covers harm or injury caused by an accident and sickness or disease diagnosed by a vet
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Comprehensive cover - covers harm or injury caused by an accident, sickness or disease diagnosed by a vet and routine care
Usually preexisting conditions are not included in most plans. Sometimes there is an age limit for coverage. So, make sure to read the policy you are considering and ask questions about what is, and is not covered. See “Considerations When Evaluating Pet Insurance” below.
What is the Best Pet Insurance Company?
It is hard to say that there is one company who offers the best for all pets with all kinds of needs. That’s why the listing published by Money makes a lot of sense and worth sharing. The article identifies the best company based on specific criteria. For example, what company is best for insuring older dogs? What company is best to cover hereditary diseases? To access the guide, click on The Forbes Advisor Best Pet Insurance Plans 2022.
Considerations When Evaluating Pet Insurance
In addition to the best pet insurance plans, Money also provides a handy list of considerations to help you evaluate different plans. I think of it as a checklist of “what about” questions to ask:
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Reimbursements
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Preexisting conditions
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Payout cap Deductibles
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Waiting periods
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Exclusions
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Networks
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Preventative care
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Pet age
Summary
As with any insurance company plan, shop around – and do the research. No one wants to hear the words “Oh that’s not covered” when you are upset and distraught. We love our pets and only want the best for them. Would you have to deny a treatment to your beloved pet because you just can’t afford it? It is something to think about. Whatever you decide is fine – as long as you determine what is best for you and your pet(s).