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We have spent lot of money on our dog since August because of itching-allergies we finally put down to food allergy (chicken) but when she got into another dogs food last month had to take her in for RXs...
And our cat has a wound that is MRSA so that has required trips to vet, RXs and tests...
We never took out pet insurance but thankfully have had money to pay w/o having to go into debt on charge cards. I have heard so many people in our vet recently talking about payment plans for the charges for their pets...some of them are $$$... And the people are often young (under 25-30) and the amounts just seem so big...I feel really sorry for them...
Now our daughter is talking about getting a dog for her family--her, husband, 4 yr old boy...
She grew up with dogs and cars...her husband didn't have either although his g'ma had a yard dog. Their boy likes our dog and cat but they are older and not always around since we split our time between two homes.
Anyone have pet insurance? Recommend any particular kind? Is it better to get one your vet maybe recommends/accepts or are there universal brands?
Do you get what you pay for in that higher premiums do give better coverage/access to specialists if needed or are they mainly bait/switch type of policies where the coverages don't really give that much protections??
I don't have pet insurance mainly because 1. It doesn't reduce the bills and allow you to pay a copay and 2. I have worked and is still in the legal insurance company business for years so I am personally biased against it.
Unlike health insurance for people, pet insurance requires you to pay 100% up front to the vet. Then you, not the vet, will make a claim for reimbursement which can take from 1 week to a few weeks depending on the policy and what the treatment is.
So the first most important deciding factor is: how far will you go to pay for your dog or cat? Sentiments aside, you must be realistic and recognize your financial limitation. You may love your dog but will you be able to spend $10k to treat a 8 year old dog with cancer just for a year or more of life or add those funds into your kid's college fund?
The general rule is, if you will spend more than $5k or more or go into debt for your pet, no matter what disease or condition it may have, then pet insurance will work.
Although for the most part, it is true you get what you pay for: higher premiums usually comes with less exclusions, less deductible and higher reimbursement rates. One of these insurance companies are VPI (If I recall correctly) where they promise to pay 80% of the bill, no exclusions. Last time I checked for a quote for my then 4-year old lab/pit mix in good health, it would cost me about $50/month with the $500 deductible. I did not get it and today, she is 6. We had about 2 vet visits to treat her ear infection and diarrhea since then. I had saved hundreds of dollars by not taking out the policy.
Read their policy. You will find one in every website. Read what they cover and not cover. Do not rely on the website or customer service rep. Their job is to sell.
Most insurance companies do not reimburse the entire bill. Most pay at a "fee schedule", similar to health insurance, meaning they would pay at a reduced number.
The bigger the claim, and more claims per policy, the more likely the adjuster may not pay out. Make sure you follow up and push them to pay if the policy covers it.
The main point to take from this is, again, if you think you can go to debt for your pet, that's fine. Even if you never use the policy, that's fine too as long as it gives you a PEACE OF MIND. That's what insurance companies are selling. The same as home securities. The policy may never pay out but you are buying that peace of mind knowing that you may get some money back when the time comes.
I had Petplan insurance for my Dachshund for 3 years, (my other pets didn't qualify - pre-existing conditions). I didn't think it was worth it as I would have to pay a deductible every claim (apart from the yearly) and just got cents back the one time I did use it. A friend has VPI and is very happy with hers so it could be I just picked the wrong plan! Anyway, after it went up to double the initial monthly premium within 3 years, I cancelled. I set up a savings account for emergencies only specifically for my pets and add to it monthly. Regular vet visits I still pay as usual.
I set up a savings account for emergencies only specifically for my pets and add to it monthly. Regular vet visits I still pay as usual.
^^This is what I suggested my husband and I do versus wasting money on insurance.
Take the amount that you would pay in premiums each month, and set it aside into a savings account or even someplace in your house.
If you decide to go with an insurance plan, read the fine print carefully. I'm certain there are many loopholes such as pre-existing conditions aren't covered.
We have VPI for our Boston Terrier. I was against it but my wife wanted it. Guess who won that one?
Our last Boston, who passed away in 2014, had a lot of illnesses towards the end. We spent well over $6K on radiation treatments, blood clots, Cushing's Disease, seizures....just a lot. He did live about 2 1/2 years with a good quality of life after the initial diagnosis so we feel it was worth it.
I kind of look at it from a Murphy's Law perspective. Maybe if we have the insurance we'll never need it, but it's there if we do. It would suit me just fine if this dog stayed healthy and never had to use it.
Someone recently recommended Healthy Paws to me. She uses it and they have been great about paying. I haven't signed up, but you might have a great deal of difficulty since they have pre-existing conditions. Most won't cover those.
Although for the most part, it is true you get what you pay for: higher premiums usually comes with less exclusions, less deductible and higher reimbursement rates. One of these insurance companies are VPI (If I recall correctly) where they promise to pay 80% of the bill, no exclusions. Last time I checked for a quote for my then 4-year old lab/pit mix in good health, it would cost me about $50/month with the $500 deductible. I did not get it and today, she is 6. We had about 2 vet visits to treat her ear infection and diarrhea since then. I had saved hundreds of dollars by not taking out the policy.
So, doing the math, that comes to $7,700 paid over the life of a 12 year old dog. If the OP thinks their daughter would spend more than that on treating their dog for an accident or disease then it might be worth considering. Maybe. IME, the chances of that are very low. But it also depends on vet charges in their geographical area.
We've had many dogs. All Australian Shepherds. All lived to 14+ years of age with one exception...we decided not to treat her cancer since she had already been hospitalized in the ICU for a week and her kidneys were shot. Plus she was 12 years old and we wanted the rest of her life to be as enjoyable as possible. We took her home and gave her subQ fluids for 6 more months...that helped her to feel better and she enjoyed those last 6 months. Even with a week in ICU and lots of supportive treatment/diagnostics, we spent less than half of that $7,700. CareCredit allowed us to spread out the payments and I think CC is accessible to all. We live in the Midwest where vet charges may be less than some other areas.
As others have suggested, I would put that monthly premium into a dedicated savings account instead. And make sure they train/manage their dog well so that being hit by a car or attacked by a dog at a dog park doesn't figure into their vet care plans.
I looked into it and with the exclusions, pre-existing condition restrictions and deductibles it doesn't make sense financially for most people. The insurance companies use actuaries to determine the premium they need to charge to be sure that in almost all cases they will collect more than they will pay out. Only if your pet is an outlier that needs more medical care than the average pet will it ever be a good deal for you. Math and statistics will win more times than not and most people that purchase the insurance will end up spending more money over the long term.
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