We always want our dogs to be happy and healthy for their entire lives. However, there will come a time when your four-legged friend becomes sick or injured. The emotional stress can seem unbearable, but the situation can get worse when you have to deal with financial stress as well. Pet insurance is one way to deal with the financial burden of high veterinary costs, but is it worth it?
According to the North American Pet Health Insurance Association (NAPHIA), only about 1% of all pets are insured. However, pet owners could benefit from buying pet insurance. Even if your pet is young and healthy, you never know when an accident might happen. This is the primary reason people have pet insurance—not for annual visits, but for those moments when something bad happens.
How does it work?
Pet insurance works in similar ways as human health insurance. There are deductible plans, co-pays, and varying coverages. However, there is one major difference: pet insurance works as a reimbursement. In other words, you will cover the amount in full when it’s due, and your insurance will reimburse you at a later date. How much you are reimbursed will depend on your policy, but it can range anywhere from 20-100% of costs.
What does pet insurance cover?
Similar to human health insurance, there are a wide variety of different pet insurance plans available. Some cover genetic illnesses (such as hip dysplasia) while others will not; some have a deductible while others a co-pay. In general, though, most plans will cover costs associated with illness or injury to your dog.
How much does it cost?
The cost of pet insurance can vary depending on the breed of your dog, their age, where they live, and the coverage you choose. On average, though, monthly premiums can start at $22 per month for a dog. In that respect, if your dog only needs its annual check-up, you likely won’t be saving much, but if they have a chronic condition, then insurance can save you a good amount of money in the long run.
What plan should I get?
There are many different companies and many different plans that are available on the market. There are so many choices that it can seem overwhelming. Thankfully, Pet Insurance Review has a list of the most common insurers in the US and Canada. This list also provides information about each plan as well as ratings and reviews from customers.
Is it worth it?
Back to the original question—is pet insurance worth it? The answer will depend on your dog and your situation. For pets who suffer from chronic conditions, then pet insurance is most definitely worth it. If your pet does not suffer from a chronic condition, then pet insurance is still something you should consider. You never know when an accident might occur, and it’s always best to keep your dog’s well-being in mind when making these decisions.