Pet Insurance: Protecting Your Beloved Companions
More and more pet owners are opting for health insurance to help manage the often substantial costs of veterinary care, which, much like human healthcare expenses, have been climbing.
Carolina Araya, a resident of Holbrook and a human resources director, knows this firsthand. Her Bengal cat, Abira, required two surgeries, including one to remove her uterus due to a bacterial infection and another to address a cancerous growth. The combined cost totaled around $9,000.
“She also had ringworm when she was a year old, and then got it again a couple of years later,” Araya said. “I’m glad we had health insurance.”
Araya’s experience reflects a larger trend: owners are increasingly viewing pets as family and are seeking ways to ensure they can afford necessary medical treatments. While dogs and cats are the most common beneficiaries of pet insurance in the United States, policies are also availabe for exotic animals such as birds, reptiles, ferrets, and rabbits.
Araya pays $140 each month for her Trupanion policy, which covered 90% of the surgical costs. The breeder recommended insurance early on, anticipating that premiums would increase as Abira aged.
Industry Insights and Statistics
According to the North American Pet Health Insurance Association (NAPHIA), nearly 6.25 million pets were insured at the end of 2023. In the U.S., that number included 4.459 million dogs and 1.215 million cats. The pet insurance market expanded by 16.7% from the total of 5.3 million pets insured in 2022.
These figures demonstrate the increasing acceptance of pet insurance, paralleling an evolution in how many people view their pets: as cherished members of their families, entitled to quality care.
This shift is also fueled by affordability concerns due to the rising price of medical care for animals. This can be a difficult topic, as many people want to avoid making the hard decision of putting a pet down due to the costs.
Coverage and Costs
Gabrielle Brittman, a Dix Hills resident who works at an accounting firm, is another example of a pet owner who appreciates the value of insurance. She insures her two Shih Tzus, 1-year-old Millie, and 7-month-old Lacey, through Nationwide, paying about $60 per month for each dog. Her policy includes coverage for flea and tick medication, wellness checkups, and vaccinations.
“Bills can be $500 and I end up paying only about $100,” Brittman mentioned. “It offers peace of mind. You can give your animal proper care instead of worrying about the bill. I don’t know anyone [with dogs] who doesn’t have it.”
Kristen Lynch, the executive director of NAPHIA, notes that advances in pet healthcare now permit procedures, such as dental surgeries, that were once impossible. These advancements closely mirror those in human medicine.
The highest claim paid in New York in 2023 was approximately $43,300, for a 6-year-old female French bulldog in Manhattan, who received treatment for a corneal ulcer. For cats, the highest payout (also in Manhattan) was around $33,000 for a 2-year-old British shorthair that had undefined medical care.
Standard pet insurance provisions today cover accidents, wellness visits, and surgeries. Most consumers opt for accident and illness coverage, Lynch said. In 2023, the average yearly insurance premium, including wellness plans, was $1,263.39 (about $105 per month) for dogs and $625.99 (about $52 per month) for cats. Accident and illness policies averaged $675.61(roughly $56 per month) for dogs and $383.30 (approximately $32 per month) for cats.
Generally, insuring dogs costs more than cats because of their greater average size; they tend to incur more injuries and need more visits to the vet.
Considerations and Recommendations
Kimberly Palmer, a personal finance expert at NerdWallet, highlights a direct correlation between the rising costs of pet medical care and the increasing popularity of pet insurance. She suggests that since procedures can cost thousands of dollars, pet owners are willing to acquire insurance to protect their budget.
It is very important to carefully review the fine print of a pet insurance plan, as the specifics differ significantly. It’s important to be sure a policy addresses preexisting conditions or preventative care before making a purchase.
At Dix Hills Animal Hospital, new pet owners are given a welcome package that includes insurance recommendations. Practice manager Cindy Sorensen emphasizes the value of obtaining insurance when pets are young to avoid exclusion based on preexisting conditions.
Real-Life Examples and Perspectives
Babylon residents Chris and Sheila Korte view their 3-year-old Bracco Italiano hound, Riley Rose, as a cherished family member. The couple’s veterinary bills totaled $15,000 before they obtained pet insurance.
“She’s so smart she has people-like qualities,” Sheila Korte, 69, said. “In December of last year, we got insurance for her — she was getting these big moles on her ears and had to have surgery.”
Their Fetch policy has an annual coverage limit of $10,000 with a $700 deductible, opting to lower the monthly rate. Their policy costs $59.22 per month with a 70% reimbursement rate.
Marisa Moschera, of Miller Place, who owns two sphynx cats, may join the ranks of insured pet owners despite her initial hesitancy. Frequent vet visits related to her cats’ chronic conditions, such as skin sensitivities, tooth issues, and infections, have led to approximately $4,500 in accumulated bills.
Key Takeaways
- Pet health insurance is becoming a more common practice as veterinary costs increase.
- Various coverage options are available for dogs, cats, and even exotic pets.
- The cost of premiums varies depending on the pet type and coverage.
- Policyholders emphasize the peace of mind and financial protection that pet insurance provides.
- It’s essential to understand the specifics of each policy and to consider obtaining insurance early in a pet’s life to avoid exclusions for preexisting conditions.
