Pet Insurance: Is it Worth the Cost?
Is pet insurance worth the cost? Relatively few Americans buy pet insurance it hasn't
been available in the United States as long as it has in Europe but the numbers are rising. In part, this is because the cost of veterinary care itself has risen dramatically over the past two decades.Not only have the base prices risen, but vets also are offering increasingly sophisticated procedures, much as doctors, specialists and hospitals are offering for human patients. Once you move past legally required rabies shots, costs rapidly escalate.
Many pet owners must make difficult choices about whether they can afford life-saving treatments. Some owners with snake-bitten dogs have to turn down recommended rattlesnake antivenin shots that average $300-$400, according to Dr. Mina Youssef, staff veterinarian for Becker Animal Hospital and Pet Resort, San Antonio's largest emergency pet care complex.
In many cases, owners must choose to have their pets euthanized, rather than receive treatments, because they can't afford it. This is why pet owners are beginning to look at the dozens of pet insurance plans offered by about a dozen companies in the United States.
The plans average from $20 to $30 a month, with an average annual co-pay of about $250. Not unreasonable. But it's not a slam-dunk. Many of the same issues involved in the national health care reform debate are tied into pet health care. None of the companies currently offering plans, for example, will cover pre-existing conditions. All plans involve co-pays and spending limits, and there is often confusion among pet owners on what is, and is not, covered . . . and for how much. A glance at internet consumer review boards show almost every insurer being slammed over this type of dispute.
Without the anti-discrimination laws that govern human insurance, it's all up to the bean-counters. There are maximum ages for enrollment as low as six years for some plans. Some companies won't cover certain breeds or charge premium prices for them and charge extra for older dogs. A dog that gets sick during a coverage year may find its premiums skyrocket the next.
And unlike human health care, the veterinary industry is not built around an insurance business model. In general, the vet isn't involved in your dealings with the insurer; you take your receipts and file for reimbursement. Your fees must be paid up front, and you wait for a check, if any, from the insurance plan. And for good or bad, there is no market force driving the insurance company to negotiate lower prices from health care providers and pharmaceutical companies.
In fact, Consumer Reports says a normal pet owner would be better off by being a wise shopper of veterinary services, and putting the monthly premium into a savings account for pet care. See Consumer Reports Pet Health and Pet Insurance.
Pet Insurance: Is it Worth the Cost?
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