A pet is a valuable family member, and just like many people make sure to obtain a health insurance policy, some families acquire pet insurance for their animal companions as well.
Pet insurance works similarly to human health insurance: it may cover certain categories of treatment at a rate stipulated in the contract, with owners paying a deductible before coverage kicks in. In other instances, some services are covered no matter what.
However, pet insurance also costs money in the form of a monthly premium, and it may not cover important services, surgeries, or certain treatments.
This can make it challenging for owners to understand whether pet insurance suits their animals. As you consider whether pet insurance is worth the investment, be sure to understand the pros and cons.
The Advantages of Pet Insurance
Pet insurance offers numerous advantages. Some of the most notable include:
- Availability – Most pet insurance types are easy to use, and the majority of vets will partner with pet insurance providers. This way, owners can continue to see the vets that they trust.
- Reimbursement – On average, pet insurance reimburses a higher percentage of the costs of a procedure than human medical insurance does. Many services are covered at a rate of anywhere from 70% to 100%.
- Coverage – Many pet insurance plans cover the entire gamut of common problems a pet may face. Dental disease, accidental injury or unexpected illness, cancer, and diagnostic testing are frequently included and make up the bulk of what an owner spends money on throughout a pet’s life.
- Complete Care – Pets tend to benefit when they are covered by an insurance policy. Because the owners are not as financially constrained thanks to support from the pet insurance, they are more likely to invest in preventive care that might have been cost-prohibitive otherwise. Similarly, they may agree to treatments that can significantly improve a pet’s quality of life if that treatment is partially or fully covered by insurance.
The Negatives of Pet Insurance
While pet insurance can be a great fit for some, it does have disadvantages that are worth keeping in mind.
Excluded treatments – While pet insurance does cover many procedures and services, some of the most important treatments for certain pets may be excluded. End-of-life care and euthanasia can be significant expenses that are only sometimes covered, and pre-existing conditions are not eligible for coverage. One of the biggest surprises for many people is that routine exams are not usually covered under pet insurance plans.- Initial payments – Pet insurance can cover the cost of large, expensive procedures — but owners are still typically responsible for making the initial payment to the vet. Insurance reimburses the owner later. For those who do not have a credit limit that is high enough or sufficient cash to cover these expenses, pet insurance may pose an unexpected problem.
- Specificity – If owners do not read the fine print of the plan they are considering, they may be paying monthly premiums for coverage that does not help them when they need it most.
Other Considerations
The above pros and cons can be generalized to most types of pet insurance for cats and dogs, but there are some other things to keep in mind for pet owners. First and foremost, those who own more non-traditional pets, such as ferrets, amphibians, and reptiles, may see even less coverage than dog and cat owners without securing a specialized policy.
Additionally, owners may be surprised at what is not covered for pets that have pre-existing conditions. Typically, any treatments related to that pre-existing condition, even tangentially, will not qualify for insurance reimbursement. Thus, pet insurance may not be a wise financial choice for those with older pets who have many existing health challenges.
While most owners trust their pets to licensed facilities, it is important to consider how insurance works for other situations. For instance, if an owner of an exotic pet can only seek treatment from a local, unlicensed specialist, they would not be able to seek reimbursement under the plan.
Decide If Pet Insurance Is Right for You
Whether or not a pet insurance policy is a good investment for your animal companion is a personal decision based on finances, the pet’s health, and more. If you have a pet insurance policy, be sure to share the details with your sitter or dog walker to facilitate care if something goes wrong while you are away!
If not, avoid the dangers of leaving your beloved companion with strangers by choosing a professional team to take care of your pet during your absence. The team at Paw Pals is happy to care for pets, whether during daily walks or longer-term visits.
Contact Paw Pals to schedule a meeting with a team that prioritizes your pet’s health and wellness!
