Dogs really are man’s best friend. With gourmet pet food, an increasing array of health supplementstoys, as well as maintenance wellnessemergency medical care, it’s no surprise that dog owners spend quite a bit each month on their canines.
In fact, Business Insider estimated that in 2018, dog owners spent about $140 a month to keep Fido healthyhappy. Because medical costs can make up a large portion of that amount, many Americans are turning to dog insurance to protect their pocketbookstheir dog’s medical well-being.
Why dog insurance, though? Why not just pay for pet medical bills out of pocket? To understand the benefit of dog insurance, it helps to understand how it workswhat it covers. With a few basic termsconcepts in mind, you’ll then be able to dig inshop for the best dog insurance for your furry family.
What is Dog Insurance?
Similar to human health insurance, dog insurance helps protect your pet and your bank account from unplanned medical expenses. Dog owners purchase the insurance when their dog is well as a safety net should something go wrong. While some policies do cover wellness visits, the most common dog insurance is there to offer a reimbursement of costs should something unexpected happen, such as accidents or illnesses.
How Does It Work?
In recent years, a growing number of people have chosen to insure their dogsother pets. The number of insured pets has jumped so much that employers have started offering pet insurance to their employees. Could it be that soon, people will demand pet insurance to be a part of every employee benefits package?
One of the reasons people love pet insurance is because it’s incredibly easy to use. Unlike human health insurance, there are no dog insurance networks. You simply take your dog for a checkup or treatment at any licensed veterinarian.
Dog insurance isn’t exactly like human insurance, however. Rather than only paying a copay, you’ll pay the entire cost of the vet bill upfront. Your dog insurance company will reimburse you for a certain percentage of the bill after you submit a claim with receipts from your vet, based on the type of dog insurance plan you purchased.
This is where due diligence is important. The best dog insurance companies will reimburse their customers quicklywith no long delays. While affordable dog insurance is wonderful, be leery of any plans that seem too good to be true. Read reviewsresearch plan options, costs as well as coverageexclusions. A dog insurance policy isn’t worth the paper it’s printed on if it doesn’t offer useful coverage or if it takes extended periods of time to be reimbursed for expenses.
What Does Dog Insurance Cover?
Dog insurance policies aren’t one-size-fits-all. The best dog insurance will cover the greatest amount of itemsincidents, while some policies will only cover accidents or routine care.
It’s helpful to break down dog insurance into its basic categories:
The most common type of pet insurance plan, this covers accidents as well as illnesses (digestive problems, infections, allergies,cancer).
This type of plan covers accidents only (your pet being hit by a car, ingesting a foreign object, being poisoned, etc).
These plans only cover wellness visitspreventative treatments such as checkups, annual vaccines,routine pet care. Some plans combine accident, illness,wellness for a full spectrum of coverage.
Those looking for extremely affordable dog insurance will want to opt for an accident-only policy, while dog owners looking for more broad coverage will likely want to spend more for accidentillness coverage.
Keep in mind that only a certain percentage of each bill will be reimbursed, with more expensive policies paying back a larger percentagemore affordable dog insurance policies paying back a smaller percentage. You’ll also likely be subject to annual limit or per-incident on coverage for your pet.
How Much Does It Cost?
With so many different providerslevels of pet insurance available, the coveragecosts can vary widely. However, your pet’s age, speciesbreed, as well as where you livethe type of coverage you choose, all factor into your insurance rates. Additionally, older animalslarger animals also face higher pet insurance rates, as these groups tend to have the most health issues.
Do I Need Dog Insurance?
We think of our pets as children, so it only stands to reason that we want to give them the best possible care.
Veterinary care can be expensive – it can cost hundreds, even thousands of dollars. Many pet owners struggle with how to pay for their pet’s medical care. According to the Animal Health Industry Report, during the average lifespan of a pet, a pet parent spends between $9,106$13,391 for veterinary caremedicines. According to the American Kennel Club, routine vet visits cost between $700$1,500 per year,that figure doesn’t include emergency care or prescription medications.
Accident can happen at any time! While there are good reasons for all pets to have pet insurance, dogs tend to be more active than, for example, an indoor cat. Because dogs usually spend time in the yard, go out for walks,interact with peopleother animals, there are many opportunities for incidentsinjuries to occur.
Pet insurance might not be for everyone; some people may prefer to simply pay out of pocket whenever their pet needs medical attention. For many people, however, affordable dog insurance can help make large, unexpected medical bills less of an impact. Paying a monthly premiumknowing that you’ll be reimbursed for a big bill can provide peace of mind, as well as the reassurance that your dog will always get the medical care he needs.
This guide was createdoriginally published by Shop Pet Insurance.