Is Pet Insurance Worth It?

There are some real financial figures to assess when considering investing in pet insurance. Consumer Reports investigated whether or not pet insurance is worth it.

The investment in pet insurance can help save a life and keep you out of the red. We often see owners wishing they’d purchased insurance plans before their pet got sick or injured, and while it is becoming more popular to insure your pets, it still isn’t the most immediate choice. If you’re on the fence, we have some good news: Consumer Reports released an article comparing the costs of pet insurance.

The Major Benefits

While lots of pet owners rely on savings for emergencies, unfortunately, animals with trauma or a sudden onset of illness can wipe those savings completely out. Diagnoses can lead to expensive urgent care including surgeries and follow-up. Consumer Reports says, “A serious illness or injury can take a financial toll, even when the patient is a pet. Cancer treatments can easily run $5,000Íž surgery to fix a torn ACL from, say, a poorly executed jump off the sofa can cost about $3,300. Pet insurance is sold with the promise that by helping to cover some of your pet’s medical bills, you won’t be forced to consider ‘economic euthanasia’ in the direst circumstances.”

Healthy Paws Pet Insurance offers cat and dog insurance that covers injuries, illnesses, genetic conditions, and emergency care. With one plan to make the sign up easy, you’re able to choose your deductible amount and coverage, and Healthy Paws pays a flat percentage of covered costs thereafter. Working on a reimbursement basis, you submit your hospital or vet bill via the mobile app, and Healthy Paws issues you a check.

Unlike most pet insurance companies, Healthy Paws does not have limits on claims. The premiums are low, and Consumer Reports repeatedly found that “Healthy Paws’ plan was the only one that paid more than it cost.”

So it is a personal decision, and an emotional one we-your fellow pet parents-don’t take lightly. So is it worth it? If you’ve ever had a major medical bill for a pet, you know the answer: absolutely yes.

Unexpected pet medical care is becoming more expensive due to advances in medical technology for pets and increasing costs of general veterinary care. As a result, more people are choosing to protect themselves from unexpected veterinary bills with a quality pet health insurance plan. It’s even the fastest-growing insurance product in the US.