How Pet Insurance in 2023 Saves Your Pet’s Life - And Your Budget
The future is a scary thing. It’s the unknown, the unpredictable. And then there’s the anticipation. You can’t know what will happen to your pet, but you do wonder. Will they get sick? How serious will it be? How much will it cost
As humans, we naturally wish we could predict the future so we can prepare for it. At the time of publishing this blog, there isn’t a magical power we humans have acquired yet that allows us to see into the future. And it doesn’t look like it will happen anytime soon!
But there are ways to feel safe and secure about what will happen in your pet’s future.
With pet insurance, you won’t have all the answers right away, but you will have a plan in place to buffer for high-quality care for your furry friend.
Why is vet care so expensive?
It’s frustratingly common to get a vet bill that reaches into the thousands, especially if your pet is diagnosed with something serious like cancer. According to Consumer Reports Magazine, veterinary costs have almost doubled since 2004.[1] Everyone has been feeling the pinch of inflation and the rising cost of goods. And it’s pretty shocking to read vet prices have risen faster than the overall rate of inflation. [2]
So what gives? Why is veterinary medicine so expensive these days? You’re left scratching your head, holding your bill, wondering why your pet care costs have risen so sharply in the past few years.
There are a few major reasons why this is happening:
Rising prices for drugs and pharmaceutical products [3]
New technologies and the latest medical equipment are always going to cost more
Large support staff, just like any other medical office
The cost of education and training has increased (Please note: veterinarians undergo the same intensity and length of training that human doctors do.)
To sum things up very nicely, Karen Leslie, Executive Director of the Pet Fund, says there are several reasons veterinary care costs are increasing:
“One, the rise in cancer rates requires that kind of expensive treatment. The other reason is that vets are corporately owned, increasingly. So that increases the cost of veterinary care. On the vet side, the cost of medication and rental for the office and equipment has gone up. And unlike human medical care, where a hospital is reimbursed by the government for programs like Medicare, there is no reimbursement for vets. And so they have to pass that cost along to their clients.” [4]
And here is a final, simple fact: many veterinary clinics charge what they do to simply keep their doors open, not because they just want to charge more. The above reasons, plus general operating costs are all considerations when veterinarians create pricing structures.
Our Top Priority is You and Your Pet at Sage Veterinary Imaging
At Sage Veterinary Imaging, we have a range of diagnostic tools at our disposal and always recommend the one that is most effective and affordable. But for some people, we understand our services are out of financial reach.
A recent nationwide study found almost 28 percent of households with pets experienced barriers to veterinary care, with finances being the most common reason. [5] We truly feel for these pets and their people, but we are only one step in the pet care journey.
With advanced diagnostics like MRI and CT, you get an answer and a plan for the next steps in your pet’s future, but that is often not the end of the story. Your pet may need additional surgery, medications, and/or hospitalization.
Dr. Shoup and vet tech, Liz, give a patient a post-op wash.
In cases like this, we often recommend NOT paying for diagnostic imaging if you don’t have the resources to pay for surgery and other treatments. We really don’t want you to waste your money on imaging if we know nothing further can be done.
This level of care is unfortunately not available to everyone right now and the only way to make it more available is through pet insurance. And we highly recommend, if possible, you get insurance for your pets before seeking treatment.
How does pet insurance work?
In general, your pet’s health insurance works just like your personal health insurance. There is a reimbursement rate, maximum payout limits, a deductible, waiting periods, and exclusions that apply before your enrollment.
Keep in mind that pet insurance is different from human medical insurance in at least one important way: You pay upfront for your services and submit the receipt for your expenses to your pet insurance provider for reimbursement. Vet clinics don’t bill your insurance provider. Care Credit is available to help you make payments over time if needed.
Your deductible is what you need to pay before your provider will reimburse any eligible expenses.
Annual limits are good. But unlimited payouts are the best plans to look for. This means once you meet your deductible each year, the payout amount is potentially unlimited.
A waiting period tells you when your coverage begins. They are usually dependent on the condition(s) your pet has. Waiting periods are different for each plan and can be found in the fine print of your coverage documents.
It’s important to read the fine print. Some waiting periods are 15 days, others are 12 months if your pet has a serious injury presently.
Reading the fine print will also help you understand the exclusions and risks involved with your pet’s specific health needs.
How much does pet insurance cost?
Pet insurance costs vary greatly across the US. There are several things a provider takes into account before providing you with a cost. The major information they usually ask for includes:
Age, breed, and size of your pet
Your state of residence
Does your pet have any pre-existing conditions?
Do you need preventative & wellness care too?
Pawlicy.com has a great chart that compares pet insurance costs based on breed, age & state giving an accurate look into the varying costs a pet owner may encounter.
Remember, each plan is different. You usually have some control over the reimbursement percentage and deductible that is offered. Changing these options will directly affect the final cost.
Some plans can hit up to $300-$500 a month, depending on the level of care you need. On the other hand, a basic plan that only covers emergencies can be as low as $20 a month. It all depends on what your pet needs.
One more important thing: If a low credit score is keeping you from applying for pet insurance, no worries! The insurance market has expanded greatly to meet the increasing and new demands of pet owners seeking affordable care. ManyPets.com offers low-premium insurance plans with no credit check required.
Pet Insurance Cost Example Case
For example, with Spot Pet Insurance, you can find a plan as low as $27 a month for a 3-year-old, 45lb, mixed-breed dog with no pre-existing conditions. [5]
This example plan has a $5000 annual limit. This means the insurance provider will pay up to that amount for your out-of-pocket costs. This plan also includes 80% reimbursement on your bills and a $500 deductible.
Lastly, this plan has a couple of options for preventative and wellness care for an additional cost ($10-30/month). But keep in mind, every single plan carries different coverage and some services may be included where others aren’t.
What does pet insurance for dogs cover?
Coverage somewhat differs across providers, but most major pet insurance providers cover the following:
Accidental injuries: foreign object ingestion, broken bones, bite wounds, and more
Unexpected illnesses: skin allergies, gastrointestinal issues, glaucoma, and more
Chronic disease: diabetes, arthritis, heart conditions, and more
Dental illnesses: periodontal disease, gingivitis, tooth resorption, and more
Hereditary conditions: hip dysplasia, hyperthyroidism, von Willebrand disease, and more
Surgery: bloat, cruciate ligament conditions, cataracts, and more
Cancer diagnosis and treatment
Prescription medications
Diagnostic testing: fecal exams, allergy tests, x-rays, bloodwork, MRIs, and more
Emergency exam fees [6]
That’s a lot of things that a low-cost pet insurance plan will cover, but there are certain things that a plan will not take responsibility for. There are no pet insurance plans that will cover pre-existing conditions. Other things a pet insurance plan may not cover:
Pet supplies (food, toys, treats)
Cosmetic procedures
Elective surgeries
Routine care and wellness exams
Preventive care
Spay/Neuter
Vaccinations
Boarding or daycare
Pet property damage
Personal liability claims
Specific exclusions [6]
The good news is that there are plans that will take care of treatable conditions after a short waiting period and when your pet has no recurring symptoms. Keep in mind that some of the services above are offered as add-ons to your plan. This flexibility allows you to create a plan that fits exactly what you and your pet need in the future.
Is pet insurance for pets worth it?
Even if you’re the best pet owner in the world, you can’t control when your puppy eats something it shouldn’t have. You can’t change the fact that cats like to jump off really high shelves. And an aging animal is simply part of being a pet mom or dad.
If your pet needs regular care, pet insurance is worth it.
If you want to avoid any unexpected financial burden when your pet has a new illness or scary accident, pet insurance is worth it.
If you want to bring more certainty to the uncertainties, pet insurance is worth it.
So we truly believe pet insurance is absolutely worth it for a number of different scenarios.
It’s the difference between paying anywhere from $3,000-$5,000 for care - versus having some or all of that reimbursed by your pet insurance provider. It is there to help pet owners with the highest level of care and service available while making it work within your budget.
If you love your pet and only want what’s best for them, the answer is pet insurance. It allows you to take care of your best friend, without potentially breaking the bank.
Sage Veterinary Imaging: Leaders in Finding Answers For Your Pets
Sage Veterinary Imaging in Sandy, Utah
Sage Veterinary Imaging has been operating in Round Rock, Texas for eight years. With a new location in Sandy, Utah, and more on the way, we are here to help get answers for your pet.
When your pet is acting differently and showing signs of distress, it may need a CT or MRI scan. The radiologists, surgeons, and veterinarians on our team are able to see more of your pet’s complete health profile - with twice the resolution and in half the time.
Ultimately, our goal is to make the most informed decisions to help your pet. And we know you only want what’s best. For more information on where to find an MRI or CT scan for dogs in Texas or Utah, go to our Contact Us page to learn more.
References:
https://www.wcpo.com/money/consumer/dont-waste-your-money/why-vet-care-is-so-expensive-and-what-you-can-do#:~:text=The%20magazine%20also%20says%20veterinary,%245%2C000%20at%20the%20very%20least
https://talkpoverty.org/2021/11/12/low-income-veterinary-care-affordability/
https://www.marketplace.org/2021/08/05/why-is-veterinary-care-so-expensive/
https://www.npr.org/2021/09/12/1036387290/why-caring-for-your-pets-health-is-so-expensive
https://findinsurance.com/pet-insurance?utm_medium=cpc&utm_source=google&tid=kwd-682321852&agid=135128167181&gclid=Cj0KCQiA37KbBhDgARIsAIzce15sOD1v-i4jido4AQ9gf_3C1C9qv-SfUrc3eI28i8YtJiEb9syxNG8aAm3lEALw_wcB,
https://www.pawlicy.com/blog/is-pet-insurance-worth-it/
