Why Do I Need Pet Health Insurance?
Perhaps you don’t! There is a reasonable possibility that your pet will never encounter the need for serious medical attention and hence any need for Pet Health Insurance coverage. Are you a gambler? Then you should enjoy making that decision. If not – then back to the initial question.
Consumer Reports magazine some time ago did a study on this question. They “invented” a pet dog, then chose half a dozen injuries and diseases that he could potentially encounter in his lifetime, and priced the necessary medical treatments. Next they priced the cost for insurance premiums at five different companies. Ultimately they determined that the cost of premiums at each of the five companies, over the lifespan of the pets, exceeded the veterinary costs! Their recommendations – forget the insurance and put the premium amount into a savings account instead, and save it solely for pet medical expenses. You will be dollars ahead.
So far then, as I see it, you have two choices:
-Take the approach that your pet will remain healthy, not requiring medical attention, and forget about any insurance or
- Start depositing money into a savings account each month and keep it until your pet needs aid.
End of story! Or is it?
Well, for myself, neither of these scenarios would work. First I know that my pet WILL have medical expenses so I cannot shut my eyes to that fact. Second I would have no idea on how much to save each month, and I also know that somewhere along the line there would be a more immediate need for funds, and that pet fund would disappear – perhaps just before it was really needed. So, back to square one – as I definitely care enough about my pet that I want to be able to provide for him in his time of need.
No one likes to think about a beloved pet getting hurt or sick, but it can happen anytime. Pets are typically curious, active, and often quite fearless, so it’s difficult to protect them from all dangers all of the time. Pets also get sick, just like people do. In fact, every year about 6 million dogs and 6 million cats are diagnosed with cancer in the US (American College of Veterinary Internal Medicine, 2005).
Pet insurance is an option for many pet owners, which can increase their peace of mind while reducing veterinary bills. If you wish to ensure that you will be able to provide your pet with the best available care if it is ever required, then you should consider Pet Health Insurance.
By: Jim Cornell
