Is Pet Insurance Worth The Cost?
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| Anne Kelly |
| 8/3/2009 |
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| Health insurance is on everyone`s mind these days. But little do many know there`s another type of health insurance that`s been available for more than 25 years that few opt to purchase, that`s because it`s for pets. Pet insurance has been around for a while, and is increasing in popularity. In the last few years 300-percent more people have decided to get a policy for their pet. But it isn`t as much of a jump as it seems, as still only three percent of pet owners are buying into the idea of pet insurance. At 9-years-old, Shelty Lacey is turning out to be a pretty expensive pooch. She racked up a thousand dollars in veterinarian bills, and that`s just last month. Her owner, Jane Schultz, estimates she`s spent up to $5,000 on all her vet bills, including two knee surgeries and numerous medications. "She has this autoimmune disease, so we have to check her thyroid and her cholesterol," says Schultz. "Her medical bills are higher than mine." Schultz says she never had as costly an animal as Lacey, and looking back, pet insurance probably would have been a good idea. Veterinarian Gerald Buchholz estimates just five percent of his clients insure their pets, but says the ones that do often see it pay off when their pet is hit with a major illness. "I think it`s like an 85-percent that the pet insurance company pays, they pay 15-percent, just like our health insurance," says Dr. Buchholz. Of course, it depends what company you pick, what policy. And there are a lot to choose from. "Some cover vaccinations, some cover much more, some only cover major catastrophes," says Dr. Buchholz. Dr. Buchholz says years ago pet insurance may have not been worth purchasing as premiums cost more than what was covered, but today that isn`t the case. Plans can cost anywhere from $7 to $77 a month, and unlike in the past, on many plans animals are covered even as they age. "He`s part of our family, he`s a member of our household," says Georgia Van Voorhis, of her 12-year-old dog Buddy. Buddy would still be covered if he were insured, but Van Voorhis says unfortunately she never considered pet insurance. That was before Buddy came down with a thyroid problem, started having seizures and tore his knee. "Now after having Buddy going through this hindsight would say pet insurance might be a good investment," says Van Voorhis. Dr. Buchholz says the best way to save money is to get your pet vaccinated on time so they don`t develop some common illnesses that can be costly. |
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