GOLDEN VALLEY, Minn. - For most of us, pets are family, and we’d do anything to keep them safe and healthy.
But keeping them healthy isn’t always cheap, especially if you run into an emergency.
Perhaps you’ve considered pet insurance? We decided to look into it and see if it’s worth your money.
Here are some of the things we cover in this article:
- Why not all plans are created equal
- Out-of-pocket costs you might not think about
- Pre-existing conditions and other things that WON'T be covered
- Finding a plan that fits your budget
“Pet insurance itself has evolved in the last 10 or 20 years,” says Jeff Blyskal with Consumer’s Checkbook.
Consumer’s Checkbook has a new article about pet insurance, and the publication's stance on whether it’s worth your money has changed over the years. It used to be a firm no, but now ... it’s a strong maybe.
“I know people who will spend $20,000 on their pet and they’re happy to do that. Those people should buy insurance,” says Blyskal.
If you’re the kind of person that would take out a second mortgage to make sure kitty gets her kidney surgery that's your business, but before you sign up just know up front not all policies are created equal.
“There are about 10 leading or major pet insurance companies and they each have different plans and different details in their plans," Blyskal explains. "Unfortunately for consumers, that’s a tough job, you have to go and kind of dig into the details of each plan and compare them side by side."
Just like insurance for humans, you’ll have monthly premiums, deductibles and co-pays, because no plan is going to foot 100 percent of the bill. All those costs add up over the life of your pet, so that’s something to weigh when you’re considering. Unlike human insurance, pre-existing conditions are not covered.
“One way around that is to make sure you buy the pet insurance when your pet is a puppy or a kitten so it’s before any kind of condition develops. However, there’s a gotcha in some of these plans, whereby if they renew annually, and upon renewal, it’s the case that what your pet was treated for last year is now a pre-existing condition,” says Blyskal.
Many plans don’t pay for routine care like vaccinations, annual exams, heartworm protection or teeth cleanings, so you’ll still be paying out of pocket for those. And, when you’re comparing, make sure you pick a plan that has high or unlimited payout caps. Some plans max out how much they will reimburse you annually.
Speaking of being reimbursed, you should know most vets don’t accept insurance, so you have to cover the costs upfront.
“With pet insurance you have to pay the vet, in most cases, and then you get reimbursed,” says Blyskal.
Pet insurance isn’t just for cats and dogs: You can get coverage for birds, lizards, hamsters, you name it. Breed, however, might have an impact. Some dogs and cats are more susceptible to congenital or hereditary conditions, like German Shepherds and hip dysplasia. Be sure to pick a plan that will cover those issues in the future.
You can find a plan that fits your finances. If you want to pay less each month in premiums, you can pick a plan with a higher deductible. If you don’t want to pay so much when there’s a major issue, you can pick a plan that has higher monthly premiums, that will lower your deductible or your co-pay.
Bottom line, pet insurance is a gamble but it does offer peace of mind. You never know when your little guy or gal is going to eat a tennis ball, or two pounds of socks. If your pet has any kind of major emergency, you’ll likely be glad you signed up for insurance.
Consumer’s Checkbook also has a great guide to veterinarians that rates 159 vets across the Twin Cities on quality of care and price. Consumer's Checkbook is offering KARE viewers free access to the story through June 15.