When you adopt a pet, you have to ask yourself a few questions. One of them is whether it is worth taking out pet insurance. The decision to adopt a pet should not be taken lightly: it is costly, it takes a lot of time, not all homes allow pets, and it is a big commitment. Owning a pet is like having a child: you are responsible for its wellbeing and it is up to you to ensure that it is well cared for, healthy and happy.
According to the North American Pet Health Insurance Association, in 201
The honest answer is: it depends. If you are financially secure and can afford to pay for emergency surgery (which can cost up to $ 5,000), you may want to risk it and forego pet insurance. However, if you don't feel you have enough disposable income to afford it, consider buying pet insurance. Check out our top five pet insurance deals.
More and more employers are offering pet insurance as an additional benefit for employees. So if you work for a company that pays for your pet insurance, we highly recommend it. If not, the decision to invest in pet insurance is entirely up to you. Hopefully it's something you never have to use. However, no one can predict whether their pet will get sick or injured. So if you want to be reassured, pet insurance can be worth it for you.
Is pet insurance worthwhile?
If you ask, "Is it worth taking out pet insurance?", You should first ask yourself what the pet insurance covers and what the pet insurance does not cover.
Is Pet Insurance Worth It: What Does It Cover?
In short, pet insurance covers accidental injuries and illnesses. If your dog is playing something too vigorously with another dog and tearing his ACL, pet insurance will help cover the cost.
If your cat has cat leukemia, pet insurance will help cover the costs.
Is Pet Insurance Worth Getting: What Doesn't Cover It?
To get a complete list, you must contact your pet insurer because insurance coverage varies depending on the plan. However, pet insurance largely does not cover routine veterinary visits, care, hip dysplasia, hereditary diseases and more.
What are some of the most common claims for pet insurance?
To answer the question "Is it worth taking out pet insurance?" To better answer, let's look at some of the most common claims and their claims to costs without pet insurance.
As you can see in the graphic above, veterinary costs can be quite expensive. The most common claims for cats and dogs relate to stomach problems, which can cost $ 6,500 for both dogs and cats! Both dogs and cats are curious animals and often take in things that they shouldn't, whether it's too much food, poisonous plants, or even household items (or worse). When it comes to dogs, veterinarians most often need to surgically remove from the pet's gastrointestinal tract:
Do you want to pay? $ 6,500 because your dog decided to eat stones ?! We wouldn't do it either, but pets are family members, and if that's the only alternative, you really have no choice.
Is it worth taking out pet insurance? A case study
A veterinary student in Cornell learned firsthand how expensive prying cats can be if their cat Fawkes ingests part of a lily plant leaf that can be quite toxic to cats and can be fatal Kidney failure. Since symptoms can last from 12 to 48 hours, treatment often involves staying for a few days and observing in the intensive care unit of a veterinary office, which can add up.
In this particular case, Fawkes spent three days in intensive care with a variety of tests, medication, fluids, and more. The cost would have been $ 1,783, but luckily Fawkes' owner had taken out pet insurance. Its owner paid the $ 1,783 in advance because pet insurance, unlike personal insurance, reimburses you after you pay. Then, however, she was refunded $ 1,327. Instead of paying nearly $ 2,000, its owner paid just under $ 400. For them, the pet insurance was clearly worth it.
Is it worth taking out pet insurance? Talk to Your Vet
If you don't know if pet insurance is worthwhile, talk to your vet. He or she can give you an idea of common medical problems that your pet is susceptible to due to breed, age, and other factors. The veterinarian can also give you information about the costs associated with these complaints to help you make your decision.
Next, look at several different pet insurance providers. Download sample guidelines from their website as the guidelines vary depending on the type of pet, breed, age, location and more. Pay special attention to what is covered, what is not covered and how much reimbursement is given for various diseases. Check out the costs associated with the five most common diseases your pet is most susceptible to. Can you afford to pay these costs out of your own pocket? If the answer is yes, you may not need pet insurance. If not, maybe you should consider it.
Can't afford health insurance? Here are a few alternatives
If you cannot afford monthly pet insurance, you should set up an emergency savings fund for your pet. Consumer Reports chief editor Tobie Stanger believes this is a better alternative to pet insurance and says, "Our conclusion is that this insurance is unlikely to be worth the cost of a generally healthy animal." Instead, put a few hundred dollars a year in an account for your pet so that it can appear in an emergency.
If you do not have pet insurance and your savings fund is still insufficient to cover costly surgery or treatment, speak to the Humane Gesellschaft. You have a list of organizations that may be able to help make donations.
What do you think: is it worth taking out pet insurance? Let us know in the comments.