By Chelsea Chan
Over the years, I’ve had many conversations with people about pet insurance, and a common thing I hear is that no one seems to know if it’s worth it or if it’s right for them. Here are some common myths about pet insurance.
I don’t need pet insurance. You might think you are saving money by not paying for pet insurance, but this can be a devastating mistake. Did you know obstruction surgery can cost anywhere between $2,000-$10,000? It will depend on where you live, the size of your pet, and how much damage is done. If you’re prepared to pay that much, that’s great, but many are not. It can be life-altering having to decide how to pay for the care or to let your pet go. This is where pet insurance can really take a financial burden off your back.
I will choose the cheapest plan. Don’t assume all insurance plans will be the same, or that the cheapest one will be the best choice. You need to do what is financially right for your family, but knowing what kind of coverage you will receive is just as important. Most plans require you to pay the bill to your veterinarian, then you submit your claim for reimbursement. Make sure you have a plan in place for that. The cheaper the plan, the less return you will see.
Pet insurance will cover everything. This is not the case. It is essential to research what will be covered by any insurance plans you look into. Don’t just believe what you read on the internet. Many of the top plans cover 80% of the bill while you pay the other 20%. Cheaper plans might only cover 50%. You will also have a yearly deductible that can vary between plans, and certain pre-existing conditions that may not be covered. This is one reason it’s important to get pet insurance early on: once your pet has been diagnosed with something, you won’t be able to get insurance that covers any related costs.
Pet insurance is an investment. Pet insurance is much like any other insurance you might have, such as homeowners' insurance or car insurance. It is not something you should expect to see a return on, but it offers peace of mind in case something serious happens. If you are lucky, you'll pay for insurance for years without ever needing to use it. If you do, you will survive the financial hit.
Of course, if you have any questions, it is always good to speak with your veterinarian, and asking friends and neighbors for recommendations is a great source. Just before making any commitments, ensure you are fully aware of what you are getting to avoid any surprises later. I have seen the benefits of being prepared with pet insurance with an unexpected hospital trip for my dog when he passed away. Knowing I had financial help during such a challenging time took a burden off the grieving process.
Do your best to research, have a plan in place and keep your pets healthy and safe!
