As their muzzles turns grey and eyes dim with cataracts, most of us know when our pets have reached a ripe old age. Although we can’t really prepare ourselves for that final moment, we’re aware that their time with us is limited. So we focus on the time we have left with them, and the great memories we already have of our time together.
But if you’ve ever had a younger pet become ill with skin conditions, allergies, or cancer and had to face expensive vet bills, it becomes a difficult decision between paying for expensive treatment or accepting the fact that perhaps you’re only delaying the inevitable.
If you’re a practical and strong soul, then you may be able to accept what nature intended. However, as our pets become more like our very own four-legged children, and veterinary medicine evolves with increasingly expensive medical techniques and drugs, more people feel the need to go into debt to save their furry friend, and this is where pet insurance can help.
What exactly is pet insurance?
In the same way that home and auto insurance help reduce financial risk associated with damage to either, pet health insurance was designed to help pay veterinary costs if your pet suffers a severe illness or injury. It essentially decreases the risk of having to pay a huge vet bill.
How much does pet insurance cost?
According to an infographic supplied by American pet insurer Trupanion, the average monthly policy costs $12 to $36 for a cat, and $25 to $65 for a dog. That’s anywhere from $144 to $780 annually.
You would need to decide over the lifetime of your pet if you could potentially spend as much on a severe illness or injury as the cost of pet insurance.
For example, if you had a cat that lived 20 years, would you spend as much as $2,880 (20 years x $144) for special medical treatment on the cat? By the same token, at the other end of the spectrum, if your dog lives to 15 years of age, would you spend more than $11,700 (15 years x $780) on special medical treatments? Keep in mind, vet costs can run from $3,300 for a broken leg to as high as $9,000 or 10,000 for cancer treatment according to one of the oldest pet insurers, UK-based Pet Plan.
Many people just want the peace of mind that comes from knowing they’re covered should something major happen to their pet. It will be up to you to decide whether to bank the money you would have spent on pet insurance in a separate pet medical account, or shop around and carefully choose a policy that meets your specific needs and pay a monthly premium.
When to buy and how much
Many companies are starting to offer more customizable options which allow pet owners to control their monthly premium by choosing the level of deductible and coverage. As a smart consumer, you need to always read the policy carefully before signing.
Shop around as some of the main differences among pet insurers include coverage of hereditary conditions, how reimbursement is calculated, annual limits, and how the term “pre-existing condition” is defined. Learning the answers to these questions will help you decide which company and policy to choose, if you decide to buy pet insurance.