Just like human beings, your furry companion can have a health event or injury that can spring an entirely unexpected expense on you. If the treatments require surgery, medications and longer term care, the cost can easily total thousands of dollars.
The question is, does it make sense for you as a pet owner to pay a premium to have insurance for your pet(s)?
Pet insurance is structured much like insurance for people. Insurance plans include deductibles, copays, and monthly premiums, with various combinations and options to fit your needs. There are also similar caveats, such as most insurances will not cover pre-existing conditions.
Pet insurance policies can cover pets like dogs and cats, and even smaller animals such as birds, rabbits, guinea pigs, and reptiles.
An estimated average cost of monthly premiums for dogs and cats are $30-$50 for dogs and $15-$30 for cats. There are also factors that influence the cost of particular plans such as breed, age, risk and cost of care. This link for a 2022 pet insurance article lists average costs by providers for various breeds of cats and dogs.
How do you decide if pet insurance is the right choice?
May be a good fit:
- It’s worth it to you knowing your pet’s veterinary expenses will be more manageable in the event of an expensive health event
- A large veterinarian bill would be a financial hardship you could not undertake
- Your pet is younger and without pre-existing conditions
May not be the right choice:
- You would rather risk a paying out of pocket than a continual premium payment that may never be used.
- You have a pet that is older in age or has pre-existing conditions that would not be covered
- You are in a place financially that a sudden large medical expense could be manageable and tolerable
Dr. Ashley Rossman also contributed to an article published in Better Home and Gardens about pet insurance that helps explain the basics of pet insurance and how it works, please see it linked below.
Click the image below to view the PDF of the article.