Read fine print before you buy insurance

By Dr. Beth Leermakers

September is National Pet Insurance Month, designed to increase awareness of the benefits of pet health insurance. Pet insurance reimburses a large percentage of veterinary bills for illnesses, accidents, emergency care, specialty visits and more. With pet insurance, pet parents can afford to provide high quality veterinary care for their fur babies. 

Benefits of Pet Insurance

• Delivers peace of mind. Pet health insurance allows you to choose treatment options for your sick or injured pet based on veterinary needs instead of financial constraints. 

• Provides an easy way to budget veterinary costs. Insurance premiums can be paid monthly, quarterly or yearly. With an insurance policy, there are limited surprise costs, even in emergency situations.

• Allows you to choose a plan that meets your pet’s needs. Many popular insurance plans cover advanced specialist care, illness care, and injury care. You can select the coverage and deductible that work for you. 

• Can extend, and even save, your fur baby’s life. Insurance covers medical treatments necessary for chronic illnesses such as cancer, diabetes, injuries that require surgery and issues that require hospitalization.

Is Pet Insurance 

Worth Having?

Should you spring for pet insurance for your dog or cat? Spoiler alert: based on the numbers, yes. 

As you know if you’re a pet parent, veterinary care is expensive. According to a recent study, the annual cost of health-related expenses for dogs ranges from $534-$1285. For cats, annual health-related expenses range from $374 -$965. The cost of complex or emergency care is staggering. According to Care Credit, the cost for the first year of cancer treatment was $4137 for dogs and $3282 for cats (between 2017 and 2020). The first year of diabetes treatment cost $2892 for dogs and $1634 for cats between 2017 and 2020. Those costs are even higher now. 

In 2021, the average cost of annual pet insurance premiums for dogs was $584 for accident and illness coverage and $239 for accident-only coverage. For cats, the annual premiums were $343 for accident and illness coverage and $130 for accident-only coverage. To decide whether pet insurance is right for you, answer these questions:

1. Can I pay for an unexpected veterinary emergency right now?

2. Am I willing to euthanize my pet if I can’t afford treatment?

3. Could I benefit from spreading out the cost of my pet’s care?

4. Do I want the peace of mind that comes with knowing my pets can get the care they need?

If you answered no to the first two questions and/or yes to questions three or four, it’s time to consider purchasing pet insurance for your fur kids.

What It Covers

Most pet insurance companies offer three types of plans that vary in coverage and costs:

Accident-Only. This plan covers costs associated with accidents, including many emergency veterinary expenses. Read the definition of “accident” carefully. Some emergency situations (such as your dog getting into the garbage and eating chicken bones) may not be considered an accident. If someone leaves your gate open and your dog gets hit by a car, that would probably be considered an accident. These plans are typically the least expensive because they are the most limited. 

Accident and Illness. These plans are the most popular since they cover treatment of acute (e.g., infections or wound care) and chronic (e.g., diabetes, arthritis and cancer) health conditions as well as accidents. Accident and illness plans cover diagnostic and treatment costs associated with “sick pet” vet visits. Read the fine print to see what conditions are not covered. Some plans exclude treatment of hereditary conditions based on your dog’s breed. For example, respiratory problems in English bulldogs may not be covered. If your pet has a pre-existing condition (such as a heart murmur) or develops a problem during the waiting period (time between when you sign up until coverage kicks in), those conditions will usually not be covered.  

Wellness Plans. Pet wellness plans typically cover preventative care such as routine vaccinations, annual checkups, heartworm testing and parasite prevention medications (e.g., flea/tick and heartworm preventatives). These plans may be sold as add-ons to accident-and-illness plans, or they can be purchased as standalone plans. Wellness plans let you spread out the cost over the year instead of paying for everything at your annual or semi-annual vet visit. Again, read the fine print to see exactly what’s included. Dental care may not be covered, or dental cleanings may be covered (but not tooth extraction).

If you choose not to purchase pet insurance, consider setting aside money to cover unexpected vet bills. Hopefully, you won’t have to use your insurance or dip into that emergency fund, but it’s better to be prepared.