Health insurance for pets makes financial sense for many pet owners. For others the monthly premiums can actually cost more than veterinary expenses. But what if an emergency occurs? How do I determine if it will save me money? Where can I compare pet insurance?
What is Pet Insurance?
Companies offering veterinary pet health insurance plans have become a well-established part of the pet care industry. These companies offer insurance for all types of animals, including dogs, cats, birds and even exotics. There are a variety of different health insurance options available to you as a pet owner and many are customizable for each pet.
But, the cost of monthly premiums increase as you customize plans and add additional coverage. So is pet health insurance really worth it? The answer requires that you take a close look at veterinary expenses and confront the health risks of your pet.
Compare Pet Insurance – Calculate Veterinary Costs and Assess Risks
Most pet health insurance companies will not reimburse you for routine care. Others offer a wellness type plan for annual checkups. To determine if you should purchase a wellness pet health insurance plan, add up annual exams, vaccines and flea treatments. Or ask your veterinarian’s office for a price list to use to calculate your yearly veterinary expenses. Then you can compare this with the annual premium.
The majority of pet insurance companies will only cover expenses related to accidents or illness. This serves to keep premiums low and can give you financial peace of mind should an unexpected catastrophe occur. And beware that some plans have breed specific illness exclusions, such as hip dysplasia in German Shepherds.
Pet Insurance Review – Read the Fine Print
Every pet health insurance plan is different. Even the basic plans vary in coverage and exclusions. Some plans cover 100% of your veterinary expenses, others only 80%. Many companies issue reimbursement based on the actual bill, while others will use benefit schedules that may be out of date. A careful review of your needs will help you determine what plan is suitable for you and your pet.