You’ve heard the horror stories.
A golden retriever puppy eats her owner’s sock and needs emergency surgery to remove the potentially deadly gastrointestinal blockage.
A middle-aged cat is diagnosed with diabetes and will need insulin for the rest of his life.
The parents of a lumpy and bumpy schnauzer find out one of those lumps is cancer.
A Yorkie cries out in pain after jumping off his owner’s bed.
No pet parent wants their furry companion to face an unexpected illness or injury. But if it happens to you and your pet, it’s important to be financially prepared. A recent Forbes Advisor survey found that 42% of dog and cat owners said a $1,000 veterinary bill would cause them to go into debt.
To help cover unexpected veterinary bills, many pet owners rely on pet health insurance. But, is pet insurance right for you?
What is pet insurance?
Pet health insurance is a financial safety net that helps pet parents afford veterinary care for their furry friends when they need it, particularly in cases of unexpected injury or illness.
Like human health insurance, pet insurance often involves complicated plans, monthly or annual premiums, and deductibles and out-of-pocket payments. Unlike human health insurance, which typically pays medical providers directly, pet insurance often requires pet owners to pay the veterinary provider in full upfront, file a claim with the insurance company, and wait to be reimbursed.
Is pet insurance right for you?
On the fence about getting pet insurance? Not sure which company or plan to choose? Pet insurance plans vary widely, so it’s important to do your research before making your choice. Keep these considerations in mind:
Your budget
Determine how much you can afford to pay for your pet’s insurance. Some companies allow you to customize your monthly or annual premium, deductible amount, and payout percentage so the plan works within your budget. Also, remember that most insurance companies require you to pay your veterinary bill upfront, and then file a claim and wait to be reimbursed, so be sure you have access to funds in case your pet needs unexpected veterinary care.
Your pet’s breed
Certain breeds are predisposed to particular health conditions, so some insurance providers may charge higher premiums for those breeds, while others may have breed-specific limitations or exclusions.
Your pet’s age and health status
The younger and healthier your pet is, the less expensive your pet insurance will be. Also, plans don’t cover pre-existing conditions, so it’s best to enroll your pet before they develop any chronic medical problems.
What’s covered
Most pet health insurance plans cover only accidents, or accidents and illnesses. A pet insurance plan may cover:
- Chronic conditions (e.g., heart disease, arthritis, nervous system conditions, and diabetes)
- New illnesses (e.g., cancer and allergies)
- Injuries (e.g., gastrointestinal obstructions, toxicities, fractures, and bite wounds)
- Diagnostic tests (e.g., bloodwork, ultrasound, and X-rays)
- Medications and supplements
- Surgeries
- Hospital stays
Some plans may also cover preventive care services (e.g., routine exams and dental care), although this is more commonly offered as an add-on to accident and illness plans.
Waiting periods
There’s usually a waiting period before coverage begins, so don’t wait to sign your pet up on the day they get sick or injured.
Coverage limits
Pet insurance can be a valuable investment in your pet’s health and well-being, as well as your peace of mind. By choosing the right plan, you can ensure that your pet receives the care they need without financial stress. Remember, every pet is unique, and their insurance needs will be too.
Need help choosing the right insurance plan for your pet? Research your options, check out online reviews for the companies and plans you’re considering, and chat with the Central Kentucky Veterinary Center team during your pet’s next visit.
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