Even if you haven’t had a run-in involving your pet of late, pet
insurance has probably crossed your mind. And if you have, the bill
for any non-routine care may have cost you anywhere from a cool
couple hundred to nearly a grand.
You might have wondered why people have health insurance and most
pets don’t, when the medical costs seem practically the same! And
yet, navigating through the underbrush of fine print involved in pet
insurance may have put you off. Is it worth the money? What do
insurers really cover? And why do some plans cost the moon while
others seem much more affordable? We’ll try to clear a path through
the paper jungle.
Tip #1: Get Them in Young
Ideally, you’ll want to identify right pet insurance plan for you,
and get your pet in young while she’s still quite healthy. The
reason is, should your pet develop a long-term health issue such as
a thyroid problem, she won’t be eligible for many programs, having
a “pre-existing condition.” If you stick with one quality program,
though, you’ll probably be fine.
Tip #2: You Get What You Pay For
This may stick in the craw a bit, when you start looking at
insurance premiums. Some of them cost an awful lot! Be sure to look
ahead too, at estimated increases down the road. The older your pet
grows, the more the premiums will cost. They will get quite stiff
for an older pet, even a healthy one.
So why should you pay out a mint for plan A, when plan B offers
coverage for half the price? The answer is: lack of nasty surprises.
Let’s face it, no one but an insurance adjuster can tell what the
fine print means when it comes to covering your pet. But we do know
this: on the cheaper plans, unhappy things happen. Let’s give an
example — let’s say you have two pugs, both covered by an
inexpensive plan. One sadly breaks his leg and needs several
surgeries, costing two thousand altogether.
You may think your inexpensive plan — which happily, covers 2K of
expenses — will handle it all. But when you submit your claim, you
discover that 2K is the maximum coverage for both dogs, and your pug
is only eligible for half. Even worse, but very common, is a lower
limit per incident. In this case, Low Cost Pet Plan will respond
that it only covers $500 for this “incident,” but if your poor pug
breaks his leg three more times this year, they’ll be happy to help.
Tip #3: You Get What You Pay For
Yes, we know we said that already — but we didn’t say it enough.
Here’s a horror story that can happen on a low-cost plan: you have
an insurer. You pay your premiums. But one day, your aging pet
develops diabetes. That year, when it comes time to renew the plan
and update the premiums, your insurer sticks in an exclusion. As of
that moment, they no longer cover diabetes in your pet. Yes, they
can do that — and you’re out in the cold.
No less common — and no more pleasant — is the limited payout per
condition problem. Your low-cost insurer may cover the first three
years of your diabetic pet’s vet bills, but after that, you’ve run
through her lifetime allowance for diabetes. Now in her golden
years, all her medical costs come straight from your pocket.
What you want is a reputable company that agrees to insure your pet
for life, period. No tricks, no last-minute exclusions, no lifetime
condition limits. But to have these things, you’ll need to pay for
them.
Tip #4: Follow the Wagging Tails
Pet insurance costs too much to be throwing darts in the dark. You
need to know which plans will come through for you down the road
after you’ve paid their premiums for years. So do your research —
look for good word of mouth. You can learn a lot with some smart
surfing and Googling.
Although we haven’t used either, we found many satisfied buyers with
PetPlan and Marks & Spencer. There are other good plans as well, and
plans that are best avoided. The tip we like most is to ask your vet
what she uses. Yes! — many vets insure their beloved animals, and
are scrupulous in who they choose.
Tip #5: Do You Even Need Insurance?
There’s an argument — and it’s a good one — that pet insurance
really serves no purpose. You can see the force of this line of
thought when you check out the premiums of quality, reliable plans –
they’re high. So why should you pay out all that cash for what
*might* happen, instead of stashing it each month in your own high-
interest savings account and simply withdrawing what you need?
The answer is simple: discipline. Some people have the discipline to
pay their premiums, but not to establish a separate account they
won’t touch except for emergency pet expenses. Other than
discipline, there’s probably no real reason why you shouldn’t self-
insure.
With one exception — liability. Some plans offer extra coverage if
your dog injures someone and you get sued. These aren’t the kinds of
things you can effectively save up for on your own, so if you think
it might be a problem, pet insurance might truly be the route for
you.
Tip #6: One More For the Road
Is your pet a prize purebred, with a pedigree reaching back before
William of Orange? Expect more vet costs over its lifetime — it’s
just a statistical fact. Perhaps this subtle factor will help you
decide whether you should self-insure or go for a plan.
Peace of Mind: Priceless
We’re animal lovers. And in the back of our minds lurks the fear
that Fido will someday come down with something we can’t afford to
treat — simultaneous renal failure and diabetes, for example (to
cite a sad chapter from my own pet annals). The peace of mind in
knowing you can afford to care for your furry companion, no matter
what the future brings, is profound. That’s why insurance was
developed, and that’s why pet insurance might be the right choice
for you.
About the Author
Blake Kritzberg is proprietor of Poodle-oo: Fashion for Toy Dogs.
Stop by for toy dog couture and home decor, free toy dog postcards
and the Toy Dog Blog.
http://www.poodle-oo.com/
Learn more about pet insurance:
http://www.poodle-oo.com/pet-insurance.htm
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