NEWS

Column: Pet insurance - Can you afford to wait?

As a veterinarian for 35 years, I’ve learned that almost every pet suffers a severe injury or illness in their lifetime, and few people have hundreds or thousands it might take to cover the cost. Pet insurance is one of the best investments a pet owner can make because it means never having to deny optimal care.

Understanding pet insurance

Human and pet health care systems are very different. Human insurance companies make agreements with networks and have control over which doctors humans can use, what services they receive and how much they have to pay. Conversely, pet insurance is an individual contract between pet owners and insurance companies. Pet insurance companies can’t tell pet owners what network of veterinarians to use, and decisions about the pet’s care remain entirely between the veterinarian and owner. Pet insurance companies pay their portion of care, as detailed in the policy or contract.

Why do I need pet insurance?

Over the last few decades, veterinary medicine has become more sophisticated and technically advanced. While this is good for patients, it has an impact on pet owners’ wallets. Pet insurance can eliminate the cost obstacle.

Even if a pet never suffers from an accident or illness (very unlikely), pet insurance covers a variety of services. It also provides peace of mind for pet owners and veterinarians, who are deeply saddened when a life is lost.

How to get pet insurance

The first step in choosing from the abundance of insurance options is determining plan coverage - routine wellness care, pre-existing or hereditary conditions, etc... Then talking with your vet who is a neutral party not compensated for recommendations. They have experience dealing with insurance companies and hear client feedback, so they can help identify the best plan.

Next, do your research. Talk to a variety of companies, read the policies, and get your questions answered. Important questions include: What’s covered? Are there limitations on what the insurance company will pay out in a year or lifetime? What’s the co-pay and deductible? Is there a multiple pets discount? What’s the payout process for claims?

Pet insurance can cost as little as $1 per day, but varies widely depending on coverage. Coverage of pre-existing conditions or wellness care increases costs. However many pet owners don’t need coverage for anticipated expenses like wellness care. Unanticipated major medical care is typically the concern. Almost every pet has an expensive health issue at some point. If a cat gets cancer or hit by a car, the bills can total thousands of dollars. If a pet has just one accident, the insurance pays for itself.

Ultimately there’s no downside to pet insurance, so it’s difficult to understand why so many pets are uninsured. Pet owners often don’t think about insurance until it’s needed, and then it’s too late.

Dr. Jack Walkenhorst has more than 35 years of veterinary experience. He has been a member of the Board of Directors for the Cincinnati Veterinary Medical Association since 2005, and joined the Pets In Need Board of Directors in 2016. He lives in Lebanon with his two cats, Verbal and Django (aka Mr. Itchy Whiskers).