Why Every Pet Owner Should Consider Pet Insurance
Pets are an important part of our lives, but they can be expensive when it comes to healthcare. Veterinary care is costly and can cause financial strain. However, there is a way to alleviate this burden - pet insurance.
How Pet Insurance Works: Coverage and Exclusions
Pet insurance is health insurance for your furry friends, mainly dogs and cats. The policy covers emergency vet costs, including diagnostics, procedures, and medications, as well as sick visits and all that entails. Optional coverage may include preventative care, routine tests, and protective treatments. Pet insurance does not cover pre-existing conditions, treatments within a waiting period, or experimental treatments, and some policies do not cover exam fees.
Is Pet Insurance Right for You? Assessing Your Financial Situation
Whether or not you need pet insurance depends on your financial situation. If you view your pet as part of your family and have financial constraints, pet insurance ensures that you never have to compromise on providing them with the necessary medical attention they need. And it allows you to focus on the most important thing - your pet’s care - instead of worrying about how you’re going to pay for it. Removing that unpredictability can go a long way toward giving you peace of mind.
The Benefits of Pet Insurance": Peace of Mind and Customizable Coverage
You may wonder why you shouldn’t just put the money into an emergency fund instead of getting pet insurance. Having an emergency fund for your pet is helpful, but it has limits. Pet insurance allows you to pay a low monthly premium that covers unforeseen costs for treatments and procedures, which can quickly add up. Vet bills can be in the thousands of dollars, more than what you may be able to save in an emergency fund. Additionally, if you have pet insurance, you can save your emergency fund for other emergencies (like getting laid off, or having an unexpected medical event yourself), and not have to dip into your emergency fund to pay a big vet bill if your pet gets sick. It’s also highly customizable, allowing you to select coverage based on your budget and your pet’s needs.
Building Financial Security: Combining Pet Insurance and Emergency Funds
It may be beneficial to have both pet insurance and an emergency fund. Pre-existing conditions and other expenses may not be covered under a policy, and they can become costly. Having a separate “Pet Fund” is helpful for excluded costs, as well as for your portion of the vet bill if you don’t choose a 100% payout option.
The Bottom Line:
If you decide to get pet insurance, take the time to research your options, get several quotes, and understand the policy and its coverage before you commit. It is recommended to consider taking out a policy soon after getting your pet (before anything unforeseen happens), and because as pets age, their trips to the vet may become more frequent, and premium costs for pet insurance will be more expensive. If you can’t afford exactly what you want because the premiums don’t quite fit your budget, there are lots of options out there, compromise. Instead of a 100% payout, opt for a 75% payout. Something is most often better than nothing.
We insure our cars, our homes, ourselves, and our families. Pet insurance can be a valuable investment to protect your fur baby’s health, alleviate financial stress and keep you on track toward hitting your goals.