Pet health insurance… anyone have it?
Monday, February 8th, 2010 at
6:22 am
I’m thinking of getting it for my dog. Is it worth it? Can someone tell me about it?
Filed under: Dog Insurance
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Deciding whether or not you need pet insurance is a very personal decision because everyone’s financial and personal situation is different.
Remember the sole purpose of pet insurance or any insurance is to offset an unexpected, financial hit. Whether or not pet insurance will save you money in the end depends on whether or not a costly medical problem arises during the life of your pet.
Costly financial hits in veterinary medicine come in the form of:
1) Emergencies (e.g. Fractures, Accidental Poisonings, Foreign Body Ingestion, etc)
2) Chronic diseases (e.g. Heart Disease, Liver Disease, Cancer, Chronic Kidney Disease, etc)
3) Sudden, Severe Diseases (e.g. Pancreatitis, Leptospirosis, etc)
The costs will vary based on geographical location. Big cities tend to have higher vet costs than rural areas.
Start by asking your veterinarian "what is the highest cost you can expect from the three scenarios above". In big cities, these "Worst Case Scenario Costs" can range from $3,000 – $10,000. I have seen a case where the bill reached $20,000, but at this time this is more of the exception rather than the rule.
If you can afford the costs out of your own pocket (using credit cards, savings, friends, etc) then you may not need pet insurance. If you cannot afford the costs, then pet insurance may be something you want to look into.
This quick quiz may be useful to you to help you decide if pet insurance is for you: http://www.pet-insurance-university.com/pet_insurance_guide_lesson4c.html
If you decide you want pet insurance, do your research before buying. Not all pet insurance plans are created equal. Also, read the company’s terms and conditions policy before you buy. In particular, look at what is excluded from the plan. Sometimes there are some very surprising exclusions.
Hope this helps
I was looking into it for my dog right before she got sick, then wished like heck I had it.
Now whatever she has will be known as a ‘pre-existing’ condition so it’s almost not worth. Thank goodness the rescue group I fostered her/adopted her from was right there to help–they are angels and my little girl is finally feeling better.
I know a fellow foster for the same rescue group has it for her own animals and loves it. I forget what kind she has, though – -sorry! I do know it wasn’t Banfield.
I have Pets Best, look it up on line there are many options.
I have it. VPI insurance for one of my dogs. I should have just opened a savings account for the dogs and used the money I saved up.
I think it’s most worth it *IF* you get it while your pet is healthy. If you wait until something bad happens and then sign up, it’s not going to be covered because anything that happens before you sign up is considered preexisting.
There are lots of options out there, I did tons of research before choosing what was right for me. So I’ll offer you what advice I can: Firstly, to start out at petinsurancereview.com . You’ll quickly see which companies to stay away from.
Secondly, when you find companies you like, call up their customer service to ask a few questions (these are 3 of the most important questions in my opinion):
-Do they have benefits schedules/list of customary fees? (This means the company has set amounts of what they will pay out for each condition instead of paying the full 80-90%. Sometimes these numbers only amount to 50% or less of your actual bill)
-Do they cover ongoing treatments for chronic conditions? (Some companies will cover only the first year of a chronic condition, then after that term, it’s considered preexisting, so they stop paying for it)
-Do they have limitations per claim or per year? (You might find a company that only allows you to claim up to $1000 per bill…. what if you get a $6000 bill???)
Anyway I ended up choosing Trupanion because they seemed the most straight forward and fair. They cover 90% of the actual bill, cover ongoing treatments, and no claim limits or annual limits. And they don’t increase the premiums due to pet aging. I would definitely recommend them.
I hope some of this helped!