We insure our entire lives:  our cars, our homes, and our health.  Many people have turned to pet insurance to ensure the wellbeing of their furry companions.  Is this necessary?  Do our dogs and cats really need health insurance?  The answers are up to you.  But, before you rush out a buy health insurance for your darling, you should really think things through.

With veterinarian bills rising, more and more people are investigating the possibility of having their pet insured.  Many people think that paying a co-pay is more desirable than paying a full veterinary bill.  Pet insurance is extremely similar to human health insurance.  There are yearly premiums, co-pays, deductibles, and exclusions for certain problems, especially genetic and preexisting conditions.  Each insurance company operates differently than the other insurance companies, offering specialized packages to fit your needs.  You can purchase accident, illness, and routine care insurance.  With some insurance you pay the full amount up front and you are reimbursed on a schedule, while other insurance bills you the balance minus your co-pay and minus what the policy covered.  With all these choices and options, it is easy to see why the process can be confusing.

When purchasing pet insurance you are covering your expenses in case of an undesirable event.  For a pooch, a bad case of fleas is undesirable, but not insurance worthy.  Many people base their decision on this:  if your pet were to get sick or injured and the vet bills or treatment options were unaffordable, would you take out a second mortgage or have your pet euthanized?  Euthanization often results from owners not being financially able to care for a pet, regardless of the ability of the pet to recover.  If you think you would take out a second mortgage or pick up a second job to pay your pet’s expenses, then pet insurance is probably right for you.

If you want your pet to have insurance, than you need to start it while he is a puppy.  Most pet insurers do not cover pre-existing conditions. Some insurance companies won’t even consider insuring pets after they reach a certain age, pre-existing condition or not.  So, it doesn’t make sense to wait until something comes up.  Find out if the insurer covers genetic conditions.  Many purebred puppies suffer hereditary defects due to many years of inbreeding.  For example, if you have a dog breed that is extremely susceptible to hip dysplasia, then make sure the insurance provider will cover the condition once it arises.  Another thing to look for is whether or not the provided covers reoccurring or chronic conditions.  For instance, if your pet has a problem that starts in the first year and reoccurs the next year, will that problem be covered the second, third, and fourth time it arises?

If you decide to purchase insurance, then it’s recommended that you stay away from routine care coverage.  Routine care includes any normal trips to the vet.  Think about a “normal” trip to the vet.  More than likely, you are in and out for much less that $100.  Paying for routine care insurance ends up being more expensive in the long run.  Make sure that routine care is not included; instead, it should be an option.  Other add-ons such as accidental death or lost pet help are also wastes of money.  As with anything, research all your options, and read all the fine print!

As an alternative to pet insurance, start a savings account.  By placing into the account the same amount of money you would spend on insurance, you have created a medical fund.  Use the money in the account to pay for routine pet care, and save the rest for an emergency.  The beauty of self-insurance is that if your pet lives a normal and happy life (which he hopefully does), then you have not wasted money.

Pet insurance is becoming more and more popular, but it isn’t right for everyone.  Dogs with preexisting problems or hereditary defects are often not covered by insurance.  Pet insurance works similarly to human insurance, with co-pays, premiums, and deductibles.  Decide whether or not insuring your pet is right for you, and then conduct extensive research to find insurance that fits your needs.  Don’t just choose the first option you find! Learn more about how to keep your pet healthy and safe with a chic pet crate.