Is Pet Insurance Worth It?

[New_Pulse]

After growing up with pets and seeing my family spend thousands of dollars on them due to chronic health problems, is pet insurance worth getting at all? I wanted to get insurance for my cat before she passed on, but I couldn't, because she already had a pre-existing illness. And my experience of taking her to a specialist, it had me thinking, "What if her sole problem was her enlarged gallbladder?". Because if it was, there was no way I could've afford surgery, and that probably would've forced me to put her down regardless, despite the problem being rather fixable.

Is pet insurance really worth it? How much would it be a month? Like I said, I've had tons of pets that had chronic health problems, and vets can be so expensive. My mother said it wouldn't be worth it, but what if I get a pet in the future whose health becomes dire? Would it even be worth spending hypothetically 6,000 to 10,000 dollars total within at least a decade for a cat who overall doesn't have major health problems?

 

[Willowy]

Obviously, the insurance companies come out ahead or they wouldn't be in business . But if you can afford ~$30 a month and a 20% co-pay but can't afford to put away enough cash to cover treatment, it might be worth it for you.

 

[lavishsqualor]

I did a lot of research on pet insurance a few years ago. One thing to consider is that with every carrier I know of you pay the vet first, then the insurance company reimburses you whatever portion they cover. So if the bill is two grand, you're coming out of pocket two grand until they pay up.

 

[neely]

Obviously, the insurance companies come out ahead or they wouldn't be in business .

Ditto, I have to agree. I've always been a bit skeptical about pet insurance. However, I know some people have been very satisfied. Obviously it's a personal decision but the bottom line is to do your research. Everyone's situation differs.

 

[Blakeney Green]

I think the answer to this is situational, but I have decided that pet insurance is not a good investment for my family. If you have special needs cats, a lot of the care they need is defined as a preexisting condition by the pet insurance companies and would not be covered. I haven't found any plans that didn't seem like a waste of money based on how little they actually pay out and the limits on the coverage.

A couple of things to bear in mind in addition to what was already stated: some plans have a cap on how much they will pay out per condition - so an expensive illness may not be fully covered anyway - and routine veterinary checkups and maintenance are rarely covered, so your current vet costs would not decrease with an insurance policy.

Personally, my preference would be to keep a low-interest credit card available for veterinary emergencies and/or to put the money you'd be spending on premiums aside in a savings account instead. That way you'll know for sure that you have funds available if your cat needs help.

 

[sydney]

Yes!! Totally worth it! I work at an animal hospital and I can't even tell you how many times people tell me they wish they got health insurance for their pets!

 

[Antonio65]

Many, if not all, insurance companies put an age limit for pets to be insured, say 10 years for cats, 7 years for dogs.
It's quite uncommon that a cat gets seriously ill before they are 10.
And when they get sick for something that requires thousands dollars in vet bills, then the cat will be over the limit age.
So you will have paid an insurance for 10 years and hopefully you will never claim it, then when no insurance will cover your pet they will need expensive cares. You'll end up paying twice.
I think it's a much better investment if you put away the same amount of a monthly payment into a jar for 10+ years, then you'd use it if necessary.
As W Willowy said, about $30 per month is about $350 a year, it's $3,500 after 10 years.

 

[Willowy]

Many, if not all, insurance companies put an age limit for pets to be insured, say 10 years for cats, 7 years for dogs.

None of the ones I looked at had an age limit. They don't let you sign up for coverage past a certain age, or they charge more after a certain age, but if you insure the pet while young they don't drop you when the pet gets older.

I have insurance for my youngest dog. Yes, $480 a year is not cheap, but having seen how quickly the bill can climb for serious issues I want the peace of mind. Even if I pay for it for 10 years without making a claim, if he has any serious issues in old age the cost can get over $5000 very quickly so it could still be worth it.

Most people don't worry about paying for car insurance even if they never make a claim, lol. Maybe because it's required, idk.

But, yes, US pet insurance companies do work on a reimbursement model, so you still have to pay the vet first and then get reimbursed. So pet insurance wouldn't work for someone who has no reserve funds to pay the vet in the first place. It's best to have a credit card solely for thst purpose, then you can pay it off with the reimbursement.

 

[huxleysmom]

I adotped Huxley 9 months ago. He is 6 years old, and since I have had him, I have paid over $4000 in vet visits, testing, blood works, medical boarding and everything else. Even if I started saving money now, I can't keep up with the pace of the vet visists (luckily things have improved since I have started making his food). Next time around, I'm getting an insurance!

 

[kittyluv387]

I think pet insurance is only worth it for emergencies. I have a high deductible plan ($500) for $15/month for my cat through healthy paws. If it's $500-$1000 its not a big deal for me to pay. I just don't want to have to choose between $5k bill and my cat's life.