THURSDAY, AUGUST 13, 2020
Blog Author: Setter Point Insurance
The advancement in pet medical care and the rising demand for treatment, poses a financial challenge for loving pet parents. Large veterinarian hospitals and specialty clinics provide a range of advanced treatment options, but it can come at a steep price. Pet insurance provides coverage—up to 100% of veterinary medical costs—for unexpected accidents, injuries and illnesses. For a small monthly premium, pet parents are empowered to make care-based rather than cost-based health care decisions.
As pet insurance has grown in recognition, people wonder: “Is pet insurance worth it?” Here are five common pet insurance myths answered:
It’s too expense.
More pets are being saved by advanced healthcare treatments, and that care can be quite costly. For example: The average cost of care for a dog with hip dysplasia is $7,000. Pet insurance reimburses you for out-of-pocket costs related to unexpected pet injuries and illnesses. Interactive calculators allow you to estimate how much you would pay out-of-pocket for common pet medical issues with and without insurance.
My dog is young and healthy. He doesn’t need insurance.
Young pets have the most unexpected accidents! They eat dangerous things and run around inside and out. Many claims over $1,000 are the result of young pets injuring themselves (ex. eating socks, jumping off furniture, etc.). Insuring your pet while they are young is the perfect time! They are the least likely to have pre-existing conditions, so any unexpected accidents and injuries would be covered.
Access to veterinarians is limited.
Some companies may limit your access to veterinarians or may require treatment be performed at specific hospitals, so this is important to know before making your decision. However, most pet insurance companies do not offer coverage based on a network of providers, allowing you to take your pet to any licensed veterinarian, emergency or specialty hospital of your choice. Some insurers may even extend their coverage to cover licensed veterinarians in other countries, making international travel with your pet less worrisome.
I can create a savings account for pet expenses.
Self-insuring is risky because you need enough time to save and build up a pet fund—but what happens if your pet gets sick before then? For example, your new puppy may eat a sock next month, requiring $3,000 in life-saving veterinary care. The unexpected nature of such injuries and illnesses may find you with little-to-no savings to cover necessary treatment expenses.
There aren’t many options for pets with pre-existing conditions.
If your pet is already sick, the illness would be considered a pre-existing condition. As mentioned earlier, pet insurers do not cover pre-existing conditions. This being said, any new conditions that may arise in the future—broken limb, cancer, etc.—may be covered. Also, not all prior conditions are considered chronic. If your pet is or has been sick or injured previously, ask whether there is a timeframe for previous, non-chronic conditions.
Researching pet insurance plans.
Be sure to investigate all pet insurance products—including customer feedback, industry reports, pet insurance reviews, etc.—before making a decision. Keep in mind, some pet review websites accept membership fees from insurance providers in exchange for placement on their site. Often dissatisfaction with pet insurance stems from misaligned expectations or misunderstanding of contract language, so it is important to thoroughly read the policy terms.
With Figo Pet Insurance, no matter what happens to your pet, you can enjoy the peace of mind that you can afford the best possible medical care. We offer three customizable plans that cover illness and injuries to dogs and cats, with access to licensed veterinarians, emergency hospitals, and specialists anywhere in the US, Canada, and Puerto Rico.
Posted 9:59 PM