Vetenarians can perform some really amazing things these days – from cancer treatment to open heart surgery – but only if you can afford it. Pet insurance, like human health insurance, is meant to offset such exhorbitant fees when pets eventually become ill or injured. But as convenient as they are, for your peace of mind, pet insurance policies can cost thousands of dollars per year. So is pet insurance worth it?
It depends on your financial condition. Young pets can go years without falling ill, does it make sense to pay hundreds of dollars for its insurance? Probably not. But only if you’re financially secure enough to pay huge chunks of cash in the event of an emergency. Buying an insurance policy is both an emotional and economical decision. Here are 3 questions you should answer before deciding to purchase an individual policy for your pets.
Is Pet Insurance Worth it? Questions You Need to Answer
- Do you have a huge emergency stash – that you’d be willing to spend on your pet?
The cost of treating something as benign as an ear infection may not be more than a couple hundred dollars, but more serious conditions will run in thousands. Do you love your pet enough to part with thousands, should the need arise? If you can’t afford a major operation, but don’t want the fate of your pet to be left to financial constraints, then pet insurance policies would be absolutely worth it.
- How risk averse are you?
It all comes down to your personality. Are you willing to bet that your pet will stay healthy, and will only need routine care? Pet insurance is only worth it if the medical expense is unexpected and large. If you’re comfortable going without, then by all means do. Just be okay with the implication of your risk.
- Are you ready to make tough calls?
No one’s ever ready to see their pets “go”. But many a pet have been euthanized due to lack of pet insurance, and low emergency funds. For older pets, death may not be so unexpected. But younger pets tend to leave scars – especially if they die due to insufficient funds.
The earlier you enroll your pet for an insurance, the greater its chances of accessing reasonable health treatments.