Is Pet Insurance Worth the Cost?
I have been a pet owner since my husband Joe, and I got married. Over the years we have always spent whatever funds necessary to keep our pets healthy. The annual costs are manageable and something I budget for, like annual exam and heart-worm medication, but have I had an unexpected bill for my pet? The answer is yes and more than I would like to admit! My husband swears we have paid for the new wing at my veterinary clinic.
All joking aside, pets do get themselves into all sorts of situations, which can put a huge dent in your wallet. Fido or Kitty can eat something they should not have or tear a ligament jumping off the couch. Sometimes later in life they develop health issues. All the procedures associated with these can run into the thousands of dollars.
My most costly bill was with one of our dogs. Zoe was in good health at her annual exam, but two months later, it was a different story. That August she started collapsing. At first, I thought, maybe she hurt her back? It took me several days to realize she was collapsing after running around in the yard. Still thinking she hurt her back, I called the vet and brought her in. Instead of it being her back, I found out that Zoe’s heart was failing. I was told that she needed a pacemaker and it was an emergency for her. I stood there trying to absorb what my vet just said, while being told that my dog had to go to one of two specialists on the East Coast for heart surgery. This surgery had to be done as soon as possible to save her life and oh, the bill was going to be anywhere from $8,000 to $15,000.
Scary, yes, but many pet owners are faced with similar situations or in general are worried that they cannot afford the medical bills if their pet should get sick. So, is pet insurance the answer? I did not have pet insurance for Zoe. My husband and I considered it when we got her, but the premiums were very costly. We never thought we would need it. Did I wish I had it at the time? Yes, but I had wonderful administrators at both my vet’s office and the specialist that helped with the costs. Our bill still was over $8,000, but we were able to pay it off over time with 0% interest.
So back to the question – should you consider Pet Insurance? Truthfully, I cannot answer that. It is a personal choice you need to make based on your budget, your financial situation and how much risk you are willing to face. Sort of like when you make an investment, you need to weigh all your factors. For you, maybe setting aside funds monthly into a savings account is the answer. For someone else, maybe they feel they do not want to take a risk and need the peace of mind knowing they have coverage.
What I can tell you is that there are many companies out there offering policies for pets. If you decide to buy pet insurance, make sure you shop around. Each company offers very different polices and the only way to know what will be covered is to get a copy of the policy and review it. Make sure when reviewing you understand what they will not cover, because that is just as important to know as what is covered. Some of the questions you should be able to answer:
Is an exam necessary to get coverage?
How much of the veterinary bill will they pay?
Is there a deductible to meet?
What type of deductibles are there?
Does the plan cover pre-existing conditions?
Are medications covered?
Are there age limits?
Can you use your vet?
Also decide what type of coverage you feel you need. Do you want coverage for just emergencies, do you want coverage for annual expenses, or do you want both? Remember most insurance that you buy, i.e. life, car or home is designed to cover you from a financial hardship, so add up those annual expenses and look at the deductible of the policy to make sure the premium makes sense.
For me, this time around with Riley, I did buy the pet insurance. I found one that covers what I need, fits into my budget and lets me sleep more peacefully at night. Oh, and guess what…I have already used it with this 11-month-old wild child.
So, if you are considering pet insurance, remember; shop around, ask your vet who they recommend and make sure the costs line up with your budget.
Written by Susan Weingaertner
Susan is an organizational maven who currently serves as Client Relationship Manager at Johndrow Wealth Management. A former accountant at Whittlesey & Hadley, P.C. and Travelers Property Casualty Corp.
