No, pet insurance is not a joke. In 2022, maintaining a pet’s health can cost an arm and a leg, and not just for the pet. Radiation treatment and tumor removal could each cost $5,000. Arthritis medication can easily surpass half a thousand dollars.
So, how does pet insurance help you protect your pet? Yes, it is insurance after all – however, beware! Pet insurance has quirks which can alter its effectiveness.
First thing’s first: Pet insurance is similar to health insurance. Plans include monthly premiums, deductibles, annual maximums, etc. In the same ways that health insurance covers your medical expenses, pet insurance does the same for your pets.
Distinctions exist in the details of the plans. Like health insurance, pet insurance normally does not cover dental costs. In addition, pet insurance often will omit coverages for routine checkups, pre-existing conditions, preventive care, and behavioral issues. Many of these omitted options are typically covered in health insurance plans.
Beyond these rather harsh limitations, pet insurance can be quite discriminatory in their premium calculations. Factors such as species, breed, size, age, and even location can drastically affect price ranges. The wild border collie across a lifespan could cost an owner only $4,000 while a typical siamese cat could cost north of $9,000. A range of costs will ultimately change what many owners believe to be worth for taking care of their pets.
So is pet insurance worth it? If we strictly examine what it means to be a caring, loving, and happy pet owner, then absolutely, insurance is worth every penny and more. However, cost-wise, owners should consider all aspects of affordability and risk. 1 in 3 pets will require emergency treatment each year, equating to anywhere between four to seven thousand dollars. While a house cat like a domestic shorthair may not be exposed to the same conditions as an excitable golden retriever, accidents do happen no matter how protective or safe the conditions are. Therefore, even though it is up to every owner to decide, we recommend pet insurance to everyone.