Why purchasing pet insurance can make sense

Many pet owners go to great lengths to ensure the comfort, happiness and health of their animal companions. Advances in veterinary care have helped pets enjoy healthier lives longer than ever before. However, the benefits of pet health care often comes at a steep price – pet owners eventually face the difficult challenge of deciding not just whether medical intervention is necessary – is it financially feasible? A pet insurance policy can make such dilemmas easier to navigate.

An Associated Press survey found that 41 percent of pet owners are extremely or somewhat worried they will not be able to afford the medical bills if their pets became ill. According to the American Pet Products Association, pet owners on average spend between $220 and $250 each year on routine wellness vet visits for their cats and dogs. But unforeseen surgeries and emergencies can set pet owners back several thousand dollars.

Some emergencies are far costlier than others. Veterinary Pet Insurance says the average cost for a vet to extract a dog’s tooth is $829. But repairing torn cartilage can cost nearly $2,700.

Individuals with elderly pets or breeds prone to genetic disorders may be wise to look into pet insurance to defray some of their vet costs. Keep in mind that pet insurers are allowed to refuse coverage for preexisting conditions and can set annual limits and lifetime payout limits.

Here are some other reasons to consider pet insurance:

– Insurance typically allows policy holders to choose their own veterinarians. Such policies do not typically mandate that pets be taken to particular doctors to have their costs covered.

– Pet insurance allows pet owners to make decisions based on the best interest of the pet and not on their financial situations.

– Insurance offers peace of mind because many plans reimburse up to 80 percent after deductibles are met. Some plans even offer multi-pet discounts.

Pet insurance is a relatively new, but growing industry. Consumers can now shop around and find the best options for their needs. Such insurance can be a sound financial decision that gives pet owners peace of mind.