Top Three Things You Should Know About Pet Insurance For Your Dog or Cat
As Americans cut back on spending in these tough times, surveys find that many are not willing to reduce what they spend on their pets1. How can people protect against the rising cost of medical services for their pets? Pet insurance may be the answer. These plans help people budget for the care their dog or cat might need in the future.
The American Veterinary Medical Association estimates that the cost of medical care for pets is rising twice as fast as the average of all consumer spending. Treating a broken leg can cost $2,000 to $5,000. Surgery to remove swallowed items such as rocks, sticks or toys can cost $1,000 to $3,000. Treating cancer can cost $2,000 to $10,000 or more, based on the type of cancer and its severity. Studies show that nearly 60 percent of dogs older than six will get some form of cancer. Cancer is the leading cause of death in dogs over age 10.
So, you've taken all the right steps to protect your family’s health and finances. You are taking advantage of your health benefits, your life insurance policy is up to date and you are saving money for your retirement. Now that you’ve taken care of the human members of your family, have you thought about how you can protect the pets in your house? For about $25 to $40 a month, you can purchase a pet insurance plan for your dog or cat. If you’re considering pet insurance, here are three questions you should ask to find a plan that is right for you.
1.) What are my deductible options? Choosing a higher deductible will lower your monthly premium, but means your out-of-pocket costs will be higher each time your pet begins a new medical treatment. Choosing a lower deductible will increase your monthly premium, but means your out-of-pocket costs will be lower. Make sure that the pet insurance plan you choose offers you the flexibility to change plans and deductibles depending on your needs today and in the future.
2.) What is covered by the plan? Many plans reimburse pet owners for 80% of the cost of treatment after the deductible is met for illnesses, accidents, injuries and many other veterinary services. Make sure the plan allows you to visit any licensed veterinarian and provides coverage for emergency care. Find out if the plan will cover chronic illnesses such as diabetes or cancer and the specialists who treat those conditions. Consider asking about a preventive care coverage, because many plans offer optional coverage for preventive measures such as annual exams, vaccinations or teeth cleanings.
3.) What is excluded from the plan? Most plans exclude the health issues that your pet has before you sign up for the policy, whether or not they were previously diagnosed or treated. These may include any congenital conditions your pet is born with or conditions that some breeds are susceptible to. Make sure the policy you choose clearly states what is and is not covered in a way that is easy to understand.
To learn more about pet insurance visit: http://www.petinsurancereview.com/index.asp.
Footnote
- According to a 2009 American Kennel Club survey
