Maybe you added a furry friend to your family during the holidays. You have many companies. According to the National Pet Owners Survey of the American Pet Products Association from 2021 to 2022, 70% of American households have pets.
Pets, however, are a financial commitment. According to the association, Americans spent $ 103.6 billion on pets in 2020 alone.
Some costs such as food and housing are predictable. However, if a new puppy or kitten gets sick or injured, an unexpected veterinary claim can upset your budget. For more and more Americans, pet insurance can provide some financial security.
Medical problems are almost inevitable for pets and their costs are likely to rise, said Kristen Lynch, Managing Director of the North American Pet Health Insurance Association.
“As with humans, the fact that there are ongoing innovations in pet health means that the cost of those innovations will continue to rise,” says Lynch.
According to APPA, dog owners spend an average of $ 242 each year on regular visits and $ 458 on surgical visits. Cat owners cost slightly less, $ 178 for regular visits and $ 201 for surgical visits.
“I think at least half of the clients I come in contact with have money problems,” said Dr. TB Thompson, a Phoenix veterinarian. “Costs increase rapidly when pets are involved in complex and life-threatening medical problems.”
Pet insurance does not refund you for every penny you use in your vet, but it can help prevent you from being slapped with expensive invoices.
The policy usually pays 70% to 90% of the veterinarian’s expenses after paying the deduction. This can range from 0 to over $ 1,000.
“Unless you can easily fund an emergency treatment for pets over $ 2,500, consider buying pet insurance,” says Thompson.
There are several types of pet insurance plans.
- The most robust and comprehensive plan helps cover the cost of accident, illness, surgery, vaccination and diagnostic testing care.
- Accident and illness compensation helps with emergency care, surgery, hospitalization, and prescription drug payments.
- Accident-only policies help cover post-accident costs.
- Some insurance companies also offer wellness plans that allow you to pay for specific tests, tests, vaccinations, and preventative treatments.
According to the Pet Health Insurance Association, the average cost of accident and illness insurance is $ 594 per year for dogs and $ 342 for cats. With an accident-only policy, you can pay $ 218 for dogs and $ 134 for cats.
Insurance premiums are based on the following factors:
- where you live. Veterinary care costs vary by region.
- Do you have dogs or cats? Dogs are more expensive to insure than cats. It is rare to target other types of animals.
- Breeding. Some varieties are susceptible to medical conditions, which can increase the cost of compensation.
- Year. As pets grow older, they are more likely to get sick or injured. If you’re thinking of adopting an older pet, Lynch has something to remember.
As a new pet owner, many of these factors are out of your control. However, there are some things you can do to get a lower premium. inside that:
- View details. Consider choosing a higher deductible and lower redemption level.
- Check the discount. Some companies offer discounts to insure multiple pets or if you serve in the army.
- Let’s shop. There are about 20 US pet insurance companies competing for your business, so leave it to them. Compare quotes from three insurance companies for the same coverage and choose the best pet insurance company for your budget.
In Lynch’s view, some pet insurance is better than nothing.
“People avoid taking pets to the vet because they are afraid of what their costs will be,” she says. “I like to think that pet insurance gives us the ability to say’yes’ to those decisions when we are emotional, stressed and financially distressed by other things. is. “
