Why Purchase Pet Insurance?
The simple answer is straightforward: pet insurance provides financial relief in the event of serious illness or accidents. Unfortunately, as much as we love our pets and consider them family, we often face financial constraints when trying to provide the best medical care. We cannot afford to divert the mortgage, grocery money, or car payment toward the uncertainty of our pet’s survival, especially when we have families to care for and other responsibilities.
Financial Relief for Pet Owners
Pet insurance makes the financial aspect of caring for your pet less of a determining factor. It really is that simple. The most common reason for not purchasing pet insurance is a lack of understanding about what it really entails. Does it work like human insurance? Are there exclusions and limitations? How does one even begin to compare policies to know which company to choose?
Pet insurance works similarly to human health insurance. However, unlike human insurance, pet insurance is accepted at any vet, so you don’t need to worry about finding the right provider or leaving the veterinarian who has cared for your beloved pet for years. This is because filing a claim differs from that of human insurance.
Human insurance claims are typically filed directly by the physician’s office or hospital. With pet insurance, the pet’s owner is responsible for the bill at the time of service and must then submit the appropriate paperwork to the insurance company for reimbursement. Most pet insurance companies take about 4 to 6 weeks to issue a check covering the veterinary care.
The Cost of Pet Care
Why purchase pet insurance? Because a single tooth extraction can cost as much as $800. Because the average veterinary visit runs around $100 for even minor illnesses or injuries. Because despite a dog appearing healthy, there may be issues that aren’t immediately detectable. When a pet suddenly stops eating, the possible causes are endless, and the tests required to determine the problem can easily cost $300. These are common issues veterinarians face. Nearly every dog and cat in the United States will require at least one emergency trip to the vet in their lifetime.
The average dog incurs an annual vet bill of around $800 to $1,000. This typically covers check-ups, shots, and basic flea/tick and heartworm protection. One small health issue requiring daily medication can easily triple or quadruple that amount. A cat or dog with a chronic condition like diabetes can cost their owner anywhere from $5,000 to $10,000 annually in veterinary care and medication. These are significant numbers, especially considering that many people struggle to cover similar costs for human medical care.
There are no pet insurance companies that will offset the entire expense of treating a chronically ill animal, but the better options will cover about half. This can make the difference between life and death. Most policies have a financial limit per incident, though this limit is typically quite high. The majority of accidents occur when a pet either falls from an elevated place or gets hit by a car. While no pet owner wants to face the tragedy of trying to heal a pet after a car accident, knowing that most of the expense will be reimbursed makes it easier to focus on the animal’s health, rather than the impact on your wallet.
Young, Healthy Pets and Insurance
Young, healthy pets often require little medical care to justify the fees associated with pet insurance. However, all pet insurance companies have an age cutoff. As pets age, the likelihood of needing extensive medical intervention increases. Purchasing a policy for a young dog is often more about insuring their future health than covering their current needs. Illness can sneak up on a dog quickly, and sometimes we don’t even realize our dog or cat has aged until they’re already ten years old.
While we continue to ask, “Why purchase pet insurance?” the real question might be, “Why wouldn’t you?” It is the only financial failsafe available for cats and dogs today. Even if you are only looking to protect yourself and your pet from future illnesses, a basic policy may cost around $30 per month, depending on location and medical history. Pet insurance has provided thousands of pet owners the ability to make responsible health decisions for their pets.
Pet insurance is likely the difference between providing a last chance for treatment and resorting to the final claim for cremation services (which many pet policies cover). Fifteen years ago, many animals wouldn’t have been given a fighting chance. Our pets are a vital part of our daily lives and integral members of our families. Protecting their well-being is as important as safeguarding the health and future of the rest of your loved ones.
