Should I Get Pet Insurance? Here is a Vet’s Recommendation

If you are able to get pet insurance, you should. Since I spend my days as a palliative care vet looking after older and/or chronically ill pets, and have spent over ten years as an emergency room vet in New York City, I’m often asked about pet insurance. Pet parents ask great questions like: what is pet insurance and how does it work?; do vets recommend it (I do!)?; and do pet parents really need it? Pet insurance can be intimidating, so let’s talk about it.

What Is Pet Insurance and How Does it Work?

Pet insurance is health insurance for your pet. Like health insurance for humans, the coverage depends on the specific plan. Most commonly, pet insurance covers wellness care, emergency care, or both. And coverage often includes testing, procedures, and medications with add-on services available. Unlike health insurance for humans, the majority of pet insurance companies do not cover pre-existing conditions.

Three important terms to understand pet insurance are: 

• Premium: the monthly cost of your insurance plan. Premiums are typically based on your pet’s age, species, breed, neuter status and health condition. It can change over time, as your pet ages. Average premiums vary depending upon coverage.

• Deductible: the amount that must be paid out-of-pocket before your insurance coverage starts. The deductible is usually between $250–$1000 and you choose it when selecting your plan. Typically, a higher deductible means you pay a lower monthly premium.

• Reimbursement: the money you receive back from your insurance plan. Most commonly a pet guardian pays the vet bill in full then submits an insurance claim along with an invoice. Insurance companies then reimburse a percentage of the total minus the deductible. A few companies offer coverage upfront, meaning they pay a portion of your bill at the time of the service.

Veterinarians are increasingly familiar with pet insurance as more than 5 million pets in the U.S. are covered by pet insurance, with a growing number of pet parents buying coverage each year. While many people purchase pet insurance privately, some obtain pet insurance through an employer group plan or receive discounts through memberships (ie. Costco or AARP).

I’ve seen first hand how my clients use pet insurance for palliative care, including virtual consultation, in-home visits, medications, and acupuncture at Gentle Journey Vet Care. I have even used it extensively for my own dogs’ care. And, when working in the emergency room, I saw many times where insurance brought comfort to families working through tough situations.

What Should I Know to Pick a Plan?

There are typically two categories of care: wellness and emergency care. Wellness insurance covers annual exams, vaccines, lab work and dental procedures. Emergency insurance covers the costs that fall into the categories of illness or injury and are unexpected. Some may also offer add-on coverage like prescription diets, rehabilitation services, physical therapy, acupuncture, or even euthanasia.

You should generally expect to pay your pet’s bill at the time of service and then be reimbursed later. Therefore, when picking a plan, consider what you are able to pay upfront. If you are able to pay a higher monthly premium, you can choose a smaller deductible, meaning more of the bill will ultimately be covered.

You should also consider that many pet insurance plans have an annual limit, meaning the plan will no longer provide coverage after a certain amount has been reimbursed.

With so many plans, it is important to understand what is covered and what is not. When considering a plan, I recommend asking your veterinarian what the three most common illnesses or injuries for a pet like yours may be. From there, you can be sure that those would be covered by the plan you choose before signing up. You should also discuss if your pet’s pre-existing condition will be covered with their insurance plan.

Comparing cost, coverage and claim’s process can help you pick the best plan for you and your pet.

Do Vets Recommend Pet Insurance?

I recommend pet insurance to my clients if they don’t already have it, and many of my colleagues do as well. As an ER vet for over a decade, I have seen hundreds of pet parents make gut-wrenching, unforeseen decisions about their pets’ care. While those decisions are difficult no matter what, removing the financial concern from the equation makes the decisions significantly less stressful for pet parents.

For example, it can be easier to agree to a recommended test if you know that insurance will cover it. When considering chronic disease, early intervention and diagnosis can save money down the road. Agreeing to tests can also help provide information that is crucial in making big decisions about your pet’s health. The unexpected inevitably happens and I’ve seen pet insurance decrease the stress of these moments for many pet parents. They know they can proceed with nearly any treatment plan they choose because they will be reimbursed for their costs.

One of my favorite patients, Tom, who is a geriatric cat in otherwise good health, went to the ER last year for a sudden illness that turned into an expensive hospital stay and months of constant aftercare. He recovered, and is enjoying the extra time with the help of regular acupuncture and a long, everchanging list of medication. Through it all, I have seen how pet insurance has helped Tom’s guardian make quick and difficult decisions without having to worry over the cost. Because of pet insurance, she’s able to provide him with thorough and exceptional care.

Another favorite patient of mine Iris had pet insurance since she was a young puppy. Ultimately, she needed surgery on all four legs before her second birthday, had extensive health problems, and due to her health conditions and size was taking over 30 pills per day at the end of her life. During the course of Iris’ very short, but very loved, life insurance ended up reimbursing her guardian approximately $100,000. Her guardian would often say, “she wouldn’t be here without insurance.” Because of pet insurance, she was able to get the extensive and complex care she deserved.

Although you’d think vets get free veterinary care for our pets, we don’t! I also use pet insurance for my own pets. My first dog Tembo developed a degenerative neurologic disease and lymphoma, both requiring costly care –– insurance made the decision to provide top-tier care a no-brainer for me and allowed me to focus on his caregiving. In what seems like bad luck, I’ve had three dogs need MRI scans and two dogs diagnosed with mast cell tumors requiring surgery, all covered by insurance. My youngest dog Hamtaro is covered by insurance, and although we haven’t needed it to cover any injuries or illness yet, I feel comforted knowing his care will be covered when the time comes.

Do I Need Pet Insurance?

Ultimately, the decision whether or not to invest in pet insurance is a personal one and comes with privilege. The monthly premium may be out of reach for some, and others may have a pet who is too old or has too many pre-existing conditions to qualify for coverage. But if you are able to obtain and afford pet insurance, the benefits to your pet’s health and your peace of mind can be substantial.

You can learn and share more about pet insurance and other topics through our newsletter and social media where we share tips for pet parents. Gentle Journey Vet Care strives to make palliative care an equitable practice and is dedicated to helping pet guardians navigate the challenges of caregiving. If you need assistance with your pet and want a tailored approach to care, schedule your consultation today.