With the higher costs of pet care today and with new treatments that can be very effective and costly, the decision to put an animal to sleep or treat it may mean planning for large expenses. Consider that for the average length of life for an animal it will cost between $2,000 and $6,000 to insure a pet. However, for cancer treatment, surgery, and other pet health care issues you might pay out of pocket anywhere from $1,000 to $5,000, and that is for one incident for one pet. So what to do?
If you are planning to buy health insurance, know that the biggest names in health insurance to check out are Veterinary Pet Insurance, Pet Care Pet Insurance, Petshealth Care Plan, and Embrace Pet Insurance. Premium prices will vary, but you should not comparison shop based only on rates. You need to also consider co-pays, deductibles, and pay-out caps, just like human health care insurance. You should also know that some pet insurance will not cover a pet over 9 years old—when the pet most needs coverage–or will tack on surcharges that will increase you premiums for older pets. There may also be exclusions for certain preexisting conditions or hereditary conditions, which are often are the most common problems in animals. Hip dysphasia is an example. However, there may be discounts for multiple pets that can help you save. A helpful website is PetInsuranceReview.com where you can review rates and benefits.
If you are not planning to buy pet care insurance, you can consider stashing away what you might be paying in premiums in a savings account or CD for the time when it is needed for pet care. If it is not needed, you will have some extra savings. Remember, too, that regular veterinary care is the best hedge against costly medical bills for your pet. And be sure to read the article on saving money on pet care right here on PennyPinchingHints.com.