Get to Know Pet Insurance
What is Pet Insurance?
Many American households have at least one pet. In any given year, one in three of these beloved family members will need costly veterinary care, even if it is for routine exam visits and vaccinations. Should a pet become severely ill and need emergency care, costs can sometimes be more than pet owners can bear. However, if they have pet insurance, owners will never have to make a decision about their pet’s wellbeing based on cost.
Similar to other forms of insurance, you pay a premium for your pet insurance policy. The premiums, in most cases, will be paid through a payroll deduction. Most plans allow you to choose from different levels of deductibles and coinsurances, which affects the premium. For example, choosing a higher deductible means paying a lower premium.
What Are the Benefits?
Having pet insurance will cover most unforeseen illnesses and injuries. Cancer, tumors, illnesses (e.g., unforeseen infections) and surgeries are examples in which pet insurance may step in and help you out. However, pet insurance is generally not intended to cover preexisting conditions and routine care or medical visits.
These services are the same or similar to the reasons why you would visit the doctor, and often carry a steep price tag. Specifically, here are the typical costs for the following common pet injuries and illnesses:
- Dog involved in a motor vehicle accident = $4,890
- Dog or cat ingesting a foreign body = $4,280
- Dog cancer treatments = $3,570
- Dog bladder infection treatment = $2,760
- Dog hip dysplasia = $2,390
- Cat fractured leg = $2,300
- Cat pneumonia treatment = $1,900
- Cat diabetes treatments = $1,740
Pet insurance will make it affordable and, thus, often easier to agree to a life-saving procedure or an emergency operation for your pet if an unforeseen medical complication arises.
Why Pet Insurance Might Be for You
Although most pet owners budget for routine care, surprise accidents and illnesses can be costly. If you already put time and resources into taking care of your pet, it might be worth it to consider how to prepare for the unexpected. Having pet insurance is a great way to ensure that you’ll be able to help your pet out for a reasonable cost if a surprise accident or illness occurs.
Want to Learn More?
For more information about pet insurance, contact us at TIG Advisors today!
