Is it Worth it to Get Pet Insurance?
Sophisticated veterinary procedures may cost thousands of dollars, according to Liz Pulliam Weston of MSN Money. If you've ever considered pet insurance, some of the benefits may surprise you. Pet insurers have policies for your dog, cat, bird or exotic pet. About 5 percent of pet owners purchased health insurance policies for their pets in 2007, according to the American Veterinary Medical Association.
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Veterinary Costs
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Veterinarians may charge hefty fees, according to the "Consumer Reports" website. A cardiac pacemaker for a dog costs $3,000. A cat's kidney transplant may cost $8,000. Cancer treatments may cost $10,000 or more, depending on the kind of cancer and the veterinary hospital location. According to the Associated Press and the website Petside, 62 percent of pet owners give the OK for veterinary treatments up to $500. Only 22 percent of pet owners have the resources or willingness to pay a $5,000 or higher veterinary bill.
Policy Coverage
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Costs increase with a pet's age. However, likelihood of a serious illness also increases with pet age. For example, your nine-year-old golden retriever--with no history of health problems--may live to an average age of 12 years to 15 years. Obtain an online quote for health insurance by providing the pet's type, breed, age and location. Select from a half dozen options, including routine care; common problems, such as ear, eye or skin infections; added services, including spay or neuter and dental care; enhanced care, such as cancers or leukemia; urgent care issues, such as an auto accident or injury; and expensive treatments, such as spine or back problems. Suppose you select all available policy options. If the insurer accepts the policy, veterinary information about the pet must be sent to the company. Existing pet health conditions won't be covered.
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Benefits and Solutions
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Suppose a plan averages about $75 in monthly premium costs, or an annual cost of $900. If the golden retriever suffers a costly emergency, such as disk surgery, the policy cost makes good financial sense. A low deductible policy costing about $90 per month adds more value. The average policy reimburses 75 percent to 80 percent of the total visit after a $50 deductible.
Considerations
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You may choose to self-insure a pet by contributing monthly premium costs to a pet savings account. For example, your pet hasn't had any serious health issues for nine years and you've contributed monthly premiums of $50 a month, or $600 a year. During the period, you spent an average of $500 in veterinary care, or $4,500. Purchasing a major medical plan now might still save you money. Your pet's likelihood of a major illness increases with age. If your dog lives to age 15, spending $5,400 in monthly health premiums seems likely to save you money on expensive medical treatment in the future.
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References
- Photo Credit The spitz-dog and cat on a neutral background image by Ulf from Fotolia.com
