Just like many other pet owners, my husband and I see our dog as a vital part of our family. Because of this, our dog’s health insurance is just as important to us as our own. Our Wheaten Terrier is almost ten years old, which made us wonder if getting pet insurance is a smart move right now.
The idea of being able to afford our dog’s medical bills without worrying about other expenses, like the electricity bill, sounded appealing. Finding pet insurance is pretty easy online these days. But the more we looked into it, the more we questioned if it’s really worth it.
One key factor was the deductible, which is the amount you have to pay before the insurance kicks in. Just like with human insurance, pet insurance usually requires a deductible, and depending on what you can afford, it can start with just a few dollars and go up to $1,000 or more. We also saw that many policies only cover a percentage of the total cost, like 90%.
We noticed that different pet insurance policies have various restrictions. These could include exclusions for pre-existing conditions or limitations on certain procedures. The thought of not being able to get a specific treatment because it’s not covered was upsetting, much like concerns with human insurance. We would do whatever it takes to save our dog unless it severely impacted our finances.
Sorting through all the options to make a good financial decision was tiring, especially since it involved our pet’s health. We spent hours looking at different options and felt overwhelmed.
Pet insurance makes a lot of sense for pet owners whose pets have chronic illnesses and need frequent vet visits. But for a typical pet that mostly just needs annual check-ups or occasional minor treatments, it might be better to put money into a separate savings account for pet expenses.
Paying over $5,000 in premiums without making any claims didn’t seem appealing to us. So, is pet insurance always the right choice to protect your pet’s health? The answer might depend on realistically considering your pet’s needs and comparing those against the costs and benefits of the insurance package.