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  • January 16th, 2024
    Written by: Kimberly

    One of the challenges facing many pet owners is that, unlike human family, the medical expensive of our furry friends are not covered by workplace health insurance or Medicare. We could be faced with a situation that requires us to choose between our pets’ lives and our finances, and it’s possible in some circumstances that a person may not be able to afford a lifesaving treatment.

    That’s why many people consider the idea of pet insurance. Pet insurance should, in theory, help pet owners afford surprising vet expenses. But is it really worth it?

    Cost and Value of Pet Insurance

    Many people are rightfully hesitant about the idea of paying for insurance that they do not know much about or understand. There are horror stories of people paying for pet insurance and not receiving the payments they need when they need it most. There are some less reputable but still well known pet insurance companies that may not provide payouts as needed for a person’s pet.

    But there are many other pet insurance companies that are legitimate and can provide the support that a person needs to cover their pet correctly.

    “When you choose the right brand, pet insurance absolutely can help pay for expensive veterinary bills” says Lauren, who runs an insurance agency that offers pet insurance in Texas. “I even started offering it to my customers only after I needed pet insurance myself to help save my own pet. It was a lifesaver. But you do have to know which brands to trust, which is why doing your research in this area is so important.”

    Pet insurance is only going to be the right choice when you fit specific criteria:

    • You may not have a savings account or salary that can afford very expensive unexpected payments.
    • You do have enough income coming in that you can easy afford pet insurance on a monthly basis.
    • Your pet is healthy and happy enough that they are likely to have a long life, and you just need to make sure you have support in emergencies.

    Pet insurance is about managing risk. If you have the financial means to pay for any payment your pet requires, then you may not need pet insurance. But if you’re concerned that an unexpected expense can be unmanageable, pet insurance can be a big help.

    Will They Pay Me When I Need Them?

    Given how expensive veterinary bills are, some people feel as though pet insurance agencies are not going to provide the financial support when they need it most, because otherwise the insurance agency will not make money. There is some partial truth to the idea that pet insurance companies do lose money when they make payments.

    But many pets live 10+ years without any major health issues, and once they are over the age of 10, sometimes pets are no longer healthy enough to go through expensive procedures. That is how pet insurance can still make money, and the legitimate ones are willing to offer their services for that tradeoff.

    Read the Fine Print and Get Help if You Need It

    Unlike traditional health insurance for people, pet insurance is a bit less regulated and less well known. That means that it is definitely important to do your research into each brand, read the stories both good and bad, and try to determine if the pet insurance agency is one you can trust. Many also offer several policy types, and it is in your best interests to know what you’re choosing before you select it.

    But for those that need it, and those that find the right brand, pet insurance can absolutely be worth it. It is not right for everyone, but those that are good candidates can find it to be very helpful for managing their pet’s needs.