The deep emotional bond we share with our dogs and cats is one of life’s most simple pleasures. In return for unconditional love, many pet owners do everything they can to ensure their dogs and cats have long, productive, and healthy lives.

Years ago, procedures like MRI’s, specialized therapy, and laser surgery were unheard of for pets. Now, these procedures are increasingly common as veterinary science continues to advance.

Costs of Veterinary Care Continue to Rise

Veterinary science has seen remarkable breakthroughs in the past two decades, but just as in the human health sector, costs have risen. Many pet illnesses and diseases are being treated that often went undetected in the past.

Pet owners are grateful for these veterinary advances, yet the rising cost to care for our pets is an important factor to many.

One of our neighbors recently incurred a $2100 veterinary bill to treat his German Shepard’s hip dysplacia. Similarly, another friends cat developed a stubborn urinary tract infection, necessitating lengthy diagnostic and follow up treatment, to the tune of $1400.

How Pet Insurance Works

Pet insurance has been around for decades in Europe, but is relatively uncommon in the United States and Canada. Much like health insurance for us, pet insurance drastically reduces the risk of caring for your pet. Perhaps most importantly, it can eliminate the heart wrenching decision of euthanizing your pet vs. incurring a large financial hardship.

Just like health insurance companies, pet insurance companies differ in what they offer and cover. Some pet insurance policies will only pay for pets below a certain age. Others have numerous deductibles and restrictions, depending on multiple factors.

When considering pet insurance and whether it’s right for you and your pet, ask yourself whether you’re willing to devote a budgeted amount of time and money to care for your pet. You’re a good candidate for pet insurance if your answer is yes. The sad reality is that some pet owners are forced to choose between their finances vs. treating their pets.

Pet Insurance Specifics

Most pet insurance plans offer coverage for as low as $10 per month. Typically, there is a $50 deductible, and an annual cap of about $10,000. Pet insurance plans for senior pets (normally 8 years and older) will run a bit more, normally $29.95 per month, but be aware that only one company we know of accepts senior pets for coverage. Costs for cats and dogs generally run the same.

Specifically, pet insurance covers illness and injury, although some plans do offer coverage or discounts for routine expenses like check ups, shots, etc. Most do not because it’s easy to budget for routine expenses vs. unplanned incidents.

The Story Of Two Pets

One of my co-workers has two pets, a 6 year old cat and an 11 year old border collie mix. Early last year, his cat Whiskers was diagnosed with a respiratory illness, similar to asthma. Complicating matters, the border collie mix was found to have a small malignant tumor during a routine check up. Several months earlier, my co-worker had taken out pet insurance on both pets, roughly $10 per month for his cat and $30 monthly for his dog. After all was said and done, his cat’s veterinary bills totalled $1600 and his dog’s bill was almost the same, $1500.

Fortunately, pet insurance significantly reduced his out-of-pocket expense. Instead of incurring roughly $3100 in unplanned expenses, his total outlay to treat his pets amounted to $250 … a $50 deductible for an adult cat and a $200 deductible for a senior dog.

Make Sure Pet Insurance Fits Your Pet’s Needs – And Yours

There are several pet insurers in the marketplace, so do your homework and make sure your policy is right for your pet. If you feel comfortable budgeting for routine annual costs like check-ups, immunizations, flea preventative, etc. there’s no need to pay for routine coverage.

Our experience as pet owners and animal lovers has shown us that most pets will require some form of unexpected medical treatment in their lifetimes. If it’s important to you as a pet owner to be prepared, consider taking out a pet insurance policy. Here are the main factors to consider:

The four most important factors to look for in a pet insurance policy are guaranteed acceptance, choice of veterinarian, fixed premiums, and unlimited accident coverage. You want your pet to be accepted into a pet insurance policy, no matter their age. If you have a comfort level with your veterinarian, you want to be able to use that vet and not be assigned an unfamiliar vet. Paying more in premium and deductibles as your pet ages isn’t necessary, as there are pet insurance companies who will keep your premiums the same even as your pet ages. Finally, unlimited accident coverage is important, since accidents can happen at any time and with any frequency.