Pet Insurance, Yes or No?

How do you know if pet insurance is a valid expense for your family? Some of this can be answered by how you view your pet. If you treat your pet more like a member of the family, you may want to spend the money to take care of them. However, if money is tight for your family, purchasing pet insurance may not be the best choice for you no matter how you feel about your pet.

Consider the costs associated with veterinarian care these days. Suppose your cat swallows a small toy and it gets impacted in its small intestine. Surgery to remove that item could cost well over $1,600 depending upon where you live. Cataract care for a senior dog will cost over $1,200. If a pet breaks a leg, it will cost you around $1,000 to put a pin in it. These are relatively common occurrences pet owners may experience.

What would you do if your family dog developed lung cancer? The options are to pay over $2,000 for treatment or have your pet euthanized. It’s not an easy decision to make. If you had purchased pet insurance, however, the insurance may have covered part of the cost of the treatment. Of course, you would have to pay premiums and a deductible, but the out-of-pocket costs could be considerably less.

Do you have other options than purchasing pet insurance? Some people choose to take the money they would spend on premiums and put it into a savings account. Over the life of your pet you could save several thousands of dollars. You can also do everything within your power to care for your pet and use preventative measures to ensure your pet needs as little veterinarian care as possible.

Take them to see the veterinary each year. The vet will be able to determine if there are health issues to keep an eye on. They can also recommend treatments that can keep your pet healthier. You’ll want to find a veterinarian both you and your pet are comfortable with.

It would also be helpful if the doctor of choice doesn’t try treating your pet with costly treatments that aren’t necessary. Certainly there are times when your pet may need treatment which has been reserved for humans until recently. These new treatments can be costly - $1,000 to $5,000 – but they could very well save your pet’s life.

You can expect to pay between $12 and $85 a month for pet insurance depending upon what is covered. The policy will have co-pay, deductibles and limitations on how much the policy will pay out each year. There may also be higher premiums for older pets and pre-existing conditions may be excluded.

The decision whether or not to purchase pet insurance is something only you and your family can determine. Can you afford to spend the money required for the premium? If money isn’t an issue, it could make good financial sense. However, if money is tight, you might want to save the money pet insurance can cost; even though most people will do as much as possible to save the life of their pet, sometimes pet insurance isn’t cost-effective.