Pet Insurance: Do You Need It?

February 16, 2022 in Uncategorized
Pets are more than just pets. They're members of our families. That's why a growing number of pet owners are choosing to insure their furry friends. Almost a quarter of U.S. pets were insured in 2020, and it's expected that number will continue to rise. As a pet owner responsible for your pet's medical costs, you might wonder if pet insurance is right for your critter. Don't worry, we're here to provide some insight. In this blog post, we'll explore the benefits and considerations you should keep in mind as you find the best coverage for your furry family member.

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What Does Pet Insurance Cover?

The specifics of what is and isn't covered on your pet's insurance plan vary widely based the kind of pet insurance coverage you choose and your provider. Accident-only plans won't cover illnesses and routine care, but they will cover accidental injuries. This could be a good option for young, healthy pets. Accident and illness coverage, however, usually covers everything in accident-only plans and vet-diagnosed illnesses and diseases. This plan could work well if you have a dog or cat whose breed commonly experiences health problems. Lastly, a comprehensive plan covers both accidents and illnesses as well as routine preventative care.

What Does Pet Insurance Cost?

Similar to how coverage varies depending on your pet's insurance plan, so does the cost of the plan. In general, the average cost of an accident and illness policy for a dog is $594 annually, while the average annual cost of the same policy for a cat lands around $342. If that is beyond your price range, a better option may be choosing an accident-only plan, which tends to be more affordable. Before purchasing pet insurance, you need to be prepared for price increases over time. As your pet gets older and begins encountering more health issues, insurance prices tend to increase.

What to Consider When Choosing a Pet Insurance Provider

Before getting insurance quotes, make a list of what matters most in a plan. Maybe your dog has a tendency to sneak into the trash, so you want to make sure accidental poisoning is covered. Or maybe your cat gets regular urinary tract infections, so you need a plan that covers diagnostic testing. By having a strong idea of what you need to be covered in a plan, you'll be able to choose the best pet insurance for your furry friend. Here are a few other things to keep in mind while looking at insurance quotes:
  • Policy value. If it's in your budget, consider a plan with flexible deductibles, unlimited annual benefits, and reimbursement rates of 70% or greater. This may increase the price of your pet's insurance, but it will ensure you never have to decide between life-saving care and putting a pet down.
  • Covered costs. Just like human health insurance, pet insurance typically has coverage restrictions. Most of the time, procedures and treatments are covered, but exam fees are not. Before choosing a plan, do your research to ensure your pet is covered for what matters most.
  • Reviews and ratings. Who better to help you decide the best pet insurance policy for your furry friend than current pet insurance customers. By exploring online reviews, you can get a better idea of each insurer's customer service and claim management. Reviews like this one for Nationwide Pet Insurance can help give you a more holistic view of a plan before making a decision.

Pet Insurance Alternatives

If you don't want to commit to pet insurance right now, there are other ways you can pay for your pet's care. Veterinary wellness plans give pet owners the option to work with their local vet to receive a wide range of medical services at a prepaid or discounted rate. Another option is self-funding, which allows pet owners to choose how much money they save each month for their pet's healthcare expenses. This puts money back in your pocket if your pet stays healthy. We all want to keep our furry friends around as long as possible, so keeping them healthy is essential. When accidents happen, pet insurance can give you peace of mind knowing that your furry friend's medical costs are covered. To find out more about pet insurance, get in touch today!