Pet owners often consider pet insurance to cover unexpected veterinary bills. According to Rover, 38% of pet parents say they would have to take on financial debt to cover an emergency vet visit. Pet insurance may help pay for unexpected medical expenses, including emergency surgeries, hospital stays, and diagnostic tests.
What Does Pet Insurance Typically Cover?
Most policies are designed to help pay for unexpected medical expenses, including emergency surgeries, hospital stays, diagnostic tests, prescription medications, and treatment for covered illnesses and injuries. Some chronic conditions may also be covered if they aren’t considered pre-existing. However, annual checkups, vaccinations, dental cleanings, and preventive care are often only covered if you purchase an additional wellness plan.
How Much Does Pet Insurance Typically Cost?
The average accident-and-illness policy costs about $836 per year ($70 per month) for dogs and $435 per year ($36 per month) for cats, according to the North American Pet Health Insurance Association. Your actual premium will vary based on factors such as your pet’s age, breed, location, coverage level, deductible, and reimbursement percentage.
Before buying pet insurance, it’s essential to understand the insurance terms, including the deductible, reimbursement rate, annual payout limit, and waiting period. You should also consider your pet’s age, health, and pre-existing conditions when deciding whether pet insurance is right for you.
Is Pet Insurance Worth It?
Pet insurance may make sense if a $5,000 or more emergency vet bill would create financial hardship, or if you don’t have enough savings to comfortably cover a major emergency. On the other hand, it may be less beneficial if your pet is already a senior or has pre-existing conditions, or if you have enough savings to comfortably cover a large veterinary bill.
Alternatively, you could create a dedicated emergency fund for your pet instead of buying insurance. Setting aside the amount you would have spent on monthly premiums in a high-yield savings account can help you prepare for future veterinary expenses.
Original reporting: 40/29 / KHBS (NW Arkansas) — read the source article.
