What is Pet Insurance and is it Worth it?

When you first adopt a pomsky dog you might hear about pet insurance plans. Pet insurance has become more popular in recent years and many owners wonder if it is worth it. This post includes information about pet insurance including how it works, if pet insurance is worth it and other considerations so you can decide if pet insurance is right for you.

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What is Pet Insurance?

Pet insurance is similar to other insurance plans such as health insurance or car insurance. Pet insurance plans have a monthly rate that varies based on your dog’s age, breed, the cost of pet care in your area and if your dog has any pre-existing health conditions. Pet insurance plans reimburse your expenses rather than covering them initially, so you will get paid back after paying bills at the veterinarian office.

How much does Pet Insurance Cost?

Similar to health insurance plans, most pet insurance policies have a deductible, which is an annual amount you will need to pay out of pocket before your insurance plan will cover your vet bill. After you meet the deductible, your insurance may cover a certain percentage of your vet bill, such as 70%, 80% or 90%.

Monthly rates can range anywhere from $30-$120 per month. Pet insurance premiums that are less expensive will cover a lower percentage of your vet bills, and higher monthly rates will likely have a higher reimbursement rate.

What does Pet Insurance Cover?

Pet insurance is meant to cover emergency expenses and it usually does not reimburse the routine, recurring expenses such as teeth cleanings, annual checkups, and vaccinations. Pet insurance also doesn’t cover pre-existing health conditions, so you will not get reimbursed if you start a pet insurance plan after finding out that your dog has a condition such as arthritis or juvenile cataracts. Most plans do not cover spay/neuter surgery, unless you pay extra to have this additional coverage. Some plan options that are offered by pet insurance include comprehensive coverage (everything included), accident and illness coverage, accident only coverage (sudden unexpected injuries) and/or a pet wellness coverage (includes routine checkups, vaccinations and medications that prevent flea and heartworm). You will need to look into the specific pet insurance company to learn about their plans, prices and policies.

Pros and Cons of Pet Insurance

Alternative Options

Pet Savings Account: Instead of paying a monthly premium to a pet insurance company, you could make a monthly contribution to a savings account. For example, you could contribute $30 per month to a bank account that you have set aside specifically for your dog’s health expenses. This way you can see the total amount of money in the account grow overtime, and it will be there in case of emergencies, or for annual vet expenses. This option is more flexible than pet insurance options because it can be used to cover any of your dog’s health expenses.
Payment Plan: If you cannot afford a large health expense for you dog, you can see if your veterinarian offers payment plans or find a different pet financing option.

Summary

Each pet insurance plan will have different costs and coverage options. It is important to remember that pet insurance does not cover every health expense for your dog, but it can give you peace of mind in the event of a health emergency. You can decide if pet insurance is the right option for you, or if you would prefer to create your own pet savings account or use a payment plan as alternative options.