It seems that many people are obsessed with health care these days. We’re not talking about President Obama’s initiative to nationalize health care in America, we mean the question of whether or not to buy health insurance for Sparky, or Fido, or Scout.
Many people may laugh at the concept of shelling out money to insure their pets, but the truth of the matter is that veterinary care can be very costly, especially in an emergency situation. As with humans, pet insurance is a complex procedure—some brands are more expensive than others, and they differ on which types of conditions they cover. Basically, there is a lot of fine print you need to read before you choose a type of pet insurance.
Although it is growing in popularity, only about 2 percent of dog owners buy insurance for their pets. The two largest providers are VPI Pet Insurance, which has been providing coverage for thousands of animals since 1982, and Hartville Group, which has collaborated with the American Society for the Prevention of Cruelty to Animals (ASPCA). There are about six more companies that provide insurance to pets. In the case of most pet insurance providers, the owner picks the veterinarian, pays the bill up front, and is reimbursed by the health insurance company. However, all policies are different, and you have to check to see what treatments are covered. Most policies include the following terms and conditions:
- Deductibles, co-pays, and caps that limit how much will be paid annually
- Pre-existing and hereditary health conditions in pet are typically excluded, although Embrace Pet Insurance does cover chronic and hereditary conditions
- The older the animal, the more likely you’ll have to pay more in premiums
Pet insurance can range from $2,000 to $6,000 over the life of an average pet, and chances are that you will never have to shell out that much for treatment. But if you’re the type of person who’s willing to do anything for their pet, insurance might be a good alternative to going into debt from medical care.
Veterinary science has improved dramatically over the past few years. Many of the medical treatments that are offered to humans can be used on small animals too. However, these treatments can be just as expensive. Consider:
- Pets can receive treatments for once-fatal conditions. Your animal can receive radiation therapy or a kidney transplant at $1,000 to $5,000 a pop!
- Vets have access to sophisticated medical equipment, like MRIs and CAT scans. These screenings increase the cost of exams, but can spot health problems before they spiral out of control.
Just like humans, pet insurance provides a safety net for those visits to the veterinarian that you aren’t able to anticipate. One small health crisis can arise out of nowhere and cost pet owners thousands of dollars in out-of-pocket expenses. Although it’s definitely an expensive investment and a very personal choice, pet insurance can provide you with the peace of mind that you need to keep your furry friend happy and healthy!
