Insuring pets and protecting pet owners is now more practical and inexpensive by purchasing pet medical insurance. While the main purpose of pet insurance is to help manage the risk of a potentially costly event, this insurance also provides the peace of mind that many pet owners want.
When shopping for health insurance for your pet, consider the following:
Age, Health & Type of Pet Determines Cost
Every pet has a lifespan limited by its species (such as dog, cat, and bird) and breed (such as Irish Setter, Siamese, parakeet).
A pet’s lifespan matters because there is variability in lifespan from one animal to another, even within a species. Many pet dogs and indoor cats live long lives of 12-18 years, while other animals (like some exotic birds and tortoises) may live 20-50 years under ideal conditions with proper nutrition.
As every pet gets older, insurance costs will probably go up too. Most insurance policies require that the owner or health care provider disclose any known health conditions, injuries or problems experienced by the pet.
New Diagnostics & Treatments
Pet medical care now is similar to what is available for humans in complexity and cost. For example, an expensive diagnostic tool like an MRI was only for humans a few years ago but now can be used on a pet for $1,200 or more.
Other expensive procedures, like radiation therapy, often start at $800 and may exceed $5000. Longer lives and better diagnostics encourage treatments that are more expensive.
Such problems as heart disease and cancer are often discovered during more invasive tests that can lead to more expensive surgery, treatments and extended hospitalization.
Deductibles, Exclusions & Surcharges (The Fine Print)
Pet insurance is not a cure-all, since almost all policies have deductibles, co-pays and caps limiting how much will be paid out annually. Pre-existing or chronic conditions and hereditary problems, like hip dysplasia in German shepherds or retrievers, are often excluded.
The older an animal is, the more a pet owner will probably have to pay in premiums, although some plans try to maintain level premiums. Some insurers will not cover pets older than 8 or 9 years of age, while others may surcharge the annual premium as the pet ages.
Many insurance companies in the US limit their coverage to dogs and cats because they can predict their costs better based on a larger risk pool. Some plans also include preventive care, such as shots and vaccinations that can help spread costs over longer periods.
In summary, pet medical care and pet medical insurance often go together naturally when discussing a pet’s health with a veterinarian. Veterinary professionals can make suggestions about maintaining the optimal health of an animal as well as considering a pet owner’s peace of mind; such information can make pet medical care easier to obtain and manage.