Cats and dogs are not only our pets; often, they become beloved members of the family. As a result, pet owners will usually pay whatever it takes to make sure that their animals are healthy and happy. Reports show that pet parents have collectively spent more than $60 billion on their animals in recent years. From scrutinizing pet food labels to selecting the best and safest toys and bedding, many pet owners will spare no expense to take care of their pet’s needs. It only makes sense, then, that pet parents would want to invest in a pet insurance plan. One thing owners will need to take into consideration is “do all vets take pet insurance” and if so they’ll want to look into whether their local vets are partnered with any insurance companies.
Even with the amount of money that many pet owners spend on their animals throughout the year, a majority do not have a pet insurance policy. Estimates are that fewer than 5% of dog owners and less than 1% of cat owners purchase health insurance for their animals. Without a pet insurance plan, however, routine veterinarian visits can easily cost hundreds of dollars for tests, vaccinations, and check-ups. The veterinarian bills for emergency care can run into thousands of dollars depending on the procedures and medication that a pet needs. The best pet insurance, however, can help to curb vet bills. Let’s take a look at why every pet parent needs pet insurance coverage.
Peace of Mind
When you purchase comprehensive coverage from a pet insurer, many of your animal’s healthcare needs will be covered. Depending on the type of pet and your pet’s age, pet insurance costs can be very reasonable. Knowing that your furry family member is covered could help provide peace of mind. Depending on the wellness plan, services such as dental care may also be covered or available at a significant discount. Additionally, having pet insurance gives you the freedom to choose all treatment options for your sick or injured pet without the restrictions of family finances. The majority of pet insurance policies provide reimbursement to the owner for up to 80% of costs after deductibles.
Budgeting
Budgeting for health-related expenses can be difficult if you don’t have a plan. Recent studies show that more than $18 billion are spent annually on veterinary care for pets. With such high pet healthcare costs, it will help to have a plan. Similar to health insurance, your pet insurance policy will come with a monthly premium that provides coverage for emergencies and preventative care throughout the year. Depending on the pet insurer, you may be able to pay your premium monthly, quarterly, semi-annually, or annually. Like many insurance companies, a majority of pet insurers also offer discounts for things such as multiple pet policies. The pricing and payment options offered by pet insurers will allow you to budget for health expenses related to your pet. From annual check-ups to emergency visits, an insurance policy for your pet will allow you to create a financial plan.
Protected Savings
When something goes wrong with your car or you need a large home repair, a well-funded savings account can help finance these costs. Without adequate pet insurance, an animal with a chronic illness, an emergency, or other healthcare needs can wreck your savings account. Many families set up emergency accounts to help cover auto costs, home repairs, or medical emergencies. If you have to dip into this account to cover a vet bill, that money will not be there if you require emergency financing for your family. Pet insurance can help alleviate an unexpected withdrawal from your savings account by providing sound health coverage for your pet.
Becoming a pet parent can be very rewarding but will also require a variety of costs and research. While many pet parents seek the best food, beds, toys, and treats for their animals, most don’t invest in pet insurance. Surveys show that most pet owners are not financially prepared for a pet emergency. Pet insurance can help give you peace of mind and allow you to provide budget-friendly medical care for your pet when they need it. With some research, you can find the best pet insurance for your family pet.
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