The Benefits of Pet Insurance: Protecting Your Pet and Your Wallet
Part of being a responsible pet owner is providing your pets with exceptional medical care when they need it. And while routine wellness visits may be within the family budget, it’s important to consider the financial impact of a sudden injury, medical emergency, or serious health condition that requires ongoing care.
If unexpected veterinary expenses would put a strain on your finances, you might want to explore pet insurance plans. To help you understand more about pet health insurance, our team at Cherry Creek Veterinary Hospital offers a closer look at pet insurance benefits.
A Breakdown of Veterinary Expenses
According to the ASPCA, first year expenses for new pet parents can be as high as $3,221 for a dog and $1,904 for a cat (without insurance) — for basic supplies, routine medical care like vaccines, spay/neuter surgery, and microchipping. Some of these are one-time costs, of course, so subsequent years of pet care may be more affordable unless an emergency occurs. One trip to the ER for foreign object removal (in the stomach) can lead to a vet bill around $3,000.
Pet Insurance Coverage
Pet insurance policies vary widely—in terms of cost and coverage—so it’s important to align your pet insurance plan with your budget and expectations for your pet’s medical needs. Be sure to read the fine print and look beyond the basics for additional coverage that might be appropriate for you and your pet.
Most pet insurance plans cover:
- Swallowed foreign objects or toxins
- Broken bones
- Wounds, including bites and lacerations
- Diagnostics, including x-rays, bloodwork, and ultrasound
- Hospitalization
- Chronic illnesses such as diabetes or hyperthyroidism
- Infections
- Hip dysplasia
- Surgery
- Prescription medications
Add-on coverages to consider:
- Alternative therapy such as acupuncture, rehab, or cold laser therapy
- Microchipping
- Wellness visits and vaccines
- Spay/neuter surgery
- Behavioral therapy
- Dental care
- Prescription food for a covered condition
Pet Insurance Cost
The North American Pet Health Insurance Association reports that the average monthly premium for accident and illness coverage is $32.25 for cats and $53.34 for dogs, putting annual pet insurance costs at $387 for a cat and $640 for a dog.
Accident only coverage is less, with monthly premiums averaging $10 for cats and $16.70 for dogs.
In addition to chosen coverage, factors that can affect pet insurance costs include geographic location, and your pet’s age and breed.
Pet Insurance Providers
Choosing a pet insurance provider can feel overwhelming. Helpful resources such as Consumers Advocate, ASPCA, and Forbes provide side-by-side pet insurance comparison to help pet owners like you choose the company and coverage that is right for you and your pets. Here at Cherry Creek Veterinary Hospital, we work closely with Trupanion to help our pet parents get the coverage they need.
Having a pet health insurance policy in place can provide you with peace of mind in the event that your pet experiences an injury or serious illness. Please contact us if you have more questions or to schedule your pet’s checkup.