Is Pet Insurance Worth It?

After working for almost three years at Healthy Paws Pet Insurance, I get asked this question a lot, especially because the concept of pet insurance in the US seems like a scam. For one, you’re paying a monthly premium on a living creature but the policies are more like property insurance rather than human health insurance. It’s super confusing, and you won’t always break even. Do I think it’s worth it? 

Yes, I 100% do.

For one, vet care is very expensive, and rightfully so. You’re not just paying a bill to help heal your dog or cat, you’re also paying into the vet’s practice: vet techs, equipment, the light bulbs above their heads, rent. Heck, their student loans have a monthly due date, too. So not only is the medical care for a pet pricey, it’s also paying for all those little things that are needed to keep a practice in operation. I personally think that’s totally fair. 

So along with that, the cost of injuries and illnesses is on the rise, too. Sometimes because of technological advances, sometimes for reasons in the industry. There are more options than ever before to help save or heal your pet. Which is awesome! 

But because of all this, many people can’t afford their pet’s health care. And let’s be honest - especially if you're faced with a sudden trauma (car accident, a bad fall) -- the bill can be over $10,000 in surgeries and aftercare. That’s a lot of money; it’s an amount I certainly don’t have lying around or in savings.

And you know what? Just because you don’t have buckets of money doesn’t mean that you shouldn’t have a pet; it means that you can insure your pet and cover those bills if something bad happens.

Besides, you may have a savings account, but if you’re socking away $2,000 or $3,000 for pet emergencies, know that you will be out whatever you pay. With pet insurance, let’s say you’re paying $30 a month, which is $360 a year. Your reimbursement rate is 80% and the deductible is $250. So if your dog has a $2,000 bill, you actually will be reimbursed $1,350. Minus your premium, you will have been reimbursed $990 for that year. Whereas with a savings account, you’re out $2,000. End of story.

So you definitely are paying into a hypothetical. Do you know how often that hypothetical pays off? Read the reviews, ask friends, and check out the testimonials. It pays off way more often than you think. I have Healthy Paws for Kitty and PetPlan for Little Coconut. I’d be happy to discuss either plan with you (#AMA)!

It’s not complicated once you combine your financial needs with your heart. And with vets having to economically euthanize more animals each year, it’s worth looking into, for the love of your pet and being mindful of your vet’s sanity.