Does the cost of pet insurance outweigh the cost of pet healthcare?

Pet InsuranceOver 43 million households in America own a dog. More than 37 million own a cat. They are our companions, our best friends, even referred to as our “kids”. It’s no wonder that we will spend over 45 billion dollars a year to feed and care for them.

In 2009 Americans forked out over 12 billion dollars to pay for their pet’s veterinary care. Healthcare for animals is increasing in price almost as fast as it is for humans. The reason is due, in part, to the advancement in the science and technology of veterinary medicine.

Animal healthcare facilities can take x-rays, give IV fluids, perform surgical procedures, and even give cancer treatments. However, all of these diagnostic tools and medications have to be paid for; thus, an increase in cost. How can we afford to pay for all of this?

Pet insurance has been around for over 13 years, and it’s starting to become a big business. One company has shown an average yearly increase of over 26 percent for the last 12 years. Their gross annual sales are over 150 million dollars. So how do you decide whether or not you should buy an insurance policy?

There are several things to consider when looking into medical coverage for your canine or kitty companion. Are you willing to spend thousands of dollars to treat your pet, should they be diagnosed with a critical illness? If so, then purchasing an insurance policy may be for you.

Treatment for life threatening diseases can cost up to 5 thousand dollars or more; depending on the specific disease and treatment. Premiums for the coverage can average around 2 to 6 thousand dollars over the pet’s lifespan. Most monthly rates are about $15 to $25 dollars per pet; depending on the species and their age.

Before you invest in a policy, make sure and check what it will cover, deductibles, exclusions and what it will pay per incident. Shop around and compare quotes and coverage; make sure you get the best financial deal, while fluffy gets the best coverage.

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