Pet insurance coverage is worth the cost

pet insuranceMany pet owners struggle with the decision as to whether or not pet insurance coverage will be a good investment to protect their finances and ensure that their pets will obtain the veterinary care they require for the best quality of life.

Unfortunately, a large number of Americans are already finding it challenging to be able to afford their own health insurance. This makes the decision even more of a struggle.

Currently, there are almost one million North American pets covered by pet insurance. This may sound like a lot, but it represents only about 1 percent of the pets in the United States.

The executive director of the North American Pet Health Insurance Association, Kristen Lynch, said that the majority of the people who buy coverage for their pets feel that they are loving pet owners. They generally fall into the demographic of either single or attached females who live in large urban centers. Typically, they either don’t have children or they are empty nesters.

The demand for better treatments for pets has brought about significant technological advancements ranging from chemotherapy to physical rehabilitation and joint replacements. Though this has meant that pets can receive far superior treatment today than was available even ten years ago, it also means that the cost of veterinary services has shot upward. In 1998, the average annual veterinary bill was $69, and only ten years later, in 2008, that cost more than tripled, reaching $206.

This expense has meant that for most pet owners, the price of pet insurance for a pet’s lifetime is notably lower than the cost of the veterinary bills that will accumulate over those years.

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