In an instant, you are rushing your pet to the hospital. In the back of your mind, the medical expenses seem trivial. The doctor explains his broken leg is fractured in two places. Once the operation is over, you’re hit with expenses for emergency room care, X-rays, and other medical services totaling nearly $2,500. Insurance for veterinary services is out of the question, or is it?
Whether it is a typical routine check-up or a lengthy hospital stay, your pets have medical needs just like everyone else. And just like for everyone else, medical care has a price. There are more than a million pet owners in America. No less than half of all pets experience minor complications, and many will require lengthy hospital stays. Looking into pet insurance could solve many financial and emotional problems.
Insurance is an essential commodity for everyone. Most people have several types of life, medical and property insurance. Pet insurance is an answer to the financial strain some pet owners endure. It can remove financial barriers for pet owners and enable veterinarians to provide the type of care that may lead to longer, healthier pet lives.
The problem with pet insurance is that not many people are aware it exists. According to an article published by Anita Szoke in the Journal Star, “Fewer than one percent of the nearly 60 million households with pets nationwide have pet insurance.” Some veterinarians are aware that it exists, but can offer very little information about pet insurance providers.
These insurance companies provide coverage for lengthy, costly procedures including anything from common fractures to customary routine check-ups. Along with helping out with financial difficulties, pet insurance helps end economic euthanasia. People are committed to their pets and are spending more and more money ensuring their longevity. Knowing this may persuade pet owners to begin to take their pets to the vet more often because they know the costs will be covered through their insurance policies.
There are many pet insurance providers. The No. 1 company in the business is Veterinary Pet Insurance (VPI). According to the Web site petplace.com, nine out of ten veterinarians recommend VPI; the American Humane Society endorses VPI exclusively. It has been in business since 1980, making it the oldest provider in the pet insurance market. Despite the lack of awareness, VPI’s business is thriving. According to their Web site, the California-based company has distributed more than one million policies in the 50 states and the District of Columbia since its existence.
VPI representative Michelle Desai reported that more than 6,400 medical problems and conditions are covered under the company’s policy. The company carries medical insurance plans for dogs, cats, birds and exotic pets. It has a renewal rate of 82 percent. A pet owner can take a pet to any licensed veterinarian in the world.
There are other pet insurance companies, including PetCare, Premium Pet Insurance (which is not available in all 50 states), Shelter Care, VetInsurance and many others that are very credible, all of which have programs similar to those of VPI.
Insurance policies vary from company to company. With VPI, there is a standard package and a premium package. As with life insurance for humans, the prices vary by age. VPI covers animals from six weeks of age. The exception is birds; their coverage starts at three months of age.
You are encouraged to carefully read over your insurance policy. VPI is a reimbursement company. The deductibles begin at a minimum of $50 with premiums as low as $7 per month for small exotic animals. Monthly premiums for larger animals start off as low as $10, based upon the plan the owner chooses. The amount of money a pet owner will receive with their insurance depends upon what treatments their pets will be receiving. According to VPI’s brochure, the estimated reimbursement amount is about 90 percent of the owner’s current Benefit Schedule Allowance, per incident, for eligible expenses submitted during each policy term.
There are pet insurance alternatives. The company Pet Assure is a discount program. They cover any pet at any age. One difference from that of the insurance companies is that discount programs cover any pre-existing medical conditions. They offer 25 percent discounts on all veterinary needs and 30 percent off all purchases. The company has a discount card that is given to its customers. This allows purchases to be made at participating retailers. They even have a 24-hour service that helps owners find their missing pets. According to their Web site, they have an 82 percent renewal rate, which shows customers are pleased with the service they receive.
The success of pet insurance has allowed the business to become a worldwide practice. The United Kingdom has similar insurance policies that are only for its residents. Companies like PetCare offer policies to Canadian residents as well as residents in the United States and Quebec.
By Jaime Cannon