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Pet Insurance: Yes or No?

Lets Take A Deeper Look


Pet insurance is an optional but highly beneficial service for pet owners. It can help you cover some of the costs associated with keeping your pet healthy and happy. However, it’s not a cheap policy to take out on your pet – pet insurance plans can be pricey when you factor in the monthly premiums, annual payments, and potential reimbursement amounts. If you have a fickle financial situation or just don’t have the extra cash to spare, then you might consider whether getting pet insurance is worth it for you and your pets. Here are 6 reasons why you should get pet insurance and 3 reasons why you shouldn’t right now.

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What is pet insurance?

Pet insurance is a type of insurance designed to cover the medical costs associated with illnesses and accidents in pets. It can also cover routine wellness visits (vet visits for vaccinations, de-worming, etc). There are a few different types of pet insurance plans. One is an actual insurance policy, where you’re paying a premium to an insurance company. Another type is a reimbursement plan, where you pay a fee upfront and then get reimbursed for any vet bills that exceed a certain amount. Both of these types of plans also come with an out-of-pocket maximum, meaning that no matter how much your pet ends up costing, you will never have to pay more than that maximum. Some pet insurance plans are hybrid plans that are a mix of an actual insurance policy and a reimbursement plan. These plans will have a co-pay feature – meaning you will have to pay a certain amount upfront, but then get the rest of it back if your pet ends up needing expensive treatment.

Why You Should Get Pet Insurance for Your Furry Friends

Here are a few reasons why pet insurance might be worth it for you and your pets.

  • They May Have Ongoing Health Conditions

  • If they have a chronic illness or health condition, pet insurance may be a good choice for you. Many pet insurance policies cover ongoing conditions and illnesses, like allergies, flea allergies, diabetes, and inflammatory bowel disease.

  • They Have a Higher Risk of Certain Medical Issues

  • Some pets have a higher risk of medical issues, like gastrointestinal issues, kidney issues, regular bladder stones, eye diseases, dental disease, allergies, and autoimmune diseases. If your pet has a higher risk of any of these issues, pet insurance might be a good choice for you.

  • You’ll Be Managing a Young or Old Pet

  • Pet insurance may be a good idea if you have a young pet, since young pets have more vet visits in their first year of life. Pet insurance may also be a good idea if you have an older pet, as pets may have more health issues as they age.

  • You Have Other Financial Commitments

  • Pet insurance is an investment in keeping your pet healthy and happy. While it is an additional cost, it can definitely be worth it if you have a pet with ongoing health issues.

What to look for in pet insurance

  • Pet health conditions

  • Make sure you know which health conditions are covered. Some pet insurance policies cover more conditions than others.

  • Premium (monthly payment)

  • The premium will be how much you have to pay each month to keep the policy active. It’s important to consider this monthly payment as you shop around for a policy.

  • Out-of-pocket maximum

  • This is the maximum amount you will have to pay in vet bills if your pet ends up having a condition that is covered by the policy.

  • Co-pay

  • This is the amount you will have to pay out of pocket, no matter what. It can serve as an indicator of how serious the policy is about covering your vet bills.

3 Reasons Not to Get Pet Insurance Right Now

If you’re on the fence about getting pet insurance, these are three reasons you should probably wait.

  • You Don't Have Young or High-Risk Pets

  • Pet insurance is more important if you have younger or higher risk pets. If your pets are young, have chronic illnesses, have a risk for certain diseases, or have congenital defects, you should definitely consider pet insurance.

  • You Don't Have a Steady Financial Situation

  • Pet insurance is not cheap and can be an added financial burden if you don’t have a steady income. If you are just now getting out of debt, or are still new to your job and don’t have a steady income, it may not be the best time to get pet insurance.

  • You Have Other Financial Commitments

  • As we mentioned above, pet insurance is an added cost that may not be worth it for you if you have other financial commitments.

1 Non-Emergency Situation When You Might Want to Consider Getting Pet Insurance

If you have been thinking about getting pet insurance, these are two non-emergency situations when you should definitely get it.

  • You Have a Pet Who Is Getting Older

  • As pets age, they are more likely to develop a health condition. If you have an older pet, you may want to consider pet insurance in a non-emergency situation.

1 Last Tip: Don’t Forget About Financial Assistance!

Before you have decided if you are for or against getting pet insurance, make sure you have checked out pet insurance assistance programs. Some pet insurance companies have financial assistance programs designed to help you pay for pet insurance. If you can get pet insurance for free or for a reduced rate, you should definitely think about getting it. Some pet insurance companies have financial assistance programs designed to help you pay for pet insurance. Even if you can’t get pet insurance for free, it may still be worth it if you have a pet with a chronic illness, a high-risk pet, or an older pet who is more likely to develop a health condition.

Conclusion

Overall, pet insurance is an important investment for anyone who owns a pet. Pets are living, breathing creatures who can get sick at any time. Getting pet insurance helps you avoid having to pay for a vet visit out of pocket if your pet gets sick. Getting pet insurance is not something that should be done on a whim. You should always make sure you understand what is covered by your policy before you sign up.


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The A' Word

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