Like many other pet owners, my husband and I see our dog as an essential part of our family. That’s why, just like with our own health, we’re concerned about our dog’s health insurance. Our Wheaten Terrier is almost ten years old, which has prompted us to think about whether getting pet insurance is a smart move.
The idea of being able to cover our dog’s medical costs without stressing about other bills, like electricity, seemed very attractive. Thankfully, shopping for pet insurance is now easily done online. However, the more we looked into it, the more we asked ourselves: Is pet insurance really worth it?
One important factor we considered was the deductible—the amount you have to pay before the insurance kicks in. Just like with human health insurance, pet insurance often requires a deductible, which can range from a few dollars to over $1,000, depending on what you can afford. Also, many policies only cover a portion of the total cost, usually around 90%.
We discovered that different pet insurance policies have various restrictions, such as not covering pre-existing conditions or specific treatments. The thought of skipping a necessary treatment because it isn’t covered by insurance was unsettling, and it reminded us of the challenges with human health insurance. We agreed we would do whatever it took to save our dog, as long as it didn’t ruin us financially.
Going through numerous options to make a well-informed financial choice was tiring, especially since our pet’s health was on the line. We spent hours researching different plans and began to feel overwhelmed.
Pet insurance might make sense for owners whose pets have chronic conditions and frequent vet visits. But for a typical pet that only sees the vet for annual check-ups or minor issues, it could be more cost-effective to set aside money in a savings account specifically for pet expenses.
After considering that our premiums would total over $5,000 with no claims made, we found pet insurance less appealing. So, is pet insurance always the best choice for your pet’s health? The answer probably depends on realistically weighing your pet’s needs against the cost and benefits of the insurance package.