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Pet Insurance - The Pros and Cons 

The emotional bond we share with our pets makes us want to do all we can for them. In exchange for all the love they give us, we want to ensure they live long, healthy lives.
Just as health care technology has dramitically advanced, so has veterninary science. Illnesses previously untreatable even 10 years ago are now routinely resolved, thereby helping out pets live longer lives.
Veterinary Care Inflation and the Effect on Your Wallet
The American Kennel Club reports that veterinary costs have risen 60% since 2000. This is not surprising, since numerous veterinary science breakthroughs have occured, and illnesses that had gone diagnosed in the past are now routinely treated.
Pet owners are grateful for these veterinary advances, yet the rising cost to care for our pets is an important factor to many.
Recently, our neighbor's German Shephard "Duke" suffered from hip dysplacia. Duke is now happily on the mend, but not before his owners paid over $2000 in vet bills. Another friend's cat developed a stubborn kidney infection, requiring extensive diagnostic and follow up treatment. The $1400+ in costs left our friend juggling her finances to pay the vet bills.
How Pet Insurance Works
Pet insurance has been around for decades in Europe, but is relatively uncommon in the United States and Canada. Much like health insurance for us, pet insurance drastically reduces the risk of caring for your pet. Perhaps most importantly, it can eliminate the heart wrenching decision of euthanizing your pet vs. incurring a large financial hardship.
Just like health insurance companies, pet insurance companies differ in what they offer and cover. Some pet insurance policies will only pay for pets below a certain age. Others have numerous deductibles and restrictions, depending on multiple factors.
Anyone considering pet insurance should ask themselves this question: "Will I devote a reasonable amount of time and money to treat and heal my pet?". If your answer is "yes", you're a good candidate for pet insurance. Sadly, many pet owners are forced to choose between finances and their pet's health. Worse, other pet owners view their pets as disposable, and simply won't treat the animal if it becomes too ill.
What Pet Insurance Plans Cover And Their Cost
Pet insurance plans cost basically the same for cats and dogs. Most start at $10 per month, with a nominal deductible, usually $50. Senior pets, if insurable, cost somewhat more, typically $25-$35 per month. At this time, we only know of one company that accepts senior pets, normally defined as age 8 and above.
All pet insurance plans offer coverage for accidents and illness, while some offer coverage for routine expenses like annual check ups and flea preventative. Sometimes, pet insurance companies that offer routine care coverage are set up with contracted veterinarians, similar to a PPO or HMO health care arrangement. For policies that cover unplanned illnesses and injuries, you can use the veterinarian of your choice, and these plans may also offer some discount element for routine veterinary services.
Two Real Life Financial Examples
One of my co-workers has two pets, a 6 year old cat and an 11 year old border collie mix. Early last year, his cat Whiskers was diagnosed with a respiratory illness, similar to asthma. Complicating matters, the border collie mix was found to have a small malignant tumor during a routine check up. Several months earlier, my co-worker had taken out pet insurance on both pets, roughly $10 per month for his cat and $30 monthly for his dog. After all was said and done, his cat's veterinary bills totalled $1600 and his dog's bill was almost the same, $1500.
Fortunately, pet insurance significantly reduced his out-of-pocket expense. Instead of incurring roughly $3100 in unplanned expenses, his total outlay to treat his pets amounted to $250 ... a $50 deductible for an adult cat and a $200 deductible for a senior dog.
Do Your Homework
There are a handful of pet insurers available to you. Do your homework and make sure the policy is right for you and your pet. For example, if you're comfortable budgeting for routine annual expenses like check ups, shots, and flea preventative, there's no need to pay a pet insurance company to cover routine expenses. Rather, look for a company that protects you from large, unplanned expenses.
If you determine pet insurance is right for you and your pet, here are some important factors to consider when choosing the right policy for you and your pet:
1. Look for Guaranteed Acceptance, no matter your pet's age. 2. The ability to use the veterinarian of your choosing. 3. Fixed Premiums/Deductibles: Your premium shouldn't increase as your pet ages. 4. Unlimited Accident Coverage: Accidents happen, particularly with pets.

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When looking at Pet Insurance, make sure it's right for you and your pet. Ask yourself if you're willing to devote a little time and money to care for your pet. If your answer is yes, you're a good candidate for Pet Insurance .

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