| Believe it or not-but pet insurance is the most | | | | month you could receive $7,000-$14,000 per incident |
| claimed-for type of insurance, more so than | | | | or even $100,000 for multiple lifetime incidents. |
| homeowners or auto insurance. Even so, the whole | | | | Even if by some miracle you have an extra $7,000 |
| idea is pretty new to American pet owners. Less | | | | laying around to immediately fund your pet's savings |
| than 1 percent of 163 million cats and dogs in the | | | | account, your savings will be dwindled down to near |
| United States are covered by a health insurance | | | | zero once your pet experiences one serious medical |
| policy. In the United Kingdom and other European | | | | incident. Then what? |
| countries, 20-50 percent of the pet population has | | | | Avoid Benefit Schedules |
| coverage. | | | | There are many factors to consider when evaluating |
| Consumer Reports Isn't Always Right | | | | the different types of pet insurance policies available. |
| Many pet owners wonder if investing in pet insurance | | | | But one of the most important is whether or not the |
| is "worth it." An as alternative, some people advise to | | | | company uses a benefit schedule to reimburse claims. |
| simply open a separate savings account for your | | | | What this means is, regardless of the total cost of |
| pet's medical expenses. That way, if you don't end | | | | treatment, the policy will only pay up to a set figure |
| up needing the money for expensive vet bills you | | | | (not a percentage) per condition. |
| could spend it on something else-like a vacation to | | | | You're much better off looking for a policy that |
| Hawaii. | | | | covers a certain percentage of the claim (usually |
| For example, an article published in 2003 by | | | | 80% or higher) based on the actual cost of the |
| Consumer Reports says, "The most important thing | | | | procedure and where you live. This takes into |
| you need to know about pet insurance is that it is a | | | | account the higher fees you're more likely to |
| form of enforced savings that almost never covers | | | | encounter at an emergency or specialty clinic and you |
| the entire bill. You can accomplish the same thing by | | | | never have to worry about inflation. |
| paying the same monthly premium to your savings | | | | Many pet parents have discovered (to their |
| account." | | | | disappointment) that the benefit schedules currently |
| I have to disagree that it can accomplish, "the same | | | | being offered by pet insurance companies have not |
| thing." | | | | been adjusted to take into account the recent |
| Yes, the purpose of any insurance is to cover future | | | | inflation associated with veterinary expenses. |
| unknown risks. But you'll never know which is the | | | | The fact is, your pet will likely require costly medical |
| better option until after the fact. | | | | care at some point in its life. What would you do if |
| Although saving money is always a good idea, how | | | | your pet needed sudden medical attention, such as a |
| long will it take you to save $3000, $5000, $7000? | | | | trip to the emergency clinic, or was diagnosed with a |
| What if you're faced with a medical emergency and | | | | chronic condition such as diabetes? |
| you don't have enough money saved up yet? I can | | | | Both of these could easily cost $2500 or more. |
| guarantee that your pet isn't going to wait to get | | | | Would this cost cause you financial hardship? If you |
| sick or injured! | | | | answered yes, then pet insurance would probably be |
| $5000-$7000 is NOT an over-exaggeration of the | | | | worth it to you. |
| kind of expenses you might encounter if your pet | | | | Some people believe that pet insurance is just |
| needs to visit a veterinary specialist or develops a | | | | another way for insurance companies to get rich. |
| chronic medical condition like diabetes, seizures, or | | | | However, any kind of insurance is something that |
| thyroid disease. | | | | you have--but hope you never need to use. You just |
| Just Punch the Numbers | | | | never know when you're going to need it. I've seen |
| If you saved $50 a month it would take a little less | | | | pet insurance save the lives of pets who otherwise |
| than 10 years to save $7000 depending on the | | | | would have been euthanized because of expensive |
| interest rate for your savings account. Depending on | | | | medical bills. |
| the pet insurance policy you choose, from the first | | | | You can't put a price on that. |
| day your policy is effective and for the same $50 a | | | | |