Can Pet Insurance Save You Money?
Many people feel that vets charge too much for their services
, but what is often misunderstood is that medical services whether they are for our beloved pets or for ourselves - can be costly. One reason is that procedures often involve specialist equipment and services which need to be conducted by highly trained personnel. For example, these days our pets can have MRI scans and long term treatments for illnesses like cancer, as well as drugs for common ailments like arthritis. And of course there is no Medicare for pets, and no Pharmaceutical Benefits Scheme to help with the cost when an accident or illness strikes our four legged friends.Being realistic, anyone with a pet should expect that at some time in their life, their pet will have an illness or injury which could leave them with a bill for vets fees which could potentially add up to thousands of dollars. So its important to consider how you would manage a hefty bill if (or when) your pet were to be in an accident or get ill. Of course, the best case scenario is where we have the savings in place for when the unexpected arises, but unfortunately its not a perfect world and if you dont have cash set aside, and no pet insurance in place, you could be faced with a very difficult decision.
Pet Insurance is like any insurance policy, customers pay a relatively small premium each month to have another organisation cove the risk of a large vet bill so we dont have to fork out our life savings and more if the worst were to happen. But sometimes people question the value when they dont make a claim, as they feel the premium they pay is a waste of money. But just consider the following hypothetical example which shows how pet insurance could, in the long run, save money.
Sandy pays approximately $40.00 per month to insure her dog for accident and illness In the first five years of holding the policy she doesnt make a single claim. Whilst this is most unlikely, it would mean she had paid out close on $2,500 over the 5 years to insure her pet. Sounds like a lot when you see nothing in return. But the next thing Sandys dog got her leg caught in a fence which dislocated her hip. She required MRIs XRays and treatment to get back on her feet again. Under her policy, she was able to claim back 80% of the vet expenses, which meant that she got back over $3,000 from her pet insurers. In this case, pet insurance certainly saved money in the long run.
However, whilst there is no guarantee that pet insurance will save you money, generally speaking if your pet were to develop a costly condition or needs major care, pet insurance could be beneficial to you. Alternatively you may consider that your pet is a healthy animal and it would not be worth the investment.
So it really depends on your pets needs as well as your financial situation. But if you are thinking of pet insurance make sure you do your research before making a commitment.
QUESTIONS TO CONSIDER
Do I understand exactly what the policy covers?
Can I afford the monthly premium, and required co-payments if necessary?
How much cover does this policy provide for chronic, hereditary or pre-existing conditions?
Does this policy cover preventive care, and does that cover justify a higher premium?
Are certain types of accidents or health problems not covered?
How long do I have to submit a claim? How long does it take, on average, to be reimbursed?
Is there any penalty if I cancel my policy?
A final word - if you are considering Pet Insurance, do not delay. Like any insurance policy, most pet insurance policies exclude pre-existing conditions. This means if your dog or cat gets (for example) an ear infection prior to cover, then any re-occurrence of the ear infection will not be covered if you took out your policy after the initial infection. So it really makes sense to get cover when your pet is young and healthy so that the cover is there when its needed!
You can research a wide range of pet insurance cover options online. Generally you can get a quote and apply on line or over the phone. It can all be done in a matter of minutes.
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