Medical expenses are soaring up, and the prices don’t seem to settle down now. If a person is going through a critical stage, you are aware of the expenses, right? It remains pretty much the same for the animals too.
As per the North American Pet Health Insurance Association:
According to the previous year’s record, the US government has invested around $1 billion on insurance, increased by 23%. Using this amount, more than 1.9 million cats and dogs are being treated.
Should I Invest in Pet Insurance? Is It Worth It?
Is there a strong demand for pet insurance? Of course, more people are nurturing pets at home and the pet owners get attracted towards the irresistible insurance policies for the well-being of their companion.
However, I checked one Consumer’s Check-Book and what I found is, most of the pet illness/injury stay lifelong or something that you cannot afford the treatment. This is where you need to start thinking about pet insurance policies. I shall list out a few points that stand crucial while going for pet insurance:
Like most of the pet owners, if you get insurance for them at a young age – the companies would start charging the premiums at a higher price after 3 to 4 years. They do this because, the pets are getting older and later after some time, the prices would reach that unaffordable stage.
What could you do? Enquire about the price hike, and go with the one that doesn’t have this price hike policy. Healthy Paws and Trupanion are two such examples, who don’t support the price-hike.
Sometimes the Cost Can Outweigh the Benefits
There are hidden costs in premiums, just in case you don’t know. In the end, the charges would turn out to be really high, however, they are justifiable at times.
Tips on Buying a Pet Insurance (Real Quick)
- Before buying the premium, understand the hidden charges and how much the cost increase with the dog’s aging.
- Thoroughly check the premium details, and know the things that are not covered up.
- You can consider accident-only policy over the illness, and make the deal less expensive.
- Premiums need to be paid every month. So, you can try keeping the premiums low with more deductibles and co-pays option.
So, that’s it! Do you have any doubts regarding the annual premium or any other pet insurance policies? Let me know in the comment below!