You will do anything for your pets. You will give them treats. Shower them with love and attention. Spoil them with exquisite pet toys. And endure the expensive vet bills and other expenses. You are willing to do anything to make them happy and pampered to the point that you will even get pet health insurance to ensure that they live a long and happy life.
But is pet insurance really worth it?
History of pet insurance
Firstly, let us go down memory lane of when we humans decided to give insurance to animals. In 1890, the first-ever written pet insurance policy was created in the US, and it only involved horses and livestock. This is understandable since these animals were one of the sources of livelihood during those times.
But when the TV canine star, Lassie, catapulted to fame, its owners considered getting the pup insured. That was way back in 1982. After more than three decades, the number of insured pets multiplied. It never became just a fad. According to the North American Pet Health Insurance Association (NAPHIA), approximately 2.82 million pets were insured in 2019. Its average annual growth rate is 22.1%.
Three types of pet health insurance
Pet health insurance safeguards you and your pet from unwanted and unpredictable veterinary costs. It has three types, as follows:
- Accident & Illness = a comprehensive policy that covers unexpected sickness, disease, and injuries.
- Accident Only = covers accident-related medical treatments.
- Wellness = also known as "Preventive" or "Routine" care. It can cover common pet treatments like dental, tests, and vaccinations.
The Accident & Illness and Wellness are sometimes combined into one policy, but your pet can only get dental care.
Benefits of pet health insurance
- You can afford expensive treatments such as chemotherapy, surgery, drug therapy, and other medical operations. Typically, these medical procedures would cost you hundreds or even thousands of dollars without insurance.
- It can be customizable based on your financial situation and your pet's needs. Unlike before, it is now possible to choose from different carriers and deductible amounts.
- You can choose your vet who accepts your insurance plan. You won't have a problem getting your vet's invoice and submitting your claim for reimbursement.
Cons of pet insurance
Now, let us discuss the disadvantages of getting your pet insured:
- You won't get away with a maximum benefit limit each year, no matter what carrier and plan you choose. So if you go beyond the limit, the remaining cost will be handled by you.
- In pet insurance, you have to pay the bill first with your money and then send it for reimbursement—it kind of defeats the purpose of being insured.
- Pre-existing medical conditions like hip dysplasia and diabetes will not be covered. It would be better to use the money to treat your pet instead of purchasing insurance. It doesn't mean you can't get a plan but keep in mind that you can't reimburse the money you've spent on any pre-existing condition that your pet has.
- Take note that there are restrictions that you must consider depending on the age and breed of your pet. The age requirement is at least six weeks old to be able to get an insurance. The older your pet, the higher the premium will be.
- It won't cover anything pregnancy-related operations and treatments.
How much is pet health insurance?
Based on Consumer Reports, you need to shell out $22 per month for dogs, while the cat's pet insurance cost is around $16 per month. This is only the average cost because it might go higher as per your pet's age, breed, and your chosen coverage.
In an interview with NBC News, president of Checkbook.org, Robert Krughoff, said, "It's common to pay $300 a year or more for pet insurance. Over the life of a dog or cat, that might be $5,000 or more."
That is why if your goal of getting insurance is only for your pet's wellness care, you will be only wasting a lot of money.
But if you are adamant about having a pet, there is an alternative option we can suggest.
Perfect Petzzz: The best furry companion minus the insurance
It is not only the insurance, but you won't have to spend on vet bills, food, and other pet-related expenses. This is one of the advantages of choosing Perfect Petzzz as your pet.
Perfect Petzzz is a lifelike pet that looks and feels like a living animal. They are suitable for all ages. Kids can play with it at any time. It is also the best companion for older people who have dementia or Alzheimer's.
It is made from soft synthetic fur that you can touch or groom with a pet brush. Perfect Petzzz can offer a real pet ownership experience and even comes with an adoption certificate.
Perfect Petzzz is available for purchase through our Amazon site. For any other inquiries, contact us here.