Just about every pet owner will agree that their furry friend is a part of the family. Naturally, your pet deserves the best veterinary care. Vet bills add up quickly, though, costing pet owners a lot of money.
Pet insurance can offset costly medical care, but not all insurance policies are created equal, nor do they always cover what your pet needs. Weigh the pros and cons of investing in pet insurance to find out what’s right for you.
The Benefits of Pet Insurance
There may come a time when your pet gets sick or injured. Having pet insurance in these situations can save you a lot of stress and money for the following reasons:
1. There Are Affordable Premiums and Deductibles
Pet insurance typically offers low monthly premiums and deductibles, especially for younger pets. Insurance costs dog owners $46 and cat owners $23 per month on average for a $5,000 policy with a $250 deductible and 80% reimbursement. Monthly pet insurance costs can be much less than a single routine checkup without insurance.
2. Fair Pet Insurance Costs Are Backed by Legislation
Legislation exists to regulate the pet insurance industry and ensure fair pricing, claims processing and transparency for pet owners. In 2024, lawmakers passed Act 19 in Pennsylvania with support from the trade association, key industry stakeholders and the Pennsylvania Insurance Department. Act 19 focuses on fair pet insurer practices. Other states — like Maine, California, Washington and Mississippi —have passed similar regulations.
3. You Can Choose Your Veterinarian
Except for a few network-connected plans, most pet insurance policies allow you to use a veterinarian of your choosing. If you have established care with a veterinarian, this is a major benefit. You should always read the policy thoroughly to see whether you are required to use an in-network provider. Some vets or animal hospitals may be out-of-network, which translates to more costly visits and treatments.
4. Plans Are Customizable
Many pet insurance plans are customizable, allowing you to create a policy that meets your pet’s medical needs and stays within your budget. Oftentimes, accident-only or illness plans are available. Accident and illness plans are highly popular because they cover most things that go wrong with your pet’s health. To ensure coverage for your pet’s preventive care or vaccinations, you may have to pay extra for a wellness add-on.
Drawbacks of Pet Insurance Policies
As beneficial as pet insurance policies are, they aren’t without some drawbacks. Here are a few cons to consider.
1. Your Policy Won’t Cover All Vet Costs
Pet owners will need to pay out of pocket to meet the deductible before coverage kicks in. Even still, pet insurance doesn’t cover all vet fees. Some plans have restrictions on claim amounts, meaning dogs and cats with serious medical problems may max out the plan’s annual limit quickly. These restrictions are why it’s usually worth paying more in monthly premiums for unlimited coverage.
Today, there are many ways to fill your own prescriptions online for increased convenience. Similar platforms exist for animals. However, only a few accept insurance, which means you may still need to pay more for pet medications.
2. You Could Face Higher Premiums for Older Pets
Many pet insurance companies offer policies for senior pets, but there are usually restrictions. Typically, coverage comprises routine vet visits and preventive care only.
The American Animal Hospital Association defines senior dogs as those in the last 25% of their breed’s life span, while cats are considered seniors if they are over 10 years of age. This can leave you covering most veterinary expenses out of pocket as your pet gets older.
3. Policies May Not Cover Preexisting Conditions
Suppose you adopted a dog with congenital heart issues or irritable bowel syndrome and then decided to enroll in pet insurance. Unfortunately, you probably won’t find a policy to cover your dog’s problem. Many pet insurers do not cover treatment for chronic issues.
4. You Pay Upfront
Oftentimes, you’ll need to pay upfront for special testing, exams or surgeries and then file a claim with your pet insurance. In some instances, you may still end up covering most of the vet bill. It’s always best to set aside emergency savings for your pet’s medical care in case you are unable to afford immediate treatment or need money to fall back on until claims are processed.
Is Pet Insurance Right for You?
Only you can make a clear assessment of your circumstances and pet's medical needs. Investing in pet insurance can help you pay for unexpected and costly vet bills. Ultimately, you’ll need to consider your pet’s breed, age and whether they have preexisting conditions before signing up for a policy. Just remember to compare plans and coverage comprehensively before enrolling.
