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Karen Hopper, 57, of Cooper City, Florida, looked into pet insurance for Rusty, a 5-year-old Staffordshire terrier, and it didn’t seem worth the cost.
Rusty injured his knee when he jumped out of bed when he was 2 years old. The plans Hopper was presented with through his work could not cover the existing conditions. Perhaps she’ll have to deal with the effects of Rusty’s torn ACL for years, so why pay a monthly fee when those costs aren’t covered?
Less than a year later, however, Hopper had to seek $4,000 in surgery to remove a piece of rubber stuck in Rusty’s stomach with a credit card. “I was thinking, ‘Maybe I should have had insurance,'” she says.
Karen Hopper and her dog Rusty
Courtesy Karen Hopper
Many dog and cat owners struggle with whether or not to get pet insurance. Between limited coverage, high deductibles, network restrictions, and wellness options, navigating the pet insurance industry can be as challenging as understanding human health insurance. So is it worth it?
Hopper and others take care of health issues when they arise and wish them the best, but some pet owners say their monthly pet insurance premiums actually relieve stress. increase.
Researching pet insurance policies and plans?
If you’re considering investing in pet insurance, here are seven things to consider.
1. Ask your breeder, rescue organization, or veterinarian if they can recommend an insurance company, or consider bundling your insurance with the car, home owner, or another existing policy.
2. In general, the higher the deductible, the lower the premium. Deductible decisions should be based on how much money you can reasonably afford in case of an emergency.
3. If you are considering purchasing pet insurance, we recommend that you do so before your pet is diagnosed with a serious illness. Pre-existing medical conditions may be excluded.
4. Be aware of lifetime or annual limits. “Hats really hurt,” says Colleen Stratton, who spent thousands of dollars treating cats.
5. Most plans are for dogs and cats, but some plans are for exotic pets such as lizards, birds, rabbits, and other creatures. If you’re looking for coverage of these animals, be sure to do some additional research.
6. Wellness plans that cover vaccines, grooming, and other regular services cost more per month, but help owners budget their monthly pet expenses.
7. Be sure to read the fine print to understand what the plan covers and what it doesn’t.
The Growing Pet Insurance Industry
According to the North American Pet Health Insurance Association (NAPHIA) 2021 Industry Report, the industry is growing at an average of 23.4% each year. By the end of 2020, approximately 3.45 million pets were insured in the United States and Canada.
After Colleen Stratton’s cat, Pywacket, spent thousands of dollars borrowed from her father to treat hyperthyroidism, she insured Pywacket and her second cat, Sho-Zen. did. “It was a godsend,” says a resident of Glendale, California. [Sho-Zen] I started having health problems that slowly deteriorated over the course of three years. ”
Ten years ago, her Pets Best Insurance plan was $60 a month for two cats, but after deducting a $500 deductible, she paid 80% of the bill. Now that cat is gone, Stratton has two healthy young cats. This year, her monthly bill jumped from her $87.32 to her $127.68, and she still doesn’t know why. Stratton is considering whether to keep the plan, increase the deductible, shop, or put the money into an emergency savings account. “I’m continuing my research,” she says. “But there is something comforting about knowing you have pet insurance.
Its comfort is the reason many pet owners choose it.
“Pet insurance is a financial product, but it is also an emotional product,” says Christine Lynch, executive director of Nafia. “You care a lot about your pets and want to make sure that if something happens, you want to have the means to care for them.
Things to watch out for
According to NAPHIA, in the United States, the average premium for accident and sickness coverage is $49.51 a month for dogs and $28.48 a month for cats. Accident only coverage is $18.17 and $11.13 respectively. Insurance premiums vary depending on age, breed, and where you live.
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