Managing Vet Costs with Pet Insurance Vs. Just Savings
Pet parents considering pet insurance might ask the question, is it worth it? The argument is sometimes made that you’d be better off saving money each month than investing it in pet insurance.
While it’s certainly smart to set aside money for a rainy day, it’s even smarter to supplement your savings with pet insurance.
Why Pet Insurance
Exam fees, diagnostics, and treatment for one injury or illness can total hundreds to thousands of dollars. It can be hard to save to that magnitude, and it may take a long time. It’s easy to get pet insurance coverage to that magnitude, and it’s available to you in 1-14 days. Hartville Pet Insurance allows you to customize coverage to get the annual limit you need at a rate that works for you, with options up to unlimited.
Another reason to get pet insurance is that a bill without coverage can be a bigger burden than a premium. When you have coverage, choosing treatment for your pet is less stressful. No one ever wants to be in a situation where they have to refuse treatment their pet needs because of how much the cost could set them back.
Pet insurance can also be more cost-effective than being without coverage.
Here’s an example of how:
Say you have a pet insurance plan for your dog, and it costs you $40 a month. Over the course of a year, which is how long our plan periods last, you’d pay $480 for it.
Now, say your dog swallows a foreign object, something we frequently receive claims for, and it results in a vet bill of $3,151.73, which is the average of what our customers have paid for the incident. With pet insurance, you can get 90% of your covered vet bill back once your annual deductible is met. So if you had an annual deductible of $100, you’d get $2,746.56 back on your claim for the foreign object incident.
If you had just set aside $40 a month for vet care instead of investing it in pet insurance, you would’ve ended up with $480 in savings after a year, but it would’ve all been spent on that one bill for foreign object removal, and you’d still have to pay another $2,671.73 out-of-pocket. Imagine if your pet had another expensive incident that year … We’ll act like this was the only one, in which case, these would be your total out-of-pocket expenses:
The average cost of an intestinal foreign object for a dog was found using customer claim data from January 2016-September 2017 across all 50 states.
Only you know your saving style, but whether you’re a savvy saver or not, it’s still good to have the added financial security of pet insurance.
Get a pet insurance quote now.