We have insurance for all the other important aspects of our lives — life insurance, car insurance, house insurance…why not also get pet insurance, for some of our most important family members? If you’ve heard of pet insurance plans and are interested to learn how pet insurance works, just keep reading. Given the amount of love, care, and attention that most pet owners lavish on their pets, it’s important to be knowledgeable about healthcare for pets, and how you can save money while still caring for your dog or cat. Insurance for older pets can be especially useful; caring for older dogs or cats can get expensive, and you want to be sure your pet has the best quality of life possible in their later years. However, we know how quickly veterinary bills can stack up, which is how pet insurance works to help you save money and care for your pet at the same time.
How Many of Us Are Pet Owners?
Between 37-47% of all households in the United States own a dog and there are over 75 million cats (both domesticated and feral) in the United States. The United States actually has more felines than any other country. Just under 85% of cats are spayed and neutered (those vet bills start early!). Over 45 million households in the United States have a dog.
Generally, most pets are inherited from family members or gotten through acquaintances. Just under 30% of dogs are bought from breeders and just under 30% of cats and dogs get adopted from shelters and rescues.
How Much Do We Spend On Our Pets?
Pets are like children: expensive. Of course, pets cost significantly less than children, but there’s still costs to be taken into consideration when you get a cat or a dog. For example, the United States spends almost $20.5 billion just on pet food annually, over $12.5 billion on pet supplies and over-the-counter medicine, and over $13.5 billion vet care every year.
If your pet is diabetic, has tumors, or needs more care as he or she ages, that cost only increases. Of course you don’t want your pet to suffer, but the costs can start feeling prohibitive and many families have to consider putting their beloved pet down earlier in their life than they would like, because of the expense.
How Pet Insurance Works For You
Luckily, pet insurance provides another alternative for you — some major insurance plans may even offer pet insurance as part of their larger insurance network that you can choose from. There are numerous types of pet insurance — everything from standard routine procedures like vaccinations or checkups, to more specialized insurance covering accidents and illnesses, to comprehensive coverage for anything and everything that might happen to your pet.
Pet insurance’s purpose is to help protect your finances from unexpected veterinary bills. No one can predict a minor accident happening to your pet or having your pet develop something more serious, like cancer, and so it’s often not factored into a budget, making it a serious blow if vet costs suddenly go up. With pet insurance, you can decide on the best type of treatment, based on what’s the best for your pet’s health and happiness, instead of deciding based on what your wallet can afford.
Pet insurance works like many other forms of insurance — often, you’ll pay upfront, file a claim, and the insurance company will reimburse you once your claim has been processed. Make sure that your premium won’t go up if you opt in for pet insurance, that pet insurance won’t be dropped if your pet is older in age, and what kind of coverage is provided by the insurance network. Talk to your vet about what kind of plan they think might be best for your pet.
Keep your beloved pets healthy and happy at low costs to you, when you know how pet insurance works and can use it effectively. Don’t feel pressured to make tough decisions based on your wallet when you know that you’re covered, thanks to a good pet insurance policy.