Pet Insurance: Yes, It Really Exists (Part 1)

Although pet insurance has been available for approximately 20 years, many pet owners have never heard of it and are surprised that such a thing would even exist. After all, insurance is for people, right? Well, if you have ever had to empty your savings account in order to pay for a pet’s surgery or if you have ever had to put a beloved pet to sleep because you couldn’t afford medical care, then you can absolutely testify to the usefulness and worth of pet insurance.

As is the case with most other health-related expenses, the costs associated with an average pet’s medical care – preventative, emergency and catastrophic – are rising all the time. If you have multiple pets, the cost of even the most basic care can be financially crippling. When deciding whether or not to buy a health insurance policy for your pet, you have to ask yourself a few questions. Do you consider your pet to be a member of the family? Would you be unable to pay for (potentially) thousands of dollars in medical bills if your pet develops cancer or needs long-term medical care? Would it absolutely break your family’s heart to have to euthanize your pet because you didn’t plan ahead for potential health crises? If you answered “yes” to any of these questions, then you’ll want to seriously consider purchasing an insurance policy for your pet.

What Kind of Pet Insurance Is Available?

Pet insurance is now available through a multitude of specialty companies; and, just as with your average health insurance plan, the higher the premium, the greater the range of benefits you and your pet receive. The average plan costs anywhere from $20 – $40 per month and has either no annual benefit limit at all or a limit of approximately $15,000 – $20,000. Many plans offer discounts for coverage of multiple pets. Your deductible will be determined by the plan you choose, but the average is approximately $100 per year.

1 2 3 »