What Does Pet Insurance Cover: Is It Worth the Cost?
Wondering what pet insurance cover? And, whether or not it’s worth the cost? Well, you have landed in the right place! In this blog post, we will be discussing everything you need to know about pet insurance.
Pet insurance is very similar to human health insurance in the sense that it covers the cost of medical care should your fur baby become seriously ill or injured. In times of an emergency, veterinary bills can add up pretty quickly – leaving many pet parents worrying about whether or not they can afford the life-saving treatments.
Pet insurance provides peace of mind allowing you to save your baby and your finances at the same time. While it may seem like an unnecessary expense, pet insurance is definitely worth considering – especially if you want to be prepared for anything!
What Does Pet Insurance Cover?
Before we dive into whether or not pet insurance is worth the cost, let’s first discuss what pet insurance is and what it covers.
What is Pet Insurance?
Pet insurance is a type of insurance that helps cover the cost of your pet’s medical care. This can include things like annual check-ups, vaccinations, routine care, and emergency services.
Some pet insurance policies will also cover things like boarding fees, lost pet rewards, and more. It’s important to remember that pet insurance is not the same as pet health insurance.
Pet health insurance only covers the cost of your pet’s medical care, while pet insurance can cover a variety of things like lost pets, boarding, and more.
Is It Good To Have a Pet Insurance?
Now that we know what pet insurance is, let’s discuss whether or not it’s a good idea to have one.
There are a few things you should keep in mind when considering pet insurance. The first is the cost of your monthly premium.
The monthly cost of pet insurance will vary depending on the type of pet you have, your pet’s age, and where you live. In general, the older your pet is, the more expensive your premium will be.
The second thing to keep in mind is what type of coverage you need. There are three main types of pet insurance: accident-only, comprehensive, and major medical.
Accident-only pet insurance policies cover, you guessed it, accidents. This can include things like car accidents, bites, and more.
Comprehensive pet insurance policies cover a wide range of things like accidents, illnesses, routine care, and more. Major medical pet insurance policies are similar to comprehensive policies but usually have a higher deductible and cover more serious illnesses and injuries.
The third thing to consider is whether or not you can afford the deductible. A deductible is the amount of money you have to pay out-of-pocket before your insurance policy kicks in.
For example, if you have a $500 deductible and your pet needs $600 worth of medical care, you will have to pay the first $500 and your insurance policy will cover the remaining $100.
Deductibles can range anywhere from $0 to $1000 or more. It’s important to choose a deductible you can afford in case of an emergency.
Now that we’ve discussed what pet insurance is and what to consider when purchasing a policy, let’s talk about whether or not pet insurance is worth the cost.
Is Pet Insurance The Same as Health Insurance?
No, pet insurance is not the same as human health insurance. Pet insurance covers the cost of your pet’s medical care should they become seriously ill or injured. In times of an emergency, veterinary bills can add up pretty fast – leaving many pet parents worrying about whether or not they can afford the life-saving treatments.
Pet insurance provides peace of mind allowing you to save your baby and your finances at the same time. While it may seem like an unnecessary expense, pet insurance is definitely worth considering – especially if you want to be prepared for anything!
How Much Does Pet Insurance Cost?
The monthly cost of pet insurance will vary depending on the type of pet you have, your pet’s age, and where you live. In general, the older your pet is, the more expensive your premium will be.
In 2020, the average annual cost of a pet insurance policy for accidents and sickness was $594 for dogs and $342 for cats, based on data from the North American Pet Health Insurance Association.
The average annual premium for a dog or cat-only accident insurance policy that year was $218 for dogs and $134 for cats. Deductibles of up to $1000 or more are possible. In the event of an emergency, it’s critical to pick a deductible that you can afford.
Is Pet Insurance Worth the Cost?
While the monthly cost of pet insurance may seem like an unnecessary expense, it is definitely worth considering – especially if you want to be prepared for anything. Accidents happen, and veterinary bills can add up pretty fast.
Pet insurance provides peace of mind allowing you to save your fur baby and your finances at the same time. So, is pet insurance worth the cost? We think so! Do you have pet insurance? Let us know your thoughts in the comments below!
What Does Pet Insurance Cover?
There are two types of pet insurance: one that covers accidents and illness, and one that just covers accidents. The former is more common, but the latter might be less expensive monthly. So if your dog had an unexpected case of pancreatitis or your cat was attacked by a wild animal, treatments would be covered up to your plan limit under the accident policy–but not if it’s just the illness policy.
Accident and illness plans cover things like:
- Diagnostic tests
- Emergency care
- Surgery
- Hospitalization
- Prescription medications
- X-rays and MRIs
The comprehensive plans also generally come with some sort of routine care rider, which covers things like:
- Annual checkups
- Vaccinations
- Blood work
- Spaying and neutering
- Teeth cleaning
Some pet insurance plans will also cover things like:
- Alternative therapies like acupuncture or hydrotherapy
- Boarding fees if your pet gets sick while you’re on vacation
- Behavioral training
- Food allergies
It’s important to read the fine print of any pet insurance policy before you purchase it, so you know exactly what is–and isn’t–covered.
And keep in mind that pet insurance is not the same as human health insurance. It covers the cost of your pet’s medical care should it become seriously ill or injured. In times of an emergency, veterinary bills can add up pretty fast – leaving many pet parents worrying about whether or not they can afford the life-saving treatments.
What’s Not Covered By Pet Insurance?
Pre-existing conditions are not covered by any pet insurance policy. So, if your dog was diagnosed with diabetes before you got them insured, any treatment related to that condition would not be included.
There are also waiting periods for some treatments. For example, most policies have a 14-day waiting period for cruciate ligament surgery. That means if your dog tears its ACL playing fetch and you take them to the vet the next day, the surgery wouldn’t be covered.
Some policies also have limits on how much they’ll pay out per year or per condition. So, if your policy has a $5000 limit and your dog needs $6000 worth of treatment for cancer, you would be responsible for the $1000 difference.
And finally, pet insurance does not cover routine care like cosmetic surgery, breeding, elective surgery, or teeth cleaning. You can add a rider to your policy that will cover some of these services, but it will likely increase your monthly premium.
To Sum It Up
Pet insurance is worth considering if you want to be prepared for anything. Accidents happen, and veterinary bills can add up pretty fast. Pet insurance provides peace of mind allowing you to save your fur baby and your finances at the same time.
So, is pet insurance worth the cost? We think so! Do you have pet insurance? Let us know!
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