America is a nation of pet lovers, and it’s only natural that you want the best for your furry friend. Just like their human owners, all pets are susceptible to all manner of ailments and illnesses that can impact their quality of life, and result in some costly vet bills for you.
Pet insurance is an effective means of safeguarding your pet’s health: it can also offer added peace of mind and financial security. But is it essential? In this post, we explore the benefits and potential drawbacks of taking out insurance for your pet, and discuss some top tips for choosing the best plan if you decide it’s right for you.
Benefits of pet health insurance
The benefits are similar to any other type of insurance. Primarily, a policy can help to manage unexpected veterinary costs as and when your animals fall sick or get injured. It can provide easier access to high-quality veterinary care without the financial stress that is often associated with medical support. Having access to more options – knowing some or all of the cost of care will be paid – can give you peace of mind that you’re getting the best support possible, rather than simply having to opt for the most affordable option.
Beyond the primary financial benefits, some policies will also cover the price of your pet in the event they’re lost or stolen. Before taking out insurance, make sure you fully understand what is and isn’t involved so there aren’t any nasty surprises, and you can take out a policy that’s perfectly tailored to your and your pet’s needs.
Potential downsides of pet health insurance
There are lots of things that standard policies won’t cover, meaning you’ll have to pay out more on top of your insurance cost. These include pre-existing health conditions, vaccinations and boosters, neutering and standard procedures like flea treatments. While you can never anticipate certain medical conditions, providing your pet lives a healthy lifestyle, there’s a high chance that you’ll end up paying more in premiums than you save on veterinary costs.
In addition, as your pets age and they naturally become a bigger health risk, you can expect your premiums to increase. This is something worth keeping in mind when taking out the policy, since it can have a more detrimental affect on your finances further down the line.
Is pet insurance right for you?
As well as considering the pros and cons to taking out a policy, there are several questions you should ask yourself when determining whether or not it’s right for you.
- What pet/breed do you have? Some animals or breeds are naturally more susceptible to illness and disease than others. If you have a low-risk pet, insurance might not pay off in the long run. If you’re unsure about your pet’s health needs, make sure you consult your vet for advice.
- Is your pet already in poor health? Since policies are unlikely to cover pre-existing medical conditions, they’re probably not going to be worth the money if your pet already has a long-term issue.
- Will you benefit from the peace of mind? For lots of owners who will do anything for their pets, the added peace of mind insurance offers is worth the additional costs (that you may or may not breakeven on).
- Are you able to set aside your own funds? If you’re in a healthy financial position, you might instead choose to create an emergency fund that you use in the event your pet needs unexpected treatment.
Tips for Choosing the Right Insurance Plan
If you think that insurance is the right fit for your situation, there are a few things to keep in mind to ensure you can get the most out of your policy. First and foremost, it’s important that you understand your pet’s health risks. Taking out a policy that provides cover for conditions unlikely to impact your pet is a waste of money. Carefully check what is and isn’t covered in the plan, since they can vary from comprehensive to limited coverage. Be sure to compare multiple providers and always check customer reviews.
It’s also helpful to have an idea of how much you’re willing or able to spend on a policy when looking at different plans. Insurance and pet expenses shouldn’t be detrimental to your long-term financial health, so understand what you can afford and research options accordingly. Plus, excesses can vary drastically from policy to policy, with some being a fixed amount and others equating to a percentage of treatment costs.
Make an Informed Decision
It’s clear that there are both positives and negatives to consider when determining whether or not pet insurance is right for you. If you’re unsure on the best approach, make sure you seek professional advice, to keep both your pet and your finances healthy.
Author bio: Chris Martin
In his spare time, Chris volunteers at his local dog shelter, and has seen first-hand the impacts of mistreatment of animals. He aims to inspire his readers with informative posts that offer a balanced view.
photo credit: https://unsplash.com/photos/adult-chocolate-labrador-retriever-v3-zcCWMjgM