Insurance Has “Gone to the Dogs”

Two out of three US households have a pet, and I’m one of those. We have a goofball mutt from Alaqua (mine) and a very regal Corgi (my wife’s).  Like any pet owners, we absolutely adore our critters and consider them an important part of the family.  Just like humans, they can get sick and injured, and while vet bills might not cost the same as a lengthy hospital stay for a human, veterinary treatment can be a budget buster.

 

Pet insurance is becoming more popular these days, with an estimated 6.4 million insured pets in the US. Almost all of these are dogs or cats.  So, how do you know if pet insurance is a good idea for you? And, how can you figure out which one is best for you?  As with any insurance, the details really matter, and it can get complicated.  Rates are based on the breed, age, species, and costs vary widely by geographic region.  The average premium in Florida runs about $42 a month for dogs and $21-$38 for cats, with discounts available for insuring multiple pets.

 

You can buy coverage for accidents only, or for both accident and illness.  You can also add wellness benefits for normal visits, dental cleanings, etc.  The “accident and illness” is usually your best option, though, and skip the wellness benefits as they generally aren’t a good value.   Policies will exclude pre-existing conditions, so insuring a young, healthy pet can make a real difference.  Many plans will often have breed-specific exclusions, so be careful if you have a breed prone to hip dysplasia, heart issues, or other hereditary conditions.  

 

Unlike health insurance, which often pays your provider, pet insurance is a reimbursement policy, so you’ll have to pay the vet up front and submit the bills for repayment.  Pay attention to deductibles, waiting periods, and lifetime or annual benefit caps. Also be careful when selecting your reimbursement percentage, which are usually 70%, 80%, or 90%.     

 

I typically advise against buying insurance online, but this is an exception.  Just be sure to do your homework, ask lots of questions, and even get your insurance agent to help you understand the policy’s language.  Such research will help you make the best decision, and keep your furry buddy happy and healthy for a long, long time.