There’s no way to anticipate what will happen in the future — you can’t predict when or how your pets will get sick, or how much it will cost. Pet insurance protects against unexpected veterinary bills. As most Americans struggle to afford a $1,500 emergency vet bill, and one out of every three pets will require emergency treatment each year, the right pet insurance can be a lifesaver.
Want To Know If Pet Insurance Is Worth It For You?
Our pets’ lives come with uncertainties. No matter how careful or responsible we are, our puppies find and devour socks, our kittens climb and stumble off shelves, and we have a responsibility to mend them back to health. We love our pets, and pet insurance enables us to care for them without financial burden.
The Case for Pet Insurance in 2022
The total number of insured cats and dogs in the U.S. has more than doubled in the last five years.
In this time of economic uncertainty (a potential recession looming ahead and the most drastic rise in inflation that we’ve seen in years), pet insurance is becoming more important than ever. As everyday costs are rising and the markets are trending down, you need to ask yourself: what would you do if your dog or cat had an unexpected $5,000 vet bill?
One fellow veterinarian said he has five to 10 difficult discussions per day with pet owners who cannot afford the cost of their animals’ care. If you would do anything to give your pet the medical care they need, please consider pet insurance.
How Much Is Pet Insurance?
On average, the monthly cost of pet insurance is $47 for dogs and $29 for cats. Your actual costs may be higher or lower depending on:
- Where you live
- The age and breed of your pet
- How you customize your policy
- Which pet insurance discounts you may qualify for
For example:
- For a Chihuahua puppy in Sacramento, California pet insurance costs $22 to $31/mo.
- For an adult Golden Retriever in Newark, New Jersey pet insurance costs $43 to $100/mo.
- And for a cat in Austin, Texas pet insurance costs $16 to $22/mo.
What Does Pet Insurance Pay For?
Pet insurance pays you back for unexpected vet bills related to accidents, injuries, and illnesses. With the best insurance companies, you get reimbursed for 80%, 90%, or even 100% of the vet bill (after your deductible is met).
Like most insurance options, you’ll pay a monthly premium to keep your coverage active. Once your deductible is met, you can expect your insurance provider to pay for your pet’s eligible expenses, based on your reimbursement rate, up to your policy’s limit.
What Pet Insurance Doesn’t Cover:
No pet insurance will cover pre-existing conditions. However, some providers will cover curable conditions after a certain waiting period with no recurring symptoms. Also, pets with a pre-existing condition are still eligible for insurance, their coverage would only exclude the specific condition that already exists.
Other pet insurance coverage exclusions may include:
- Pet supplies (food, toys, treats)
- Cosmetic procedures
- Elective surgeries
- Routine care/Wellness exams*
- Preventive care*
- Spay/Neuter*
- Vaccinations*
- Boarding or daycare
- Pet property damage
- Personal liability claims
- Specific exclusions
How Plans Work: Deductibles, Claims, and Policy Terms
It’s important to understand a policy’s deductible, reimbursement rate, maximum payout limit, waiting periods, and exclusions before enrolling.
Your deductible is what you need to pay before your provider will reimburse any eligible expenses.
For example, if you had a $200 deductible on a plan with a 90% reimbursement rate and your cat needed a $1,400 dental extraction… you’d ultimately save $1,080 (e.g. $1400 – $200 = $1200… and 90% of $1200 is $1,080).
Your maximum payout limit will either be “per-incident” or as an “annual limit“.
The best plans are annual limits, and many offer unlimited payouts. This means you need to meet your deductible each year, but once you do the amount the payout is potentially unlimited.
