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Nine Lives to Live
Pet health insurance – is it worth it?
If your pet suddenly needed $4,000 worth of life-saving surgery, what would you do? Would you find the money, or would you have your pet euthanized?
These are the difficult questions that many pet owners are forced to ask when it comes to considering pet health insurance. According to PetCare, a Buffalo, N.Y.-based company that provides pet insurance, more than one in three pets need emergency veterinary treatment every year, and two out of every three pets will experience a significant health problem during their lifetime. And, as anyone who’s ever owned a dog or cat knows, major health problems equal major veterinary bills.
“I think when people first hear the term [pet insurance], they have a bit of a laugh. Maybe 10 years ago it wasn’t really needed, but 10 years ago you couldn’t get chemotherapy for your dog,” says Laura Bennett, co-founder of Embrace Pet Insurance, an Ohio-based company that started offering policies in mid-October. “Now you have radiation treatments and a whole host of options that can sustain the life of a pet, comfortably.”
Since many people look at their pets as members of the family and more than just furry accessories, expensive treatment options are not out of consideration for many owners, says Brent D. Calhoun, D.V.M., hospital administrator at Michigan Veterinary Specialists in Auburn Hills and Southfield.
“I think as a veterinarian, more than you ever care to deal with, there are situations where the pet may have a condition that can be treated, and in many cases cured, but because of the cost, a pet may get euthanized,” Calhoun says. “That’s frustrating for everybody. Insurance was born out of making veterinary care easier to budget.”
Still, according to Bennett, fewer than 1 percent of Americans carry insurance on their pets, most citing that monthly costs are too high to pay on the off-chance that something catastrophic may happen.
Similar to a human insurance plan, pet policies require the owner to pay monthly premiums. There are also the usual deductibles, maximums and co-payments.
Unlike human insurance, however, in almost all cases, the pet owner pays the veterinary bill out-of-pocket and then sends it to the insurance company for reimbursement. Prices range greatly; cheaper packages may cover only major accidents and no illnesses, while more expensive packages cover accidents and illnesses, along with extras such as boarding, accidental death benefits and euthanasia. At PetCare, premiums range from $10 to approximately $60 per month. Also, there is often a cap on what the company will cover for an entire year’s or lifetime worth of bills.
Lisa Pace of Canton bought a policy on her basenji puppy, Capone, last October. While VPI Pet Insurance did cover a portion of the pet’s skin allergies, Pace decided she wasn't saving as much money as she was spending. When she got a second dog, Cali, also a basenji, Pace dropped the insurance policy on her first dog.
“Having two dogs, I don’t want to [pay] the premiums on both of them,” she says. “Most people don’t even have insurance, and I had it on my pet. People thought I was a little nuts.”
Mary Uerling of Delta Township carried insurance through VPI on her dog, Cindy, a mixed breed, for 10 years, up until Cindy’s recent death.
“It certainly paid off for me over the years,” says Uerling. “Once Cindy turned 7, she had a plethora of issues and the insurance more than paid for itself.”
More than likely, Uerling says she will insure her new puppy, a beagle, as well.
If you’re considering enrolling your pet, do some research first, advises Calhoun. Like any insurance company, pet insurance businesses must be approved by the state. Also, make sure to scrutinize the policy. For example, most companies do not cover pre-existing conditions, so if your dog is already sick, it may not be worth it. And check to see the company’s policy on covering hereditary conditions.