When it comes to affording the veterinary care that your dog or cat will need throughout their life, pet insurance is a helpful option. Like health insurance that lets you save money when you see the doctor, this type of insurance can help you save if your pet gets hurt or sick.
But, even though veterinary costs can be surprisingly high, is pet insurance worth it? Well, like anything else, there are pros and cons that you should weigh in order to make the decision that’s right for your pet and your wallet.
Do I Need Pet Insurance?
Does it make sense to get pet insurance? To answer this question, it’s a good idea to become familiar with how this form of insurance works.
Out-of-pocket costs are one of the first things to consider if you’re trying to answer the question, “is pet insurance worth it?”
- When you sign up for pet insurance, you’ll pay a monthly premium to keep the account active. This might range from just $10 to over $100 per month, on average. It will depend on the provider and policy that you go with, as well as various factors, such as the type of pet that you’re insuring and your pet’s health, breed, and age.
- In addition to a monthly premium, there are other out-of-pocket costs that you might incur as well, such as a deductible and copay. This is another thing to think about as you work on determining if this type of insurance can help you save money.
- When you do visit the vet, you’ll likely need to pay the bill upfront. Then, after you submit a claim to your pet insurance, you’ll be reimbursed for part or all of the bill.
Restrictions are another thing to consider when you ask yourself, “do I need pet insurance?”
- Waiting periods - there may be a waiting period that has to pass before you can reap the benefits of your plan after you enroll.
- Pre-existing conditions - these typically aren’t covered. Basically, if the insurer determines that a medical problem began before the insurance fully kicked in, you may not receive any support to cover the costs of treating your pet. Always read the fine print so you’ll know what to expect when it comes to pre-existing conditions, and if there are any exceptions.
- Alternative therapy - if you want to be able to give your pet access to alternative therapies, be sure to read a plan’s details carefully, as you might discover that not all insurers will provide this level of coverage.
- Coverage limits - there might be a limit on the amount of money that your insurer will pay for veterinary care received in a specific span of time, such as in a year or in your pet’s lifetime.
Some of the many benefits that come with pet insurance include:
- Significant cost savings - with the right plan, you might save quite a bit of money when your furry companion needs to see the vet because of an accident, injury, or illness. After all, diagnostics, treatments, and procedures might cost hundreds or even thousands of dollars. Top-quality insurance might help cover the cost of medicine, emergency care, hospitalization, lab tests, and surgery, all of which can be pricey.
- No network or provider limits - you likely won’t run into plans that have networks of providers that you need to stick with. Usually, as long as you use a properly licensed veterinarian, your insurance will help with the cost of covered services and treatments.
Are Pet Wellness Plans Worth It?
Do you need pet insurance that will help cover the costs of routine trips to the vet? Then it may be worth getting a wellness plan.
Benefits vary from one policy to another. But, generally, this type of coverage may be there for you when your pet needs to go in for preventive care, when they need to get vaccinated, and when your veterinarian needs to run some standard health tests. It might even be there to help cover the cost of a spay/neuter surgery, and it could help with dental care.
Overall, this type of coverage can be helpful because wellness exams might cost you hundreds of dollars annually, on average. So, if you’re the type of pet parent who never misses a wellness check, crunch some numbers to see if taking this route is worthwhile.
Are Accident and Illness Plans Worth It?
Is pet insurance worth it when it comes to covering the cost of accidents and illnesses? Well, accident and illness coverage may be there if something unexpected happens and your pet needs care immediately. Because this insurance can be surprisingly affordable, the peace of mind that you get from it might justify any out-of-pocket costs you incur, such as premiums and deductibles.
Just keep in mind that, if you sign up for a plan that only covers accidents and illnesses, you’ll need to pay for any wellness exams out of pocket.
When Should I Get Pet Insurance?
Because of the restrictions when it comes to pre-existing conditions, and because your premium might be higher if your pet is older, the sooner you get pet insurance, the better. This can help ensure that, if your pet develops an illness or gets hurt, it won’t be considered a pre-existing condition.
Plus, emergencies can happen when you least expect them to, and they might cause injuries that require long-term care. Your pet might get hurt, need surgery, or develop an illness that’s expensive to treat. If you already have a great insurance policy in place, you can focus more on helping your dog or cat get better, and less on being able to afford the care that’s necessary.
So, Is It Worth It to Get Pet Insurance? Yes!
With comprehensive coverage, you won’t need to break the bank to give your canine or feline companions the high-quality care they need to stay well and recover from an injury or illness. And the best part is that there are many affordable plans, so you don’t need to pay a lot every month to keep this type of insurance active.
Even though there are some restrictions to consider, and it’s necessary to read the details of a plan carefully to know what you’re getting, pet insurance may be a worthwhile investment that helps provide peace of mind and savings. Plus, because veterinary costs tend to increase from one year to the next, this type of coverage can help you rest assured that you won’t need to sacrifice trips to the vet, or veterinary treatments, when your pet needs them.
Are You Ready to Shop for Pet Insurance?
If you’ve weighed the pros and cons of pet insurance, and you’re ready to shop for the ideal plan, check out the Direct Benefits Marketplace. Use this tool to carefully browse and compare the providers and policies available in your area so you can make the right choice that gives you the coverage you want.