Why Pet Insurance is Needed
January 23, 2009 by Lang Insurance Advisor
Filed under Pet Insurance
The consideration of purchasing pet care insurance is important for many families. 63% of American households own a pet, according to the 2007-2008 National Pet Owners Survey conducted by the American Pet Products Association.
You might have guessed that. But could you also have guessed that $21.3 billion of the total national pet expenditure of $43.4 billion (est. 2008) is for vet care and supplies/OTC medicine? That means that nearly half of the cost of a pet is for health care!
| 2008 US Pet Market Estimates |
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Total Expenditure on Pets — $43.4 billion |
Should you insure your pet? I would say yes, for two reasons: economics and peace of mind.
Pet insurance could save many financial headaches of unexpected expenses arriving at inconvenient times, and arriving at times when all you want to do is care for your pet, not work extra hours so you can pay for your vet bills. Pet insurance is also preferable over going into debt to cover pet medical costs also, or the option of euthanasia. Insurance allows you to have just one concern: your pet.
Your annual pet insurance premiums could be more modest than yearly routine wellness visits. Pet insurance coverage can cost you realistically anywhere from $2,000 and $6,000 over the lifespan of the pet. It depends a bit on the type of pet and your deductible, but this gives you a rough estimate.
It’s probably a small price to pay.
| Pet Health Insurance for: |
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Meanwhile, the world of pet health care has become more costly and sophisticated. The bad news is that expenditure on vet visits increased 8.5% year over year from 2007 to 2008. However, the good news is that once fatal or life-threatening conditions are now treatable. Medical treatments that were once only conducted on people, can now be given to your pet. Consider treatments like radiation therapy or a kidney transplant. Think in the range of $1000-$5000 for a treatment. In addition, medical diagnostic tools such as MRI scans are now enabling early detection and protection from many major future health dramas for your pet. Of course, diagnostic sophistication means a higher pet health check-up bill.
Accidents aside, as your pet ages, your vet bills will go up. Pet insurance help you with these vet charges. It does not matter whether your pet at home is a dog, cat, or a horse, insurance does make sense.
Standard pet health insurance covers basic procedures
plus the cost of pet prescription medicine.
Less than 3% of America’s 71 million pet owners have pet insurance. If that’s you, now is a time to reconsider.
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