The first question many pet parents tend to ask is whether choosing a pet protection plan is worth it. This generally happens if the pet is healthy and no vet visits are scheduled beyond the annual exam. While pet parents usually ensure their pets are safe, they must acknowledge that pets can still face certain issues and accidents. This is where pet insurance becomes valuable, as it can help cover unforeseen expenses.
Increase in Veterinary Costs
Veterinary care has become quite expensive for pet parents. Over a decade ago, a procedure at the vet in an urban area would ideally cost around $2,000. A similar procedure now costs over $10,000, generally including additional tests.
With pet insurance, pet parents can get veterinary cost coverage, which can help them take care of unexpected and large expenses. This is also a great option because they just have to pay monthly premiums instead of paying a lump sum. In return, they get the necessary financial assistance for their pets whenever there is an emergency.
Financial Confidence and Peace of Mind
When a pet has a wellness concern, pet parents should prioritize addressing the issue rather than worrying about the costs. In situations like these, pet insurance can help remove the stress of choosing between the pet’s well-being and finances. When comparing pet policies, pet parents can see how much the policy covers, the co-pay, monthly premiums, and out-of-pocket costs. Most insurance plans cover a significant portion of the bills, leaving the pet owner responsible for covering some parts.
Better Well-Being
Pet care financial planning is often an overlooked aspect of having a pet. For many pet parents, the annual vet visit seems enough for their pet’s general well-being—until an emergency problem comes up. Increasing the frequency of vet visits can easily prevent these emergency issues. Routine checkups and tests during these visits can help catch the problem before it becomes severe. However, frequent visits to the vet can increase expenses. This is where pet insurance comes in. It removes the hesitation a pet owner might have thinking about large bills every time they visit the vet. With insurance taking care of a significant part of the cost, it becomes easier to go to the vet more than once a year. Such an arrangement can help in the early detection of many problems and less expensive bills by avoiding emergencies.
Growing Demand
An increasing number of pet owners are starting to consider pet policy benefits. Earlier, pet insurance was a niche that only a select few opted for. Over the years, the industry has moved to the mainstream market, with more people choosing pet insurance. This is mostly because more people are choosing to become pet parents and spending on pet products like food and treats. Also, there are now laws for responsible pet parenting, such as leash laws, mandatory annual vaccines, and microchips. All of these have led to an increase in demand for pet insurance. So, many insurance providers have added more benefits, such as better deductibles, reimbursement rates, and wellness add-ons. With benefits like these, pet insurance is worth the money for many people.
Affordable Plans
When evaluating the advantages and disadvantages of pet insurance, pet parents will realize that most providers offer reasonably priced plans. Pet insurance plans can be found with premiums starting at prices as low as around $25. The overall price generally depends on the species and breed of the pet. For example, cat insurance premiums can be between $25 and $35. Meanwhile, dog premiums can start from around $45 to over $60.
Most of these prices are for basic plans that offer coverage for emergencies and accidents. These plans protect against high-cost and sudden events like swallowed toys and broken bones. More comprehensive plans offer higher coverage for diagnostic tests and routine care. Pet parents can choose any level of coverage as long as they have the peace of mind that they need not choose between what is best for their pet and their finances.
Availability of Employer-Sponsored Options
A significant reason pet insurance is worth it is that it has made its way into the workplace. Many organizations have started including coverage for pets in their benefits packages. This is because many companies recognize the financial and emotional value of pet parenthood. These insurance plans are similar to group insurance for employees. Employer-sponsored pet insurance can help lower monthly pet care costs. Many employers also offer stipends for pet supplies, making it easier for employees to protect every family member’s well-being and wellness, including the furry ones.
