Pet insurance isn’t something that many people have even heard of until they actually have a pet. If you’re considering bringing home a new furry friend, you may be concerned about the cost of veterinary care, and justifiably so.
An emergency vet visit can cost $800-$1500 on average. That isn’t even factoring in regular annual checkups and other routine care for your pet, which may run between $200 to $400 for dogs and $90 to $200 for cats.
Fortunately, pet insurance can help buffer the cost of unexpected veterinary bills. But given the number of options and potential pitfalls, it’s not something you want to take lightly.
This guide will walk you through everything you need to know about how to select pet insurance plans so that you can make an informed decision on whether or not this is something that would benefit your household.
What is Pet Insurance?
Pet insurance is similar to other kinds of insurance. Most people are familiar with car insurance, so it’s easy to make a comparison. Just like with car insurance, you choose the amount of coverage for pet insurance. The more things you cover with your policy, the more expensive it will be.
Just as with car insurance, a pet insurance policy has a monthly payment, called a premium, that you pay towards your coverage. Also like car insurance, there’s a deductible. A deductible is a set amount that you pay out-of-pocket in the case of an incident, after which your insurance covers the rest. If you want a low monthly payment, you’ll likely have a higher deductible (and vice versa.)
If you need to use your pet insurance, you’ll pay the bill in full to your veterinarian and then receive reimbursement from your pet insurance for the amount agreed to in your policy. Unlike car insurance, pet insurance isn’t mandatory but it may be a good idea if you share your home with furry family members.
For example, let’s say your dog breaks their leg. Depending on the severity of the injury, that bill could be thousands of dollars. In addition to the initial cost, you’d also be responsible for paying any follow-up visits to make sure the leg is healing properly. Without pet insurance, you would foot the entire bill for their surgery and any other related medical treatment completely out-of-pocket.
How Much Does Pet Insurance Cost?
The cost of pet insurance will vary between providers and depend on the type of plan you choose. In general, you can expect your monthly premium to be between $15 to $30 for cats and $30 and $50 for dogs. Most people choose a comprehensive plan that includes coverage for both accidents and illness. With additional add-ons for wellness, there is almost nothing that won’t be covered under your pet insurance.
Things to Know Before You Buy
- You Can Use Pet Insurance With Any Veterinarian
With pet insurance, you don’t have to worry about being part of a network to get approval for your choice of a veterinarian. You’ll pay the vet’s bill and then submit it for reimbursement within the coverage of your policy.
- Pre-Existing Conditions
While almost no pet insurance will cover pre-existing conditions, some have an exception for curable conditions that are symptom-free for a fixed amount of time.
- Wellness
Wellness care is an add-on to your policy, covering things like annual checkups, preventive care, vaccinations, dental care, and spaying/neutering. These are among the most frequently used veterinary services, so it may be wise to add a wellness plan to your policy.
- Read the Fine Print
It’s always a good idea to read the fine print on any kind of insurance but there are some specific things to look out for with pet insurance. Be sure you understand your coverage for congenital or inherited conditions, bilateral conditions, breed-specific conditions, behavioral treatments, and elective procedures. There may also be minimum or maximum ages to watch out for when shopping for a pet insurance policy.
Insuring Your Pet’s Future
Most people regard their pets as members of the family and would do anything to keep them safe and healthy. The unfortunate fact is that vet bills can become expensive quickly and a veterinary emergency can put you in a real bind when deciding how much care you can afford. That’s not a position anyone wants to find themselves in.
Selecting the right pet insurance plan for your needs and budget is one of the best ways to make sure that you have more options available when your pet needs care. With the right plan, you can protect yourself from spending thousands of dollars on treatment for accidents and chronic illnesses.
