Your pet is a part of the family. Although taking care of Fluffy isn’t as expensive as raising a child, you will spend hundreds of dollars over the course of your pet’s life. Veterinary care is one of the most expensive parts of owning a pet. As man’s best friend ages, you’ll see an increase in vet visits and vet bills. One way to make these visits more affordable is by purchasing pet insurance. Before you buy a policy, check out the pros and cons of pet insurance.
What is pet insurance?
If you’re familiar with human health insurance, you’ll find that pet insurance functions similarly. Pet insurance helps you cover the cost of veterinary services by paying part of the bill or the entire bill. Your monthly premium is calculated by the age, breed, and health of your pet. Pet insurance plans not only help with medical procedures; some policies will pay out when your pet passes away or is lost. Shopping for pet insurance is similar to finding your own insurance plan: there are a lot of options out there.
Advantages of Pet Insurance
Pet health insurance can help you out in an emergency. When you’re in a pinch, you won’t regret having pet insurance.
- Peace of Mind
When your pet suffers from a serious accident or needs an unexpected procedure, you’ll know that you don’t need to shoulder the entire cost. In some cases, the insurance will take the vet bill from the get-go instead of you having to wait for reimbursement. You don’t have to decide between putting down your pet and paying for his life-saving operation.
- Plenty of Options
Regardless of whether you opt for a basic plan or complete coverage, your pet health insurance will be accepted at any licensed veterinary clinic. The plans themselves offer a wide scope of coverage; just as you would with a human life insurance plan, you can add on insurance riders such as a dental plan.
- Early Coverage
You can insure your new puppy or kitten when they’re as young as 8 weeks old. For young pets, the premiums are remarkably low.
Disadvantages of Pet Insurance
- Breeds Affect Plans
You pet insurance may not cover breed-specific maladies, such as hip dysplasia, and they may charge extra if they do. The breed of your pet may also affect the price of your insurance plan.
- Limited Coverage
While it’s easy to buy a plan for your young pet, older cats and dogs have higher premiums and they may not have access to full coverage at all. Pets with pre-existing conditions are also subject to restricted coverage.
- No Choices for Exotic Pets
There are tons of options for cats and dogs of all breeds. If you have a tropical bird, a snake, or any “unusual” pet, pet insurance policies will be extremely limited. If you’re lucky enough to find coverage, get ready to pay a lot.