If you have a pet, you’ve probably heard about pet insurance. While life and health insurance for humans have been around for decades, pet insurance is a relatively new concept in North America. But that doesn’t mean it’s not important. In fact, it’s one of the fastest-growing employee benefits in the United States. In North America, major providers of pet insurance include ASPCA through Hartville, Embrace, Healthy Paws, Petplan, and Trupanion.
Generally, pet insurance covers pre-existing conditions but excludes preventative care and diagnostic tests. Some plans also exclude certain health problems, such as cancer, and genetically linked diseases such as hip dysplasia. You’ll need to make sure your plan covers your pet’s medical needs – and that includes regular vaccinations. But don’t worry – there’s a solution to that.
Pet health insurance is an important benefit for your pet, and if you’re unsure whether it’s right for you, a veterinarian’s recommendation can help raise your awareness of the benefits. According to a nationwide study by ASPCA Pet Health Insurance, 70% of pet owners said their veterinarian is their most trusted source of information on pet care. Moreover, more than half of respondents who bought pet health insurance were referred by their veterinarian.
The cost of pet insurance is significantly cheaper when your pet is young. As they age, the cost increases dramatically. Pets Best in the District charges a monthly premium of $35, but by the time they’re eight and twelve, it’s already more than $1,800 per year. Over the course of thirteen years, that $35 monthly premium grows to $11,172. That’s an incredible amount.