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Is Pet Insurance Worth The Extra Cost? (Weighing Your Costs)

Thomas Wright Published: May 15, 2019 Updated: May 15, 2019

Pet owner and her dog

When it comes to our families, we pay whatever it takes to give them the best health care possible. However, often we forget about significant members of our families – pets. There is a huge misconception that pet insurance cost is too expensive. That’s far from the truth. Here is a guide to help you to make an informed decision when signing for your pet coverage.

What Is Pet Insurance?

Pet health insurance is an insurance policy secured by the pet owner to help them lessen the overall veterinary costs may be incurred when their pets get into an accident or fall ill. It is equivalent to health insurance for humans. The pet insurance cost covers the cost of veterinary procedures either entirely or in part.

The Price You’ll Pay

Buying an insurance cover for your pet can save you some out-of-pocket expenses that emerge from unexpected emergencies. As with your family’s health insurance policy, you will be required to pay a monthly or yearly fee as the premium. Factors that may influence your pet insurance cost include:

  • The company underwriting the insurance
  • The length or term of the policy
  • Associate outdoor or indoor risks
  • The geographical location of the pet
  • Age of the pet
  • Type of pet insurance
  • The coverage offered

Typically, pet insurance does not cover the entire medical bill, but most insurance companies offer up to 90% coverage for the procedures. Usually, pet insurance cost varies with different providers, but most will cover hospitalization, diagnostic tests, medication, prescription food, and supplements as well as veterinary surgeries. You might want to compare pet insurance cost and choose an affordable pet coverage that fits into your budget and needs.

Should You Enroll Your Pet In Coverage?

Absolutely, yes! Buying your pet an insurance cover is one of the smartest decisions you’d make for your cat or dog for several reasons including:

You can rest easy – In the event of an accident or sickness, an insurance plan for your pet gives you peace of mind. You focus on getting the right care for your cat or dog rather than seeking to raise large sums of money to pay your vet.

You can never be forced to sacrifice your pet – Having to forego an essential surgical procedure for your pet is one of the hardest decisions you’ll ever have to make as a pet owner. But that won’t be the case with insurance since it kicks out the financial aspect and leaves you with the decision of providing the best care for your pet.

You can tailor the coverage to suit your needs – Many insurance companies will allow you to customize your coverage based on your needs and budget. You may choose to sign up for accident-only, illness-only, wellness care only or sign up for all the three options. Also, compare pet insurance cost and settle on the one you can afford.

How the Plans and Policies Work

When it comes to illness coverage, there is a waiting period between the time you buy the policy and the time the coverage starts to work. This is to prevent people from purchasing insurance when their animals are already sick. The waiting period for accident coverage is only a few days.

However, your pet health insurance company will undertake a screening procedure before the insurance kicks in to identify pre-existing conditions.

Most pet insurance plans have several basics in common:

  • Pay for the vet services out-of-pocket and submit a claim to your insurer for reimbursement
  • Seek treatment at any licensed veterinarian
  • Pay for coverage every month
  • Select copay percentage or reimbursement level
  • Choose a deductible, usually per year or per incident

What Your Pet will Be Covered For

Usually, there are three types of health insurance coverage for pets: Wellness, illness and accident. Depending on your needs, budget, and preference you can sign up for one, two, or all three plans.

Wellness Coverage – Some insurers do not provide wellness coverage and it always optional for those who offer it. The plan includes teeth cleaning, routine vaccinations, urinalyses, fecal testing, and annual exams.

Accident Coverage – Every pet health insurance company offers the accident coverage. It covers bite wounds, broken bones, torn ligaments among other serious accidental needs.

Illness Coverage – Typically, the illness coverage will get limited with the increasing age of your pet. Illnesses covered include allergies, UTIs, arthritis, cancer and more.

Is Pet Coverage Worth It?

With many affordable pet coverage plans, you can give your pet a healthy life and hopefully make them live longer. Pet coverage is worth it now and in the long run.