What's The Real Deal On Pet Insurance?
by Blake Kritzberg
http://www.poodle-oo.com
Even if you haven't had a run-in involving your pet of
late, pet insurance has probably crossed your mind. And if
you have, the bill for any non-routine care may have cost
you anywhere from a cool couple hundred to nearly a grand.
You might have wondered why people have health insurance
and most pets don't, when the medical costs seem practically
the same! And yet, navigating through the underbrush of
fine print involved in pet insurance may have put you off.
Is it worth the money? What do insurers really cover? And
why do some plans cost the moon while others seem much
more affordable? We'll try to clear a path through the
paper jungle.
Tip #1: Get Them in Young
Ideally, you'll want to identify right pet insurance plan
for you, and get your pet in young while she's still quite
healthy. The reason is, should your pet develop a long-term
health issue such as a thyroid problem, she won't be
eligible for many programs, having a "pre-existing
condition." If you stick with one quality program, though,
you'll probably be fine.
Tip #2: You Get What You Pay For
This may stick in the craw a bit, when you start looking at
insurance premiums. Some of them cost an awful lot! Be sure
to look ahead too, at estimated increases down the road. The
older your pet grows, the more the premiums will cost. They
will get quite stiff for an older pet, even a healthy one.
So why should you pay out a mint for plan A, when plan B
offers coverage for half the price? The answer is: lack of
nasty surprises.
Let's face it, no one but an insurance adjuster can tell
what the fine print means when it comes to covering your
pet. But we do know this: on the cheaper plans, unhappy
things happen. Let's give an example -- let's say you have
two pugs, both covered by an inexpensive plan. One sadly
breaks his leg and needs several surgeries, costing two
thousand altogether.
You may think your inexpensive plan -- which happily, covers
2K of expenses -- will handle it all. But when you submit
your claim, you discover that 2K is the maximum coverage for
both dogs, and your pug is only eligible for half. Even
worse, but very common, is a lower limit per incident. In
this case, Low Cost Pet Plan will respond that it only
covers $500 for this "incident," but if your poor pug breaks
his leg three more times this year, they'll be happy to help.
Tip #3: You Get What You Pay For
Yes, we know we said that already -- but we didn't say it
enough.
Here's a horror story that can happen on a low-cost plan:
you have an insurer. You pay your premiums. But one day,
your aging pet develops diabetes. That year, when it comes
time to renew the plan and update the premiums, your insurer
sticks in an exclusion. As of that moment, they no longer
cover diabetes in your pet. Yes, they can do that -- and
you're out in the cold.
No less common -- and no more pleasant -- is the limited
payout per condition problem. Your low-cost insurer may
cover the first three years of your diabetic pet's vet
bills, but after that, you've run through her lifetime
allowance for diabetes. Now in her golden years, all her
medical costs come straight from your pocket.
What you want is a reputable company that agrees to insure
your pet for life, period. No tricks, no last-minute
exclusions, no lifetime condition limits. But to have these
things, you'll need to pay for them.
Tip #4: Follow the Wagging Tails
Pet insurance costs too much to be throwing darts in the
dark. You need to know which plans will come through for you
down the road after you've paid their premiums for years. So
do your research -- look for good word of mouth. You can
learn a lot with some smart surfing and Googling.
Although we haven't used either, we found many satisfied
buyers with PetPlan and Marks & Spencer. There are other
good plans as well, and plans that are best avoided. The tip
we like most is to ask your vet what she uses. Yes! -- many
vets insure their beloved animals, and are scrupulous in who
they choose.
Tip #5: Do You Even Need Insurance?
There's an argument -- and it's a good one -- that pet
insurance really serves no purpose. You can see the force of
this line of thought when you check out the premiums of
quality, reliable plans -- they're high. So why should you
pay out all that cash for what *might* happen, instead of
stashing it each month in your own high-interest savings
account and simply withdrawing what you need?
The answer is simple: discipline. Some people have the
discipline to pay their premiums, but not to establish a
separate account they won't touch except for emergency pet
expenses. Other than discipline, there's probably no real
reason why you shouldn't self-insure.
With one exception -- liability. Some plans offer extra
coverage if your dog injures someone and you get sued. These
aren't the kinds of things you can effectively save up for
on your own, so if you think it might be a problem, pet
insurance might truly be the route for you.
Tip #6: One More For the Road
Is your pet a prize purebred, with a pedigree reaching back
before William of Orange? Expect more vet costs over its
lifetime -- it's just a statistical fact. Perhaps this
subtle factor will help you decide whether you should
self-insure or go for a plan.
Peace of Mind: Priceless
We're animal lovers. And in the back of our minds lurks the
fear that Fido will someday come down with something we
can't afford to treat -- simultaneous renal failure and
diabetes, for example (to cite a sad chapter from my own pet
annals). The peace of mind in knowing you can afford to care
for your furry companion, no matter what the future brings,
is profound. That's why insurance was developed, and that's
why pet insurance might be the right choice for you.
About The Author: Blake Kritzberg is proprietor of
Poodle-oo: Fashion for Toy Dogs. Stop by for toy dog couture
and home decor, free toy dog postcards and the Toy Dog Blog.
http://www.poodle-oo.com/ Learn more about pet insurance:
http://www.poodle-oo.com/pet-insurance.htm
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