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Dr.Wilkerson argues that “pet insurance is used to offset a catastrophic, financial hit”.
She details what those could be, in relation to your pet:
The costs, she tells readers of the online article, Deciding if Pet Insurance is Right for You, “will vary across the country, though they tend to be higher in metropolitan areas. To find out the ‘Worst Case Scenario Costs’ in your area, ask your veterinarian. Make sure you let them know if you will opt for high-end treatments and diagnostics, as these will affect the cost. And she tells readers a simple truth: “If you can afford these costs out of your pocket, then you do not need pet insurance.”
“It is very likely,” shares Dr. Wilkerson, “that you could pay $5,400 or more in premiums over the life of your pet and not see any of that money back in reimbursement because your pet stayed relatively healthy. If this scenario is bothersome, then pet insurance is not for you. Some people will not be concerned by this scenario because the peace of mind they are given knowing they are covered is more valuable to them than the money paid.” How do you stand on that issue?
Obviously, it’s important to find the companies that fit your monetary and medical coverage requirements. And, it’s also important that you read the terms and conditions to find out policy exclusions, limitations, and requirements. “If you rely solely on the marketing of the pet insurance companies when making your decision,” shares Dr. Wilkerson, “you will end up with the wrong plan for your situation. So it’s better to stop now,” she writes “if you are not willing to research pet insurance companies and their plans.”
While it’s probably the first question on everyone’s mind, cost is only part of the “big picture”. A pet insurance plan needs to give you the right amount of coverage, yet still be affordable for your budget.
Preventive veterinary care is an essential part of the ASPCA Criteria for Responsible Care. Since this care is so important to keep pets healthy, you should make sure there’s adequate coverage for spay/neuter surgery, an annual dental cleaning, an annual exam, flea and heartworm medication and regular vaccines.
With discount fee plans one would pay an annual fee and get discounted veterinarian and related pet services. A pet health insurance plan would look similar to health insurance for people, with deductibles and exclusions.
Different plans have different rules. If you are unwilling to change veterinarians, be sure to check to see if your vet is included as a provider for the pet insurance you are interested in.
Like all insurance, there may be a waiting period in order for the policy to take effect and it is important to be aware of exactly when your policy starts and ends.
Common exclusions are pre-existing conditions and hereditary defects. Coverage for common exclusions can usually be obtained at an additional cost.
Prescription coverage is just as important since the probability your pet will need a prescription medication sometime in their life is rather high– and like all prescriptions, they can be really costly.
The deductible, of course, is what you pay before services are rendered so you will want to find a plan that carries a deductible that is affordable to you. Don’t forget the basic rule: the smaller the deductible the higher the premium.
Usually in pet insurance, there will be variety of "caps" or limits on how much the insurance company will pay for a specific incident. A broken leg may have a different cap than a standard spay or neutering procedure, so it’s important to be aware of policy limits.