Insurance for Pets- Should you buy it?
The number of households that have a pet has increased to 63%. Baby boomers are getting pets for companionship and young couples are getting pets as a step towards having children. With this growth has come the growth in pet insurance. Currently about 3% of pet owners in the U.S have pet insurance. This insurance is somewhat like health insurance for humans. However, there are some big differences between the two. Should you get insurance for your pet? We put some thought and research into it to help you answer that question. Here are some questions that you should ask yourself to help decide if pet insurance is right for you. First there are questions about your pet. Then there are questions about you.
- Is your pet’s breed prone to diseases or injury?
- Is your pet older than 5?
- Is your pet’s pedigree unknown or have known issues?
- Does your pet spend a lot of time outside (hiking, trips, etc)?
- Does your pet spend a lot of time with other dogs or cats?
- Do you take your pet to the vet regularly (once a year)?
- Are you willing to pay for expensive specialized treatment for your pet?
- If yes to the above question, would a large vet bill have a big impact on your budget?
If you answered yes to 4 or more of these questions, pet insurance might be something to look into. Once you have this information, you need to see if there is a pet insurance plan that meets your needs. There are quite a few plans out there and they all seem to have different rules. Start by looking at the questions you answered yes to, and then find a plan that matches the need.
For example, if your pet is prone to diseases, you need to make sure the policy that you buy will cover those conditions. Another example, lets say that your dog is young, generally healthy, spends a lot of time outside, is around other dogs often and you want to make sure he always has the best care. In this case maybe you want “accident insurance” for as low as $10 a month. Here is example “accident” Pet Insurance Coverage Please see their site for specifics.
- Motor Vehicle Accident
- Foreign Body Ingestion
- Bone Fractures
- Lacerations
- Burns
- Poison Ingestion
- Allergic Reaction to Insect Bites/Stings
If your pet is older or already has a condition, you need to see if you can find an insurance plan that will cover you. Many plans have exclusions, so read carefully. If you are looking to avoid having a large unexpected bill and your willing to pay more per month, perhaps a more comprehensive plan will work for you.
Now that you know what kind of coverage you are looking for, its time to see if you can find a plan that works for you. Most pet insurance plans will require you to pay the entire bill upfront and then they reimburse you based on your coverage limits. Here are things to look closely at:
- Deductible- How much is it and is it per incident or per year?
- Exclusions- Read these very carefully and match them with your needs!
- Can you see any vet?- Most plans allow you to see any vet but check to make sure.
- How is the reimbursement calculated? Some plans will base it on your actual bill. For example, some might pay 80% of your submitted claim. Others have a set reimbursement amount. If your vet tends to bill on the high side, make sure you get the right kind of policy.
- Pre-existing conditions, breed surcharges and waiting periods. Here again read the fine print to determine what you are trying to cover.
- Are medications included in the coverage?
So now you have determined whether pet insurance might be right for you and you know what to look for in a policy. It is time to go surfing for a policy. Here are websites for some of the most well known pet insurance companies. Most companies offer the ability to get an online quote.
www.akcpethealthcare.com/BHIA/
You might find that pet insurance is the not the right answer for you. There are two things you can do that will help reduce the cost of pet healthcare. First, buy your pets routine medications online. You can buy your pet’s flea medication at 1-800-PetMeds significantly cheaper than many vet offices.
Secondly, consider feeding your dog a premium food. Paying for better food now may reduce the cost of vet bills later. The top two reasons for veterinary visits for dogs are skin allergies and stomach upset. Both of which can be affected by food. Some of the premium foods will even ship food directly to your door such as FlintRiverRanch