Owning a pet comes with a lot of responsibilities. It is more than having a furry friend around to cuddle you. It means walks, doctor’s appointments, vaccines, and worse, hospitalization. Having a pet is like having an added family member. Regardless if you’re a dog or cat person, one question you should ask yourself is whether you should take out pet insurance to prepare for the worst.
Sometimes, our pets get into situations where hospitalization or surgery is unavoidable. I remember when I was 17 and I had this little dachshund with me. Out of the blue, he started acting all weird and shaky. Turns out, he had canine distemper and most likely got it from our neighbor’s dog. Because I was a broke junior in high school who did not have pet insurance, my puppy had to suffer through that whole thing. In the end, my little Thor died. Have you ever heard of economic euthanasia? It’s when a pet has to be euthanized rather than treated because costs are too expensive for a family. That’s what happened to me.
Sadly, my dog isn’t the only pet who has gone through that. Thousands of pets all over the world have been put down due to the outrageous costs of caring for them. This is one of the reasons why pet owners take out pet insurance. However, the question is, up to what extent is a pet covered?
Like human health insurance, pet health insurance has different covers and costs. The cost of pet insurance depends on a lot of factors like the pet’s age, breed, type of coverage, and health profile. Names usually vary depending on the insurance company, but there are three common types to this: wellness, accident, and accident and illness. Wellness covers vaccinations, regular tests, and dental. It does not cover illnesses or accidents. Accident covers, as the name suggests, accidents. These accidents include physical injuries and poisoning or ingestion of foreign objects. Accident and Illness covers injuries, illnesses, diseases, etc. Sometimes pet owners have the option to include the wellness package with to this policy. An owner may also opt to add a few benefits like the cost of treatment when out of the country, pet care if the owner is hospitalized, and liability coverage when the pet injuries someone.
Pet insurance also has deductibles and co-payments, the way our health insurance works, too. Preexisting conditions are most usually never covered. You would also have to pay out of pocket first before the insurer reimburses you. Usually, you are reimbursed 80% of the total expense, but sometimes it can be 90% or even 100% of the cost.
Depending on how healthy your pet is, it’s best to do your homework before you decide. Most experts advise against applying for the wellness coverage because unless you use all care options, you might just end up losing money. If you decide to apply for the accident and illness coverage, you may also lose money if your pet ends up being healthy all year. However, if they do fall ill, most of the costs for treatment will be reimbursed. Therefore, I recommend checking with insurance companies and find out about their offers and its coverage, what is included and what is not. If the benefits outweigh the costs, then go for it.