Pet Insurance - is it a Good Idea?

There's a lot of talk about pet insurance today. Some people swear by it while others don't see the need. The fact is that in some cases, insurance for your pet makes a lot of sense. At other times, you may be better off paying your pet's medical bills out of pocket. Here are a few things to consider before buying any type of pet insurance.

Type of Coverage - Ideally, you want something that will help out with routine vet visits, as well as emergency care and possibly some coverage in the event of health conditions that are relevant to your pet. Don't forget to ask about the inclusion ongoing care, especially if your pet has a chronic condition, like diabetes. Before committing to any insurance plan, make sure you understand the schedules for deductibles, what discounts you can expect on various procedures and general healthcare, and how much you will pay in the way of a monthly premium.

Prescription Coverage - This is often overlooked, but is actually one of the most commonly used pet insurance benefits. Look at the medication coverage closely. Do you have to meet a deductible? How much of the remainder of the medication price will the insurance cover once you meet that deductible?

Out of Network Coverage - Just as with many health insurance plans for humans, pet insurance usually includes one schedule of benefits for using an in-network veterinarian, and a different schedule for out-of-network healthcare. This is an important consideration if you take your pet along on trips, but can also be a good idea if your vet is not available for some reason, and your pet needs medication attention now.

Total Cost - Compare what you would pay in premiums and deductibles over the course of a year with what you spent on your pet's medical care in the most recently completed year. Focus on what you paid out of pocket for routine trips to the vet, as well as any medication you had to buy. Then see what those same expenses would have been if your pet had been under the coverage you are considering. If you keep a strict schedule of vet visits for your pet, including annual checkups, you may be surprised at the savings.

When it comes to the issue of pet insurance, there is no one answer that is right for everyone. Look at your situation, and decide if this type of health plan would be in the best interests of your pet, the household budget, as well as your peace of mind. By taking all these factors into consideration, you'll come up with the right answer and be ready to move forward with the decision.