Pet Insurance 101

Most people balk at the thought of paying for pet insurance, but considering the rising health care costs for maintaining a pet, the idea of it is becoming more and more palatable for many. With veterinarian costs for a couple of nights at the animal hospital with an IV line easily running into thousands of dollars, it is not that uncommon for pet owners to put their pet down because they were unable to afford the expenses. Being prepared for the unexpected accidents is a good way to preempt financial burdens. Pet insurance coverage will take care of around 80% of emergency costs. This can make a difference between receiving treatment or not.

Premiums usually run between $25-$40 dollars a month per pet, so insurance can definitely be worth the investment. Pet insurances do well when owners pay premiums and pets stay healthy.. Deciding if pet insurance is worth the investment depends mostly on how much care your pet requires. If Fluffy needs to see the vet for every fur ball that gets lodged in her throat, insurance may be a cost effective option for you. On the other hand, one serious illness could generate a big bill for an otherwise healthy, well-adjusted animal. Considering pet insurance an investment depends on the pet owner’s financial situation.

If the owner has little cash put aside and lives mostly paycheck to paycheck, monthly premiums may be an affordable way to be prepared for unpredictable accidents preventing the owner from going bankrupt. If the pet owner instead has a good amount of money set aside to cover such emergencies then the option of choosing pet insurance is ultimately up to him/her. He /she would have to consider if they would prefer to avoid paying monthly premiums and using their savings for emergencies or if they would rather pay monthly premiums and keep that money saved for other unexpected occurrences.

One big advantage of pet insurance is that it can cover multiple accidents. Let’s say as an owner you have set aside $3000 for your pet to cover any emergency medical costs. Bowser runs out into the road and gets hit by a car requiring emergency surgery to stop internal bleeding and repair a fracture. You spend $2,500 for it, and are left with $500 for the rest of the year. A couple of months later, he develops complications from the accident and is unable walk. Your vet decides that another surgery may be needed and will cost $1500. You’re coming up short.

If you had paid monthly premiums you’re out of pocket expenses would have been a fraction of those costs. Life is unpredictable and pet insurance is ultimately a wise choice; if it’s in the budget. With the costs of emergency surgeries and hospitalizations on the rise, pet insurance can provide you with some peace of mind, knowing that your beloved pets can get the treatments they will need if disaster strikes.

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