The emotional bond we share with our pets makes us want to do all we can for them. In exchange for all the love they give us, we want to ensure they live long, healthy lives.

Years ago, procedures like MRI’s, specialized therapy, and laser surgery were unheard of for pets. Now, these procedures are increasingly common as veterinary science continues to advance.

The Rising Cost of Keeping Your Pet Healthy

Veterinary science has seen remarkable breakthroughs in the past two decades, but just as in the human health sector, costs have risen. Many pet illnesses and diseases are being treated that often went undetected in the past.

While veterinary medical advances extend our pet’s quality of life, the financial impact for pet owners cannot be overlooked.

Recently, our neighbor’s German Shephard “Duke” suffered from hip dysplacia. Duke is now happily on the mend, but not before his owners paid over $2000 in vet bills. Another friend’s cat developed a stubborn kidney infection, requiring extensive diagnostic and follow up treatment. The $1400+ in costs left our friend juggling her finances to pay the vet bills.

Should You Consider Pet Insurance?

Pet insurance has been around for decades in Europe, but is relatively uncommon in the United States and Canada. Much like health insurance for us, pet insurance drastically reduces the risk of caring for your pet. Perhaps most importantly, it can eliminate the heart wrenching decision of euthanizing your pet vs. incurring a large financial hardship.

In a way, pet insurance companies are like health insurance companies. They may or may not cover certain health conditions, depending on the policy restrictions. Some pet insurance companies will not accept senior pets, similar to health and life insurance companies reluctance to cover senior citizens.

Anyone considering pet insurance should ask themselves this question: “Will I devote a reasonable amount of time and money to treat and heal my pet?”. If your answer is “yes”, you’re a good candidate for pet insurance. Sadly, many pet owners are forced to choose between finances and their pet’s health. Worse, other pet owners view their pets as disposable, and simply won’t treat the animal if it becomes too ill.

Pet Insurance Specifics

Pet insurance starts as low as $10 per month. If your pet is a senior, normally defined as age 8 and over, it will cost more. Further, pet insurance plans typically have a small deductible, i.e. $50, and an annual cap, which is usually $10,000.

Specifically, pet insurance covers illness and injury, although some plans do offer coverage or discounts for routine expenses like check ups, shots, etc. Most do not because it’s easy to budget for routine expenses vs. unplanned incidents.

The Story Of Two Pets

Another of our neighbors is a pet owner to both a dog and cat. His cat, a 6 year old tabby named Whiskers, incurred a respiratory infection late last year, with veterinary bills totalling almost $1600. Earlier in the year, his 12 year old border collie mix, Diamond, was found to have a small malignant tumor during a routine physical. Fortunately, Diamond was able to be treated and recovered well, but the veterinary bills were large - $1500+.

He later told us he was reimbursed $1280 for Whiskers, and $900 for Diamond, accounting for a normal $50 deductible for an adult cat and a $200 senior dog deductible. Therefore, instead of an unplanned $2430 veterinary expense, his total cost was only $250.

Make Sure Pet Insurance Fits Your Pet’s Needs - And Yours

When researching pet insurance companies, make sure the policy fits your needs and the needs of your pet. If you’re comfortable budgeting for the routine pet health expenses like check ups, flea preventative, etc. then there’s no need to pay a pet insurance company for those expenses. You may want to consider choosing a pet insurer that protects you from large, unplanned veterinary expenses.

As a pet owner, your experience tells you that most pets will incur some unexpected veterinary treatment in their lifetime, whether it’s illness or accident. If you feel it’s important to be prepared for these unexpected expenses, consider a pet insurance policy. Consider these factors when choosing:

The four most important factors to look for in a pet insurance policy are guaranteed acceptance, choice of veterinarian, fixed premiums, and unlimited accident coverage. You want your pet to be accepted into a pet insurance policy, no matter their age. If you have a comfort level with your veterinarian, you want to be able to use that vet and not be assigned an unfamiliar vet. Paying more in premium and deductibles as your pet ages isn’t necessary, as there are pet insurance companies who will keep your premiums the same even as your pet ages. Finally, unlimited accident coverage is important, since accidents can happen at any time and with any frequency.

When looking at Pet Insurance, make sure it’s good for you and your pet. Determine if you’re willing to devote a little time and money to care for your pet. If your answer is yes, you’re a good candidate for Pet Insurance .

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