This will be a short, but important, article if you are thinking about buying pet insurance. We'll hit the highlights of some of the most important considerations you need to take into account when making a decision whether to purchase pet insurance or not. So let's get going and look at five major areas you should consider regarding pet health insurance.
1. What is Pet Insurance For? If you are not careful, you'll price yourself right out of the market by trying to insure too much. Pet medical insurance becomes pretty expensive if you try to insure all the little things that you could afford to pay out of your pocket. The real purpose of pet health insurance is to protect you from the catastrophic veterinary bills that could result from your pet being seriously injured or getting a serious illness. It can cost over $2,000 to repair a fracture if you dog is hit by a car. That's the kind of thing you need pet insurance for, not for the routine visit to the vet.
2. Why Do You Need Pet Health Insurance? I'll give your three good reasons:
- It keeps you from having to decide on treatment for your pet under stress. If your pet is suddenly injured or falls seriously ill, you don't want to be confronted with having to decide on the treatment your pet gets based upon what you can afford.
- Veterinary treatments are becoming more and more sophisticated and remarkable things can be done to save your pet from serious illness or injury. It's no surprise, however, that the cost of these treatments is skyrocketing. Again, pet medical insurance is a hedge against staggering costs of veterinary care for you pet which you might not otherwise be able to afford. A simple fracture could cost you $2,000 to $3,000. Could you afford that financial surprise if your pet were suddenly injured?
- Your pet will not time his medical emergency to suit your financial circumstances. It will arise unexpectedly - perhaps at a time when you are under financial strain from other causes. There's peace of mind in knowing you won't be caught unprepared for such an unexpected emergency.
3. How are Pet Health Insurance Premiums Calculated? Your pet medical insurance premiums will be based upon risk factors that affect the likelihood of your pet needing treatment, and how much the anticipated treatment is expected to cost. These are the most common risk factors:
- Your location
- Whether your pet is a cat or a dog
- The breed of your pet
- Your pet's sex
- The age of your pet
- Whether your pet has been spayed or neutered
4. What Should You Know About the Proposed Policy? Here's the short list:
- Does it cover "pre-existing conditions?" Most affordable pet health insurance policies do not, and you probably shouldn't try to get pre-existing condition coverage. It's not financially feasible in most cases. But, there is an important "Catch 22" for you to be aware of. Some companies consider each renewal of your pet's medical insurance policy as a new application. Therefore, if your pet develops a medical problem this year, it may only be covered for the balance of the current policy year. When you re-apply on the renewal date, the insurance company could consider this new condition a "pre-existing" condition for the new policy being issued. Ouch! Buyer beware.