September is National Pet Health Insurance Month, designed to share the benefits of having insurance to pet owners. Many people are either unaware of pet health insurance or feel that it is not worth the monthly cost. However, research shows that pet insurance can be extremely beneficial for any pet owner, both financially and emotionally.
Sudden accidents or illnesses can be challenging for veterinarians to treat, which can result in multiple visits and bills. Many people take the chance and hope that their pet won’t have something devastating happen to them, but, unfortunately, that is not always the case. An emergency surgery can end up costing you more than you’ll ever pay on insurance throughout the life of your pet. It can end up costing far more than what you may have saved in an emergency fund.
How Does Pet Health Insurance Work?
Pet insurance is there to cover veterinary costs incurred by unexpected accidents, major illnesses, or diseases. Some worry that pet insurance won’t cover enough of the bill to justify the monthly cost, but that is hardly ever the case. Yes, pet insurance costs are rising (just like human insurance costs), but it is still a highly valuable thing to invest in. Even if you have to pay up front, pet insurance will usually reimburse up to 90 percent of the charges for things like surgery, emergency visits, accidents, or sickness.
Should I Get Pet Insurance?
There are over 179 million pets in North America, but only 1.6 million were documented as being insured last year. This statistic leaves the vast majority of pet owners at risk of exorbitantly high bills in the case of emergency. In many cases, these pet parents don’t have the financial means to care for their pet and have to make a heartbreaking decision all because they couldn’t afford to pay the bills. Pet insurance can prevent many of these tragedies from occurring.
In 2016, pet insurance companies reported their highest claims yet––$44,296 for a dog with pneumonia and $14,582 for a cat with liver cancer. If these ailing animal’s owners didn’t have insurance, there’s a good chance that they might not have made it through these situations, unless the owners had far more saved up than the average household.
However, not all pet insurance policies are alike, so just like with your own human medical insurance, it pays to do your research. Compare policies and costs/benefits. Ask your trusted veterinarian which companies they would recommend. Then you can make the educated decision that’s best for you and your pet.
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