“Pet Insurance – Is It Worth It?”

Barkley, a 9 year old Boxer, was diagnosed with lymphoma.  The owner, Mr. Fish, was understandably upset, but because he had pet insurance he felt much better about treating the cancer.  It cost him over $2000, but he only paid $400 out of pocket.  The treatment prolonged Barkley’s life by about 6 months, but Mr. Fish never regretted treating his four-legged pal.  “He was like my first kid” he said, “and he had 6 more really good months”.

The decision of whether to treat a pet for something potentially costly can cause severe stress.  People find themselves having to weigh factors like cost, prognosis, and the age of the pet.  During times like this, it does make a difference to have insurance, as there are companies out there that offer to help defray the costs.  But before you sign up for pet insurance, do your homework.

How much will it cost? Like your health insurance, pet insurance has deductibles, co-pays, annual premiums, and limits for pre-existing conditions.

What coverage is needed? Look for plans that cover illnesses, accidents, and routine care.  Ask if the policy covers chronic diseases such as cancer and diabetes and at what price.  The Insurance Institute website (www.iii.org/articles/petinsurance) has more on types of coverage.

Can you go out of network? Plans that let your pet visit any veterinarian and covers emergency care are most useful.  Some policies cover treatment by specialists, while others do not.

Can you afford it? If you have money to pay veterinary costs out of pocket, you may not need it.  If you have the ability to set up a separate savings account it may be better than insurance.

From my own experience, I can tell you that people that have insurance are happy that they have it.  You have to decide how far you would be willing to treat your pet, and if your companion is more than “just a pet”, then insurance may be right for you.

Till next time,  Dr. Steve                                  www.ashburnanimals.com 703.729.0700

p.s. Three companies to consider are PetsBest, VPI, and Trupanion.

User Rating: / 0
PoorBest