Insurance is never a fun topic to talk about because it is something that many of us spend a lot of money on, but rarely ever use. Still, pet insurance may be something you might want to think about if you are adopting a new pet.
But what exactly is pet insurance, and is it worth it?
What Does Pet Insurance Cover?
To answer the question – is pet insurance worth it?, you should think about a worst case scenario for your pet and whether or not you have the disposable funds available to pay for treatment. After all, it’s not uncommon for a single emergency vet visit to quickly eclipse $1,500, and that doesn’t even factor in surgical costs.
But if you had pet insurance, the insurance company would reimburse you for 80%, 90%, or even 100% of your vet bill (minus your deductible, of course). Pet insurance works just like most insurance plans, you’ll pay a monthly premium to keep your coverage active. Once your deductible is met, your insurance provider will pay for the remainder of your pet’s eligible expenses, usually up to your policy’s limit.
However, it is important to note that not everything is covered by most plans. Here is a list of what most will cover:
- Accidental injuries
- Unexpected illnesses
- Chronic diseases
- Dental illnesses
- Hereditary conditions
- Surgery
- Cancer diagnosis and treatment
- Prescription medications
- Diagnostic testing
- Emergency exam fees
Some pet insurance providers offer additional coverage benefits for an added cost. Depending on what features you choose to add on to your coverage, you could also get reimbursed for things like:
- Alternative treatments (physical therapy, acupuncture, chiropractic care, etc.)
- Behavioral modification therapy
- Lost pet advertising and reward
- Breeding and pregnancy expenses
- End-of-life care (including euthanasia, and cremation or burial)
What Doesn’t Pet Insurance Cover?
Just like health insurance for humans, pet insurance does not cover treatments or care for pre-existing conditions. However, some providers may cover certain pre-existing, but curable conditions, but only in cases where there are no recurring symptoms and only after a designated waiting period has passed. This does not mean that pets with pre-existing conditions can’t be covered under pet insurance, it just means that their coverage would exclude the specific condition that they already have.
Other common pet insurance coverage exclusions include:
- Pet food, toys, and other supplies
- Cosmetic procedures
- Elective surgeries
- Routine examinations
- Preventive care
- Spay/Neuter surgeries
- Vaccinations
- Boarding or daycare costs
- Pet-caused property damage
- Personal liability claims
- Other provider-specific exclusions
Consensus: Is Pet Insurance Worth It?
Whether or not a pet insurance policy is worth it often comes down to the details. It is important to read the fine print of any pet insurance policy, so you know exactly what’s covered and what’s not. If after reading, you feel that pet insurance could save you a lot of money based on your finances and your pet’s risk level, then it will definitely be worth it.
Another factor that you might want to keep in mind – 1 in 3 pets will require emergency treatment within a given year. So, you have a 33% chance that your pet will be one of the ones that will.