Insurance for pets is an often-overlooked benefit, but it’s exactly the backup you need when your pet requires costly medical treatment. Choosing the best pet insurance for your beloved pet can be a challenge, but here is some information to make your decision easier.
Which Route Should You Take?
When determining the best way to handle large medical expenses when they occur, you can take one of three actions:
- Take out a pet insurance policy for financial security and peace of mind.
- Put money aside every month in case of emergencies. However, if your pet requires major surgery or extended treatment, you may not have enough saved up to cover all of the expenses.
- Finance your pet’s care through CareCredit, which allows you to pay expenses over time.
- None of the above. By not having a financial plan in the event of a major medical event, you’ll either have to find the money somewhere or forego treatment altogether.
Whichever route you decide to take, you need to make sure it is one you won’t regret. Most veterinarians agree that the saddest part of their job is euthanizing treatable conditions due to economic reasons.
People often don’t realize that veterinary medical treatment, just like that for humans, can be very costly. A few considerations include:
- Medical tests
- Prescription medications
Different Types of Policies
If you do decide that pet insurance is the way to go, you can choose from two basic types of policies. Each has its benefits and disadvantages, and unlike human health insurance, pet insurance companies allow you to choose your own care provider.
- Traditional Coverage – This plan is similar to human health insurance. While all policies are different, they do tend to cover your pet for any illnesses throughout its life, up to a maximum annual cost. You will pay a monthly premium, as well as an annual (or per event) deductible. You will also be responsible for a portion of the bill. Some policies also cover wellness exams for an additional fee.
- Accident Coverage – This type of coverage is pretty self-explanatory. The monthly premiums are lower, but illnesses or regular exams are not covered.
A Couple of Tips from Little Rock Veterinarians
- Make sure you understand which type of coverage is appropriate for your pet.
- Take a look at the maximum limit. Cheaper premiums will have lower limits.
- Read the small print carefully. You don’t want to end up with a policy that doesn’t cover your pet’s needs.
- You get what you pay for. If it’s too good to be true, it probably is.
- Pedigreed pets will be more expensive to insure compared to mixed breeds, and different insurance providers set different premiums. It’s worth shopping around before making a decision.
- Once pets get to a certain age, many insurers will limit their coverage. If you want the best pet insurance, it’s better to take it out earlier on in your pet’s life.
At Shackleford Road Veterinary Clinic, our procedures are covered by pet insurance. Talk to us today to find out more.