Pet Insurance

Advantages to Getting Pet Insurance

As a pet owner, you’ve devoted your life to the care and comfort of your cat or dog. The relationship you share is as meaningful as one shared between a parent and child and your dedication to their well-being extends from their toys and treats to hygiene and veterinary care.

Unfortunately, love and loyalty aren’t enough to ward off the high price of prescription medication or the unexpected costs surrounding surgical care or hospital admission.

That’s where pet insurance coverage can step in to provide assistance.

Here are 4 key advantages of getting pet insurance for every cost-conscious pet parent:

Preparation for the Unexpected:

Additional Amenities:

Saves Money in the Long Run:

Enables You to Select Your Vet:

At a reasonable monthly expense, you can have the peace of mind of knowing that your pet’s safety and your personal finances are protected from sudden illness or injury. As the costs of chemotherapy and diabetes treatment continually rise, many families are stuck deciding between going into debt to cover a procedure or putting down their beloved pets.

Pet insurance allows you to select a deductible and monthly plan that fits into your budget and many plans permit you to pick the services you want covered, so that you can rest easy knowing that your pet’s health is protected in case of an accident or emergency.

What Is the Average Cost of Pet Insurance Per Month?

Pet parents interested in acquiring pet insurance are making a wise decision for their furry companion’s future, but unexpected ailments aren’t the only potential hurdles they’ll encounter in their pet’s lifetime.

Monthly costs for pet insurance coverage may vary, ranging from $10 to $100, with dog owners typically paying $15 to $30 more per bill. A variety of health-related factors also come into play when determining the cost of your pet insurance policy, and interested parties should shop for a quote that best meets their pet’s needs and their personal financial capabilities.

Here are 3 factors that may increase pet insurance costs:

Age

Unfortunately, the older your pet is, the more it costs to insure, and fees related to increased veterinarian visits and medications will find their way into your monthly premiums. The best bet for any current or prospective pet parent is to get insurance as early as possible, since youthful animals are more likely to be free of pre-existing conditions and affiliated treatments.

Breed

Since certain breeds are more likely to have health problems or a predisposition toward aggression, they’ll cost more to insure. Purebred dogs are often more expensive, due to their potential for genetic disorders, and breathing problems in short-snouted breeds are also known to rack up the veterinarian bills. Though these costs will be unavoidable for current pet parents with unlucky breeds, prospective pet owners should consider the health of their future pet before entering the adoption process.

Pre-existing conditions

If your pet suffers from a pre-existing health concern, especially a serious condition like diabetes or cancer, their monthly premiums will be far higher than those of a healthy pet. Despite the initial sticker shock, it’s always best to remember that the price of insurance is far less than handling treatments and vet visits out of pocket.

As always, consulting your veterinarian before selecting a policy and researching to ensure that your plan is a good fit are the best ways to maintain your pet’s health and personal financial stability.

Things to Consider When Selecting a Deductible

Unlike health insurance plans, most pet insurance subscribers have the luxury of being able to select a deductible and premium that best suit their budget and the needs of their pet. However, the convenience of this option should not detract from the importance of the choice, since pet parents will have to weigh multiple factors before deciding on the specifics of their pet insurance plan.

Here are facts and tips on selecting a deductible, which can help you determine what is best for your wallet and the health of your cat or dog:

In the simplest terms, the cost of your pet insurance plan operates like a seesaw, since a lower amount paid in premiums will result in a higher deductible, and vice versa. Deductibles typically function in either yearly installments or on a case-by-case basis, meaning that you can pay one cash amount each year before receiving reimbursement for services rendered, or the deductible can be disbursed in increments between doctor or hospital visits.

Unfortunately, a per-visit deductible can cost more than a yearly deductible, based on the severity of the required treatment or frequency of visits. Costs can certainly pile up for an ailing pet in this scenario, but that doesn’t mean that a younger pet in good health can’t benefit from a per-visit deductible, since a lack of appointments and procedures can limit overall costs.

This variability based on your pet’s age, breed, and health makes shopping for a pet insurance quote extremely important, since you can determine which plan combines the biggest opportunity for savings with best coverage, and select a deductible that is cost conscious without resulting in excessive monthly premiums.

It is also worth considering the cost of co-pays and your policy’s annual maximum, since your insurer is only responsible for a portion of your pet’s bills after you reach your deductible and beneath a predetermined yearly amount. Though the potential for supplementary fees may be discouraging, the potential for spending without coverage is exponentially higher, making acquiring insurance and strategizing to keep costs down, but benefits up, the smartest way to safeguard your pet and pocketbook from potential disaster.