Of course you love your dog! He has more (and fluffier) beds than you do. You make sure he gets healthy walks every day, regardless of wind, rain, snow or hangover. You spent more time researching his vet than you did your own primary care physician. Should you get pet insurance, too? Here are 7 reasons why we recommend it.
7 Reasons to Purchase Pet Insurance
1. Accidents happen
Regardless of how carefully you look after your pup, not-so-friendly neighbor cats, untended Halloween candy (chocolate-covered raisins! Yikes!) and splintering sticks lurk throughout your dog’s life. 1 in 3 pets needs emergency care each year, according to the American Veterinary Medical Association (AVMA). And emergency visits are usually more expensive than regularly scheduled care. The AVMA endorses pet health insurance, as long as the policy covers what you need.
2.Veterinary care is expensive—and getting more expensive
Rising pharmaceutical costs and new technologies and equipment make care more costly. And inflation is pushing up the price tag too. According to the American Animal Hospital Association, inflation has caused steep increases in lab and vendor fees that get passed on to clients.
3. You probably don’t have thousands stashed away for veterinary care
6 out of 10 Americans have less than $1,000 in savings to spend in an emergency, according to Bankrate research. Every six seconds, a pet parent faces a vet bill of more than $1,000, according to insurancenewsnet.com. Treatments for common pet emergencies can add up quickly. Though costs vary depending on the severity of the emergency, hospital and region, initial exams range from $100-200, ultrasounds $300-600, wound treatment and repair $800-2,500 and emergency surgery $1,500-$5,000, according to PreventiveVet.com. Hospitalization and monitoring can range from $600-$850 per day.
4. Pet insurance can save you money on expensive treatments
Pet insurance from companies like Nationwide can provide reimbursement for eligible vet expenses related to accidents, illnesses, and more. Fifty percent of pet insurance policyholders file a claim each year. Seventy-five percent make a claim during the first three years of enrollment.
5. Pet insurance often allows you to do more for your pet
Owners with pet insurance are more likely to seek medical care for their pets than those without, according to a joint analysis by Nationwide and VetSuccess. Parents of insured dogs visit vets 73% more often. Forty-five percent of veterinarian-recommended treatment is restricted by cost, according to insurancenewsnet.com.
And paying less for one type of treatment may mean you can afford to invest in other treatments too.
6. You can keep your favorite vet
Unlike health insurance companies for people, pet health insurance companies do not require you to stay within a network of providers. So you can stick with the vet your dog has loved since puppyhood, and still enjoy the financial benefits of insurance.
7. Peace of mind
Knowing you’ll have help with the vet bills in case something should happen to your furry family member means you’ll sleep better at night. And if they do require treatment or surgery, you can focus all your energy on helping them recover, not on worrying about outstanding hospital bills.