Just like something unexpected can happen to us, it can also happen to our furry friends. While some people have set aside some money purposely for emergencies like that, many cannot afford to do that and feel guilty when something happens to their pet because they cannot help them. That’s when pet insurance comes into play. However, many people disagree with it and believe that it is not necessary or something you actually need.
That’s exactly what we will be focusing on – is having pet insurance worth it? So, if you want to find out more about whether pet insurance is something that you really need and not just another hoax, keep on reading.
What Is Pet Insurance and Why Is It Important?
If you know how human insurance works, we can tell you that pet insurance is very similar. The main difference is that, when it comes to pets, you are supposed to pay the bill, and the insurer will provide you with reimbursement for it.
According to experts from petplace.com, “pet insurance helps pet parents avoid a financial crisis due to unexpected veterinary expenses from accidents and illness. This enables pet owners to make decisions based on what is best for their pet and avoid difficult decisions dictated by financial limitations.”
Pros and Cons of Pet Insurance
As the years go by, veterinary medicine becomes more and more technologically advanced. However, that also means that the costs associated with it, such as equipment or training for vets to perform those kinds of procedures, are increasing as well, making the costs incurred by the pet owners higher than ever. Unfortunately, many pet owners cannot afford to pay that kind of money like that.
That’s the first advantage of pet insurance – once you pay the bill at the vet, you will receive reimbursement from the insurance company. This means that the money is not ‘gone,’ but will be returned to you by the insurer. The monthly fee is usually lower than health insurance for a human – on average, it is around 200$/year.
What’s more, most pet insurance plans include a free visit to the vet once a year to ensure that everything is alright with your pet’s health. Usually, you can choose the vet – this is very helpful, especially if you have one you’ve been going to for a while. Not only might your pet feel more relaxed during the visit, but you will also have peace of mind knowing that it is someone you can trust.
Last but not least, companies that offer pet insurance also offer bonuses that cover any injury or serious illness your pet might suffer from in the future. The fees are usually really low, so it won’t make a dent in your pocket if that’s what you are worried about.
Just like everything, pet insurance also has some cons. First of all, no matter the insurer or the plan you choose, you will be faced with maximum benefit, which means that if you have a dog or cat or other pet that is very prone to injuries or illnesses, you might still have to pay at least part of the veterinary bill.
If your pet already suffers from a medical condition, it might not be eligible for insurance. However, that depends on the insurer, and what kind of planes they offer – they might have one directed towards owners whose pets have pre-existing medical conditions. Keep in mind that almost none of the plans cover your pet’s routine care – including, for example, regular checkups. This is something you need to take care of on your own.
One of the most significant differences between human insurance and pet insurance is the fact that, when it comes to human insurance, you just pay your co-pay out of your pocket, with pet insurance they make you pay the bill first, and then send it to them for reimbursement. So, even if you have insurance, you need to be aware that you will initially be asked to pay for the bill.
The Bottom Line
So, what’s the answer to the big question? Is pet insurance really worth it, or can you live without it?
The truth is it’s always better to have one than not. Imagine that your pet got seriously sick, or the worst scenario – died. Not only do you have to deal with grief after losing one of your best friends, but you also need to think about how much it will cost to bury it. Even though you have the option to burn its body, it’s not something that pet owners decide to do.
With pet insurance, you can organize a proper burial, and while for some people, it might seem like too much, it gives you the chance to get closure and say a final goodbye to your best friend. Think about it.