You love your pet. So of course you want to be able to help them in their times of need—especially when they are sick or injured.
This is where pet insurance can really come in handy, as it can really help when it comes to the medical expenses you may enure.
While back in the day getting pet insurance was not the norm, it is becoming more and more common and needed for pet owners. Life is already expensive, and the pet insurance cost is far less ultimately than having to cover medical bills all on your own.
In fact, recent studies show that on average pet owners pay around $30-60 for their monthly fee and will get around $5,000 worth of coverage annually.
But identifying what you and your pet need in an insurance plan are really important, as not all are created equal. So it is important to do your research ahead of time and understand the breakdown so you truly understand what you are signing yourself up for.
The Treatment Costs for Pets
It can really vary in terms of costs you need to be prepared to pay for, as it really comes down to what type of medical care your pet may need. It can range from cancer treatments and kidney disease to dental work and ingestion of foreign objects. Some treatments can cost a few hundred dollars. Others can cost a few thousand dollars.
Depending on the breed of your pet, some come with the risk of developing hereditary diseases, such as certain dogs being more prone to hip dysplasia. So you will certainly want to keep this in mind too when identifying the support you need with pet insurance.
Understanding What is Covered
So what exactly is covered when it comes to pet insurance coverage? There are a ton of different plans and options. The most basic plan is generally accidents and illnesses. Under this plan, you will be able to get coverage for broken bones, dental work, emergency care, surgeries, and mediation.
Remember though that some plans are specific to just accidents, or just illnesses. Make sure you understand what exactly is going to be covered. Because if you have illness-only coverage and your pet gets in an accident and needs surgery, the plan you have may not support you with the end costs.
Diving into Deductibles
Just like human health insurance, pet insurance policies come with a set deductible amount that you will have to cover before your insurance kicks in. In general, this can range from anywhere between $50 to $1,000.
There will either be an annual deductible that you will need to cover every year your policy is in place. Once you pay the deductible for the year, you will not have to pay it until the following year. Or, there is a per-condition deductible where it is a case-by-case scenario. This means you will pay a deductible for a specific treatment or need and your insurance will either cover the rest or reimburse you for the rest. In general, the best insurance options will cover at least 90% of the costs.
Weighing Up the Costs
The actual cost of your pet insurance will really come down to the specifics of your pet. In some cases, coverage per year can be under a thousand dollars. But in other scenarios, it can be more than that.
The actual premium prices are based on a variety of factors. This includes the breed of your pet, the age of your pet, the gender of your pet, and the area that you live in. The price will also vary with different insurance providers, so you should certainly shop around and get a few different quotes first.
How to Decide if It’s Worth It
When it all comes down to it in the end, you need to weigh up the odds of paying a monthly premium fee versus saving to hopefully cover unexpected events in the future.
Often, the premium payments will be far less than a shockingly huge medical bill you were not expecting. Even if you have set aside a savings account for your pet, you never know when the accident will happen or how much you will actually need.
The main goal of pet insurance is to have some peace of mind during stressful medical events. You should never have to be choosing between going into debt versus helping out your furry friend.
When looking at what is right for your needs, make sure to really think about your finances, your budget, your pet’s needs, and the other things in life you also need to save for.
Pet insurance makes your life and your pet’s life better on so many levels. So why not invest a bit upfront for the assurance you can provide your furry friend with a great life and take care of them the way you want!
