Deciding on Pet Insurance

Animal doctor

There are roughly 1.6 dogs per household in the United States, while there are about 2.1 cats per household — when added up, that ends up being quite a lot of pets!

We want our furry friends to be as healthy as possible, and most of us would go through great lengths to make sure they remain healthy. To help your pet live longer, it would be wise to purchase pet insurance.

Why Pet Insurance? Veterinary services are on the rise, as seen by the $50 billion spend on pets in 2011, and as a result more Americans need insurance to cover rising costs for procedures such as veterinary surgery. If the average cat-owning household spends an average of $191 on basic animal clinic appointments every year, imagine the cost for more expensive medical procedures.

Reasons to Purchase Pet Insurance: Although pet insurance isn’t for everyone, a veterinary office may recommend buying an insurance package due to the rising costs of healthcare for animals. Here are five reasons to purchase insurance.

  1. If you can’t cover expenses. The main reason people choose health insurance for their pets is because they simply can’t cover the cost of keeping them healthy. It’s another monthly bill that eventually adds up. Lets say you have an older dog and they are diagnosed with cancer; would you rather pay the $3,000 for treatment, or $30-$50 a month?
  2. High Risk, High Worry: Most small animals will spend the majority of their lives indoors and away from diseases and potential injury threats. However, outdoor cats and dogs that are active outside are putting themselves (and your wallet) at risk. If you constantly worry that something will happen to your cat or dog, your veterinarian may recommend purchasing pet insurance — just to be prepared for the worst.
  3. Huge Investment: After purchasing a pet, you understand that you have made a huge time, emotional, and financial investment for the next decade or more. If you’ve spent a pretty penny on the cost of a dog or are planning on breeding dogs, there is a lot at stake in terms of financial security, so it would be best to have insurance to cover medications for those expensive pets that can add up.
  4. Financial Stability: Many pet owners just see insurance as just another annoying bill to pay at the end of the month, but in reality if you have a stable income and a pet that may need a lot of medical attention down the road, insurance is a great option. Just make sure you are able to make the monthly payment, which should give you peace of mind knowing that your pet will be covered for most medical expenses.
  5. When You’ll Do Anything: For those that will do just about anything for their pet, health insurance is an obvious choice. Pet owners have increasingly thought of their pets as a part of the family, and therefore believe they are entitled to their own insurance.

If you are thinking about insurance, do your online research and compare rates. Consulting your veterinarian can also be very helpful.
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