Is pet insurance a waste of money?​

​For many, pets are considered another member of the family. Pets are tremendous companions that most people would be devastated to lose. But, to what extent would you go to save your pet’s life?
 
Would you spend $15,000 on a surgery to save the life of your 12-year-old Golden Retriever? Pet insurance can help you avoid having to make this very difficult decision.

Recent progress with pet medicine makes it more likely a pet’s health can be restored with advanced procedures; and those procedures can be costly. So, would you rather be forced make the above decision on your Golden Retriever? Or pay $40/month for insurance that will eliminate this dilemma?

Things to Consider With Pet Insurance:

1. Deductible Type (Annual vs. Per-Incident) – The amount you pay before insurance benefits kick in. An annual deductible is paid just once per policy year for each pet. A per-incident deductible applies each time your pet goes to the vet for a new incident; meaning you could pay multiple deductibles each year.
2. Reimbursement Schedule (Co-Insurance) – The amount your insurance company pays after the deductible is met. A 90% co-insurance means the insurance company pays 90% of the costs after you meet the deductible; you pay 10%.
3. Reimbursement Type – The basis for your reimbursement. Some insurance companies reimburse you for the actual vet bill. Others pay usual & customary fees in your area, or on a benefit schedule. The last two types reduce your reimbursements.
4. Benefit Limits (Annual & Lifetime) – The amount of co-insurance paid out may have annual and lifetime limits. A $10,000 annual limit plan means you pay all costs that exceed $10,000 in a single policy year.
5. Items Covered vs. Exclusions – Most companies won’t cover pre-existing conditions. Some cover vet exam fees, while others don’t. Genetic condition coverage also varies from one company to another.

After much research, we’ve found Healthy Paws to be an excellent pet insurance solution. As of 2018, Healthy Paws has an annual deductible, rather than per incident. Healthy Paws also reimburses actual vet bills and provides options with no annual benefit limit and no lifetime benefit limit. All great features to have.

Each situation is unique. Hopefully the above information helps you understand more about pet insurance so you can establish what’s best for you and your pet.