You haveinsurance for your health, car and house but what about your pets?
Vet bills can be extremely costly, but you may still wonder, Is pet insurance worth it?
If you dont currently have pet insurance, youre not alone.
Veterinary technicians comfort a dog as it receives cancer treatment at BluePearl Veterinary Partners in Tampa, Florida. Tina Russell / The Penny Hoarder
But given the price of vet care, pet insurance is worth looking into.
Emergency vet visits can cost from $800-$2,500, and sometimes more.
Need Quick Money to Cover the Cost of Pet Insurance?
And there are still costs to the coverage itself.
How Does Pet Insurance Work?
Like human health insurance, pet insurance providers alleviate some of the costs of keeping your pet healthy.
But it works a little differently when you get down to the details.
In virtually every case, pre-existing conditions are not covered.
Depending on your policy, this could be anywhere from $0 to $2,500 in a plan year.
Typically, higher-deductible plans will yield lower monthly premiums.
Most plans have annual deductibles, but a few providers utilize a lifetime deductible per condition.
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Depending on your policy, theyll pay you back anywhere from 20% to 100% of covered costs.
How Much Does Pet Insurance Cost?
Among our favorites areTrupanion,Lemonade,Healthy PawsandFigo.
Have an exotic pet (i.e.
anything other than a dog or cat)?
Your options are a bit more limited, but you could still find coverage.
Check outPet AssureandNationwidefor plans for birds, rabbits, reptiles and other members of the animal kingdom.
A dog receives cancer treatment at BluePearl Veterinary Partners in Tampa, Florida.
Tina Russell / The Penny Hoarder
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The 5 Pros of Pet Insurance
So, is pet insurance worth it?
There certainly are a lot of reasons to get your pet covered:
1.
Policies are simple and tiers are easy to compare.
Deductibles Are Reasonable
Compared to the cost of one late-night animal ER visit, most plans deductibles are affordable.
You Get to Choose Your Vet
There are no out-of-online grid provider headaches when it comes to pet insurance.
As long as your vet is licensed, eligible expenses should be covered.
Theres no need to worry if your vet accepts your plan.
You pay for the cost out of pocket then submit a claim to the company for reimbursement.
No one wants to have to choose between a sick pet anda mountain of debt.
The 5 Cons of Pet Insurance
For some, the cons of pet insurance outweigh the pros.
Here are a few of the biggest problems with pet insurance policies:
1.
Youll want to carefully weigh whether the annual cost makes sense for you.
An exception:Trupanion offers direct vet payments.
Many policies dont cover exam fees, even when your pet is sick or injured.
Certain hereditary/genetic conditions may also not be covered; be sure to check each policys specifics carefully.
When shopping for pet insurance, prioritize a plan with unlimited benefits.
You Could Even Spend More
If your pet only needs routine vet care, you wont save much.
Its just something to be aware of if youre already struggling to pay your vet bills.
And these numbers dont include the annual price of pet insurance premiums.
On average, pet parents spend $48.66 a month for dogs and $28.57 a month for cats.
Should You Get Pet Insurance?
Like property insurance (car, home, etc.
Pet insurance can help offset routine medical expenses and can be especially helpful for the unknown.
So if you think youd be interested in pet insurance, apply now before you end up needing it.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
Reporting from contributors Kelly Gurnett and Olivia Snow Smith is included in this report.
