Is Pet Insurance A Good Idea?
Considering pet insurance? If you have been thinking about buying pet insurance or if this is the first time you’ve heard about it, here are some reasons why insurance for your beloved pet could be a good idea.
What is Pet Insurance?
Pet insurance is an insurance policy that helps you pay for your veterinary bills when your cat or dog or gets sick or injured. In many ways, it is very similar to human health insurance. Pet Policies typically have monthly premiums, annual deductibles, co-payments and exclusions.
According to The North American Pet Health Insurance Association (NAPHIA), only about 1.4 million of the 179 million pets in the U.S. are covered by with a pet policy. However, that number is expected to grow as more people learn about the benefits of the insurance and veterinary costs continue to rise.
(Here is a highly rated pet insurance provider that I recommend: Pet’s Best. For help with a free quote, complete the form at the bottom of this page).
Some policies have preexisting health exclusions and some policies restrict which veterinarians, clinics or hospitals you can take your pet to. As with most insurance policies, you need to do your homework and compare policies before you purchase an insurance policy.
Why Do You Need Pet Insurance?
Just like us humans, cats and dogs get sick or injured too. A visit to the veterinarians office to remove a toy that your dog accidentally swallowed or treatment for your cat that has diabetes can cost hundreds if not thousands of dollars.
Vet bills continue to be a challenge for pet owners and just like the human health care industry, veterinary costs will continue to rise. Most medical equipment at your vet’s office is now what they call, “human-grade.” The same MRI machine used at veterinarian’s office could be the same machine found at your doctor’s office to treat humans. Advances in medical equipment and treatment allow your pets to live a long and happy life, but this high-end technology often comes with a hefty price tag.
A pet policy can be reimburse you for all of your veterinarian bills. Most policies allow you to choose how much of your vet bill is reimbursed from 70%, 80%, 90%, or 100% after a deductible is met. A quality policy will allow you to decide the best course of treatment for your pet and protects you from costly unforeseen veterinarian bills.
Pet Insurance As a Voluntary Benefit In The Workplace
Pet Insurance as a voluntary benefit is relatively new but it continues to gain popularity. Many people consider their pets to be part of their family or even a family member. An employee dealing with a sick or injured pet can lose as much productivity as someone who is taking care of their sick or injured family member.
For many employers, offering pet insurance as a benefit to their employees shows your company cares about them and their families. It is estimated that one third of Fortune 500 companies such as Walmart, Disney and Google now offer pet insurance to their employees
Pet Insurance Comparison Shopping
When choosing a policy you should research the plans carefully. If possible, even ask your veterinarian’s opinion so you know you are getting good pet coverage. The following questions should help you comparison shop:
- Are chronic conditions covered?
- Will the amount of coverage be reduced when the pet reaches a certain age?
- Does the policy cover preexisting conditions?
- Does the company provide good customer service and deliver on what they promise?”
- Is the deductible yearly or over the life of the pet?
- Does the policy cover vaccines?
- Have others been satisfied with the insurance company?
For more information or a free no obligation quote, complete the form below. For faster service, call Bill Behr at: 914-633-1717