If your family is among the 43 million households in the U.S. that owns a pet dog, you know that the expense of taking care of them can definitely be hefty! (As a side note, there are around 36 million families in the U.S. that own cats.)
When you add up the cost of pet food, veterinary bills, grooming, boarding, and other miscellaneous expenses, it could easily exceed $1,000 a year.
If you have more than one dog or cat in the house, which many people do, then the cost can be much higher. However, many families don't have a problem absorbing those costs because they're staggered and, for the most part, predictable.
When Pet Ownership Gets Expensive
What can potentially hit you pretty hard in the wallet is unexpected and high veterinary bills. While it certainly is possible to own a dog that remains healthy and uninjured for its entire lifetime, there are countless stories of pet owners who have had to incur huge veterinary bills. Even the most pampered pets seem to have a way of getting themselves into dangerous or life-threatening situations that could require an emergency trip to the veterinary clinic. Some breeds also have a predisposition to certain diseases, disorders, and medical conditions.
Since most people think of their dogs and cats as members of the family, paying for expensive medical treatments is often viewed as a necessary financial hardship. The more affordable alternative they might not have thought of when adopting their furry friend is pet health insurance.
Knowing What to Expect
Pet insurance is comparable to human health insurance in several ways. For instance, pet insurance providers usually offer a choice of deductible amounts, which can raise or lower the cost of your monthly premiums. Co-payments are typically a feature of most pet medical policies, too.
Dog and cat insurance can also help pay for expenses like physical exams, prescription drugs, preventative care, and even the treatment of congenital and chronic conditions. Comparing the rates, benefits, and exclusions of several leading pet insurance policies will provide you with most of the information you need to make an informed decision about pet insurance. Reading online reviews can also be extremely helpful, especially in regard to important things like customer service, speed of reimbursement, waiting periods for coverage to begin, and coverage limitations. Some offer unexpected benefits, such as acupuncture treatments and reimbursement for cancelled vacations and/or the cost of recovering a lost pet (advertising and posting a reward).
The advantage of having dog or cat health insurance is that you generally don't have to worry that the cost of medical treatment will ever be an obstacle to providing your pet with the veterinary care it needs. Monthly rates can range from around $10 to $50, but most policies can be customized to your budget, your dog's needs, and the deductible you're willing to pay. Several leading pet insurance companies offer reimbursement options of between 70% and 90%.
If pet health insurance is possibility for you and your family, then the first step is to compare the benefits, costs, and limitations of each plan, and choose the one you're the most comfortable with.
