New Year, New Policy: Making the Case for Pet Insurance
Did you know the idea of insurance is an ancient one? Archaeological evidence suggests that individuals in debt in ancient Babylon did not have to repay a loan if certain calamities occurred. Medieval Europe introduced the guild system in which members contributed to a large pool that covered any losses. The Great Fire of London in 1666 gave way to the first fire insurance policies.
Pet insurance is one of the latest incarnations of this ancient concept. While they may not appeal to every pet owner’s monthly budget, some policies can help off-set the cost of emergency or life-saving veterinary care. In most cases, having pet insurance is totally worth it.
Could It Work For You?
If your pet ever faces a severe or life-threatening illness or injury, pet insurance can relieve the fear of being able to pay for critical care. Many owners have to make immediate decisions that either save their finances or their pet’s life. When you have a pet insurance policy, you can do both.
Annual rates for dogs are approximately $600, or about $50 each month. Cat insurance policies can be upwards of $400 annually, or $30 a month. You can choose a lower monthly rate that only covers catastrophic care or accidents-only. These policies won’t necessarily cover illness. We encourage you to read the fine print carefully before signing up.
Pet insurance companies will take your pet’s age, breed, medical history, geographical location, and lifestyle into consideration when designing a quote. Please be aware that there is likely an annual limit, minimum deductible, and a capped reimbursement percentage.
Shop around for the most competitive rates, and pay close attention to the differences between deductible and the rate of reimbursement (and what they will cover or not). Your rate may increase as your pet ages.
Most pet insurance policies have exclusions in place for pre-existing conditions, and will only cover illnesses or injuries that occur or are diagnosed after the policy is in place.
Why Pet Insurance Matters
Many pet insurance policies have added features for preventive health, including vaccinations, wellness exams, and even dental care. However, by and large, policies are popular with owners that expect sudden/unplanned expenses associated with pet ownership.
Your Pet’s Health
Pet insurance is not designed to cover completely or pay owners back every dollar they pay for veterinary care. Instead, it offers a cushion of financial support if/when your pet needs help. In other words, it removes the barrier to care.
Every pet owner has a different approach to responsible pet ownership. As long as your pet receives the care and support they deserve when they need it the most, you are rising to the occasion. If you have any questions or concerns about pet insurance, please call us at (813) 723-7297. Our team is always happy to help you at Caring Paws Animal Hospital.