You may be thinking of adding furry friends to your family during the holidays. And you will be a good companion. According to the National Pet Owners Survey of the American Pet Products Association from 2021 to 2022, 70% of American households have pets.
As cute as pets, they are an economic commitment. According to APPA, 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, unexpected medical costs can upset your budget. For more and more Americans, pet insurance provides peace of mind.
Veterinary care costs
Medical problems are almost inevitable for pets and are likely to increase costs, said Kristen Lynch, Managing Director of the North American Pet Health Insurance Association (NAPHIA).
“As with humans, the fact that there are ongoing innovations in pet health means that the cost of those innovations will continue to rise.”
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 contact have money problems,” said Dr. TB Thompson, a veterinarian at Phoenix-based Natural Pets headquarters, in an email. “Costs increase rapidly when pets are involved in complex and life-threatening medical problems.”
How Pet Insurance Can Reduce Surprise Claims
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 cost 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 will help cover the cost of treatment for accidents, illnesses, surgery, vaccinations and diagnostic tests. Accident and illness compensation helps with emergency care, surgery, hospitalization, and prescription drug payments, while accident-only policies help cover post-accident costs. Some insurance companies also offer wellness plans that provide specific tests, tests, vaccinations, and preventative treatments.
Get the best deal with pet insurance
Pet insurance can prevent you from immersing yourself in your savings to pay your veterinary invoice, but that’s an additional cost.
According to NAPHIA, the average cost of accident and illness insurance is $ 594 a 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 a variety of factors, including:
- where you live. Veterinary care costs vary by region.
- Race. For example, 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 get older, they are more likely to get sick or injured, Lynch says. Keep this in mind if you plan to hire older pets from shelters this holiday season.
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.
- Look at the fine print. Consider choosing a higher deductible and lower redemption level.
- Check the discount. Some companies insure multiple pets and offer discounts for military service.
- 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. “
This article was written by Nerd Wallet and was first published by The Associated Press.
