Is Pet Insurance A Good Deal?

Sure, we love our pets and try to do what we can for them. But there is usually a line that needs to be drawn when it comes to expenses.

Many struggle over the decision whether to invest in pet insurance. For some, it’s a no brainer. They will do WHATEVER it takes to keep Snoogums healthy.

For others, who also adore their pets, it’s more of a dollar and sense decision. Can they afford the coverage is the overriding factor.

Kimberly Palmer throws in her two-cents with this article in USNEWS.com. Kimberly points out the astronomical numbers American’s shell out each year at the vet clinic. It’s huge! And she concludes whether obtaining pet insurance is a worthwhile investment. Here’s how Kimberly weighs in on the matter:

“Pet insurance. According to the American Pet Products Association, 62 percent of American families own a pet. Those furry friends tend to come with increasingly high vet bills, which lead some people to take out pet health insurance. The association estimates that Americans will spend about $12.2 billion at vets’ offices this year. Treatments include cancer surgery, antianxiety drugs, and even organ transplants.”

“But pet health insurance doesn’t come cheaply. It usually starts at about a couple of hundred dollars a year for limited coverage. Spayed and neutered pets usually receive lower rates, but older pets may not be eligible for illness insurance. Pet owners willing to spend thousands of dollars if Bubbles comes down with a fatal disease should consider taking out the policy; otherwise, it probably makes sense to save the money instead and prepare to say goodbye if a serious illness strikes.”

How do you feel about the investment in pet insurance? Do you gamble that your pet will be free from major medical expenses? Or do you prefer the peace of mind knowing that unforeseen vet bills won’t put you in the ‘dog house’?

There is no right or wrong answer, only YOUR answer!

Source: http://money.usnews.com/money/articles/2009/08/25/from-pet-to-marriage-insurance-good-deals

            

Is Pet Insurance Worth The Cost?

The cost of pet ownership is not cheap. One factor often considered is if buying pet insurance is worth the investment.

In these days of escalating costs, most of us cut back where we can. But should pet insurance be one of those expenses we trim?

Jim Wang explains his personal pet insurance story in an article for USNEWS.com. Two years ago, Jim adopted an 8-year old Beagle named Tobey. Jim and his wife didn’t have any kids so they lavished love and affection on Tobey and did their best to spoil him! But the decision for pet insurance wasn’t something they couldn’t ignore. Let’s take a look at one’s personal story for investing in pet insurance.

“Most of the major decisions were pretty easy to make—what kind of dog bed to get, the type of dog food to feed him, and who would be responsible for what and when. There was, however, one tougher question we hadn’t considered—whether or not we should buy pet health insurance.”

“Pet health insurance is a lot like people health insurance. You pay a monthly premium and, in return, you get medical coverage for a litany of medical procedures. You have to pay a deductible out of pocket. Our particular insurance has a $50 deductible per visit and we pay 20 percent of any procedures. Much like people health insurance, pre-existing conditions are not covered.”

Of course, not all pet insurance plans are created equal but they have basic characteristics. As Jim points out: “The healthier dogs, the ones that aren’t as adventurous eaters and climbers and escape artists, help pay for the ones that get into more trouble.”

You’re Also Buying Peace Of Mind

Since pet insurance is about saving money in the long run if your pet should develop a need for serious veterinary care, you have to weigh and decide if it’s right for you. And as Jim concluded, it’s not just about the money.

“When we did the math, it didn’t really make much sense. The monthly premiums, combined with the deductible and 20 percent co-payment, made it such that we’d have to have almost a $700 dollars in treatment each year for the program to make sense.

We bought it anyway. We bought it because this health insurance bought us peace of mind. I don’t want to be put to the decision of whether I want to put down our beagle Tobey or pay for an expensive medical procedure. It wasn’t a money issue, it was a peace of mind issue.”

Crunching The Numbers

Since we’re not made out of money, you should go into this investment with your eyes wide open. Unexpected veterinarian bills can significantly add up with just one procedure, not to mention on-going care that may be needed . Here’s Jim’s thought process on the cost.

“With insurance, a $3,000 operation is still $650 out of pocket. $650 is less than $3,000 but it’s still a significant amount of money. Since I felt like we are financial stable enough to pay the monthly premiums, which makes a $3,000 decision into a $650 decision, we decided that it was better for us to buy peace of mind and not subject ourselves to that choice.”

“Some would say that we should save the money and put it in a high-yield savings account, accruing interest and “self-insuring.” The problem with that strategy is that I would still be faced with a $3,000 decision (instead of a $650 one). My purpose for buying this insurance isn’t financial, it’s for mental health.”

“Fast forward two years and the decision has, so far, paid off. Our little guy has had a few medical issues that amounted for 20 percent more than what we paid for the insurance. Thankfully, we haven’t experienced anything catastrophic and so the policy hasn’t been hugely “profitable,” but it’s broken even. In a perfect world, we hope never to have to use insurance but breaking even means we at least made a good choice… so far.”

So in the Wang family’s case, a pet insurance purchase was a good one. To them it was comforting to know that should anything medical happen to Tobey, they wouldn’t be burdened with a expensive vet bill.
Maybe this thought process is the same for you. Peace of mind can be priceless!

SOURCE: http://money.usnews.com/money/blogs/my-money/2011/07/13/do-you-need-pet-insurance

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We love pets too!  And it’s our sincere desire that the information on this website will help you select the right Pet Insurance for your beloved family member.

Thanks for stopping by.  Now go play with your pet — and tell ‘em our Golden Retriever “Buddy” says hello!