Best pet insurance is important for the obvious reason that it can save the life of your cat or dog. The other thing that the most optimal insurance for pets can save is money in your pocket in 2022.
One of the benefits of purchasing pet insurance is that it can actually protect you from financial challenges and provide you with peace of mind. Knowing that you can afford the care and treatment your pet needs if they suffer an accidental injury or illness – no matter what the future holds – can be a huge relief.
If you are a pet owner, then the chances are that you already know that taking care of an animal is expensive. If you are hoping to avoid adding another cost to the care of your pet, you may be asking how life with a furry friend can be more affordable? We suggest taking a closer look at how purchasing pet insurance can help you save money and bring added benefits to your life.
Why get pet insurance?
As pet owners, it is normal for us to be constantly looking for better ways to give our pets everything they need – food for a great diet, a comfy home, and a tremendous amount of love. But what if your pet was to fall seriously ill? What if they desperately needed veterinary care that cost an out-of-reach amount of money? Could you afford it? For many, the answer might be no.
These very conditions are the reason why we suggest finding affordable pet insurance. Not only does it provide your pet with essential coverage for accidents and illnesses, but it helps you find a way to make otherwise expensive care affordable and to provide yourself with a financial safety net in the event that your pet needs expensive treatment.
In the 2019-2020 National Pet Owners Survey, it was reported that pet owners spend approximately $638 each year on veterinary expenses for a single dog and $374 on similar care for a cat.
If, however, your pet needs an unexpected medical emergency, the cost of that very care could escalate, and you might be looking at a bill in the thousands of dollars. According to Emergency Vets USA, these sizable bills might include $600–$1,500 for cats and small dogs and $800–$1,700 for large dogs that are hospitalized for vomiting/diarrhea and seizures, $100–$150 for exam fees, $150–$250 for X-rays, and $80–$200 for bloodwork. And if your pet is unlucky and requires emergency surgery, you might be looking at $3,000 for cats and small dogs or up to $5,000 for large dogs.
However, if you have a good or even adequate pet insurance plan, these costs will be far more manageable. To ensure that you are able to find an affordable plan, we suggest doing your research and seeking out a pet insurance plan that provides the right amount of coverage at an affordable price.
What does pet insurance cover?
If you are in the process of looking for pet insurance, we recommend thinking about the unexpected costs you can incur as a result of accident or illness, as well as any routine vet care costs that you would have to pay for, as in the case of wellness exams and vaccinations.
For veterinarians, unexpected bills are their bread and butter. Whether it's fixing broken bones, addressing small issues such as vomiting, or more serious issues such as arthritis or diabetes, vets handle a variety of health problems.
When you select a plan, you will need to consider one that includes coverage for everything from the cost of diagnostic testing, emergency and specialist care, surgery, hospitalization, and prescriptions. While you could select accident-only coverage, this will likely not give you comprehensive protection, and there will be things that your plan does not cover.
You may also consider opting for a plan that covers the cost of routine vet care – especially if you are willing to pay a little extra. To do this would involve including an optional wellness add-on, and this will enable you to have coverage for annual wellness check-ups, vaccinations, parasite prevention, and teeth cleaning, among other perks. These kinds of plans tend to reimburse payees 100% for routine care costs within 24 hours.
Lower reimbursement percentage
Many insurers will also give you the opportunity to choose the reimbursement percentage. Generally speaking, the lower the percentage, the cheaper the policy. In many cases, your plan will give you the option of choosing the reimbursement percentage.
Higher deductible
When seeking an insurance quote, many insurers will also allow you to choose the deductible best suited for you. The deductible is the amount you would pay toward a claim before your coverage kicks in. For example, if your policy has a $500 deductible and you receive a $1,000 bill, you will first need to pay that $500 amount, and then the insurance company will cover the remaining amount.
Pick a lower level of coverage
Before purchasing pet insurance, consider your coverage needs. While it might be beneficial to purchase comprehensive protection, you might be buying that coverage and getting features you don’t really need. Instead, you might opt for accident-only coverage or forgoing a wellness plan. Doing so will help you save money while still having a significant level of protection – health and financial – in place.
Shop around
The key to purchasing any big-ticket item is shopping around for the best value. Instead of going with the first quote you receive, compare prices and make sure that you are getting the coverage that gives you the best for the price you are paying. Also, be sure to look closely at the fine print to ensure that you aren’t signing up for higher costs.
Annual payment
Another important point to consider is payment schedules. That is, looking for plans that allow for flexibility on payment between monthly, quarterly, or annual options. Our suggestion is to pay annually – while it might be a sizable lump sum upfront, it tends to be cheaper to pay using that schedule.
In addition to payment schedules, keep your eye out for special deals and offers, such as options to cover more than one pet or special discounts depending on your employment type or age. These deals can reduce your costs in invaluable ways.
