Pet Insurance

Question
I rescued my dog from a shelter at 2 months old, and I love him very much.  He will be 6 years old in June and hasn't had any chronic, or hereditary medical problems.
I've often seen advertisements in the vet's office about health insurance, but haven't ever given it much thought.
Recently my brother and his family had to move in with me and my family due to financial problems.  They are not particularly dog friendly people.  My brother's wife is the worst.  Since the recent change, my dog has had few extra trips to the vet due to her ignorance.
I am a full time college student, working two jobs, and living at home because of my own financial burdens.  I love my dog very much and want him to live a long healthy life.  So after this last trip to the vet I have started to honestly consider pet health insurance.
Do you have any advice on what kind of insurance is out there or if it's even worth looking into?

Answer
Hi Faye,

If your dog is healthy, the monthly premiums you'd pay for pet insurance may well add up to more than what you'd be paying if you only paid the vet bills the few times your dog needed to see a doctor. Keep in mind, insurance usually will cover between 50% and 75% of any particular incident.

- Most of the policies come with some sort of deductible, either per year or per medical event. Be wary of a yearly deductible, it may be more than you ever meet. Meaning you'd be paying monthly on the policy AND paying 100% of your vet bills until the amount of the deductible is met.

- Most have a co-payment, meaning the company and you each pay part of the bill.  The co-pays are often between $50 to $100.

- Pre-existing problems and hereditary or congenital problems such as hip dysplasia in large breeds, are normally excluded from pet insurance policies.

- The older your dog, the more you'll have to pay in premiums. Some insurers don't cover pets older than 9, while others levy a stiff surcharge.

- Most have a maximum they will pay for a particular incident, and you are responsible for the balance.

- In most cases, you have to pay the veterinarian in full, then submit the insurance papers for reimbursement (most reimburse within 30 days and often within 15 days).

- The odds are good insurance can save you money if your pet has an unexpected health problem, but you'll probably still have to pay a share of the total cost. Most pet health insurance policy will have price charts and payment rules, so it can be difficult to know what your out-of-pocket expenses might be.

Regarding whether or not to buy pet insurance, the respected  magazine Consumer Report says:

" ...pet insurance will probably cost you more money than it will save you. As with human health insurance, you'll pay deductibles, co-pays, and premiums, and you may bump up against lifetime payment ceilings if you own a chronically ill pet. In addition, you might find some needed treatments are excluded from coverage. Some policies also limit the amount they will pay per incident and may make you pay higher co-pays as your pet ages. For example, with PetCare's QuickCare Gold policy for dogs, you could pay $36 monthly premiums for coverage for a 3-month-old bearded collie. If that pooch needs $3,000 pacemaker surgery next year, you'll have to pay a $50 deductible, after which the plan pays 100 percent (up to a limit of $3,000) of your costs. Not a bad deal, because you will have paid just more than $430 in premiums. But if the surgery occurs after that dog turns 8 years old, the plan will only pay 80 percent of your costs and you'll be out about $3,500 in premiums. If you want to set aside money for future medical bills, you might do better by putting the amount you'd pay in premiums into a savings account."

If you're set on getting insurance, I've heard good things about Veterinary Pet Insurance company (VPI). They seem to be a reputable company that's been around for a long period of time (20 years). Though newer on the pet insurance scene, the ASPCA now offers pet insurance, plans start for as low as $6.99 a month.
Whatever plans you consider, scrutinize the policy and understand the exclusions. Remember, the conditions most likely to afflict your pet are often the ones most likely to be excluded from your policy.

Here is an article on the pro's and con's of pet insurance:
http://www.wsav.com/midatlantic/sav/news/consumer_report.apx.-content-articles-S...

Depending on where you live and your income, there may be reduced cost vet clinics in your area. Contact the regional office of the Humane Society in your area and ask if there are any veterinary clinic programs for low-income households in your area.

Whether or not you opt for pet insurance, you can help control how much your animal costs you. Here are some other ways you can trim vet bills

- Use low-cost clinics for shots. Your vet may host one or two such clinics each year, or you can call your local Humane Society, animal control department to see where low-cost shots are given. Keep in mind, dogs only need to be inoculated every 3 years.

- Don't cheap out on pet food. An investment in better-quality food can pay off in fewer health problems.

- Keep your dog's weight down. Just as with people, obesity in animals can trigger more health problems.

Another option is to take the money which you'd be paying monthly for pet insurance, and put that money in a high yield savings account such as a money market, and only use that money for veterinary bills, when needed. Pet insurance can cost $2,000 to $6,000 over the life of an average pet, and the chances are slim you'd ever have to pay out that much for treatments.

I hope I've been a help.
Best of luck,

Patti