The Pros and Cons of Pet Insurance
Having an animal friend is one of life’s greatest pleasures, but the cost to keep them well cared for can break the bank from time to time. Pet Insurance has increased in popularity recently to help with the unexpected costs associated with pet care. How can you know if pet insurance makes sense for you and your animal friend? Here are some pros and cons to getting pet insurance.
Pros:
Financial Protection
Much like with our kids or ourselves, it’s the unexpected and often emergent need for care that can come with a hefty price tag. With pet insurance, you’re paying a monthly fee as you would with your own health insurance and having all or most of those large expenses covered outside of a possible deductible.
Peace of Mind
You don’t want to worry that your own financial situation will impact the health or wellbeing of your pet. Pet Insurance allows you to care for your pet without stressing over out-of-pocket costs. They can get the routine or emergent care they need with a predictable monthly cost.
Routine Care
We know that with routine care we can prevent or mitigate many physical issues. Routine care can include vaccinations, annual checkups and teeth cleaning.
Access to Better Care
Insurance can make diagnostics and advanced care options more accessible leading to a better quality of life. In the event your pet is ill or needs continuous treatment, insurance can help make these treatments more accessible.
Multi-pet Discounts
One healthy pet can be manageable with expenses, but what if you have a house brimming with pets? Regular visits to the vet can add up quickly and if multiple pets need additional treatment for injury or illness you will see your bill spike quickly. Many pet insurance companies offer multi-pet discounts helping you manage the cost of taking care of your pet.
Cons:
Monthly Cost
As with any insurance, there’s a monthly fee to cover your pets care. Depending on the age of your pet, these premiums can be expensive.
Exclusions and Limitations
Many plans exclude pre-existing conditions which may defeat the purpose of the pet insurance in the first place. Hereditary issues and certain treatments may be declined or have limited coverage.
Upfront Payments
Many pet insurance companies will ask that you pay the vet bill and then submit a claim for approval. This can lead to strained finances if you’re wanting to avoid large unpredictable expenses.
Deductibles and Co-Pays
Most policies will include a deductible and co-pay and have coverage caps which means not all expenses will be reimbursed.
Age Restrictions
Many premiums will be higher for an elderly pet or the insurance company may decline coverage entirely. From a pet owner’s perspective, it may not make sense to insure your animal that is at the end of their life with the higher premiums and coverage that isn’t guaranteed.
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