Pet Insurance Explained

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The last few years have seen many changes in the pet insurance industry, from its cost to its popularity among veterinarians and pet owners.  What was once viewed as a luxury expense is now more affordable, allowing pets to receive better levels of care, while the availability of pet insurance plans are less limited.  Certain policy restrictions were actually prohibitive in many cases, causing pet owners to hesitate when considering if it was for them.

Most pet owners consider their furry friends a part of the family, and will do just about anything to protect them.  In fact, Americans spent an astounding $45 billion on their pets in 2009, which was up $2 billion from 2008, according to the American Pet Products Association.  Even in a bad economy, people will make room in their budget to spoil their loyal companion.  Over the last few years, pet insurance has become increasingly more affordable, allowing more and more pets to be able to have necessary surgeries, receive medications, and lead a better quality of life with proactive health care.

Pet insurance policy costs vary widely depending on the type of animal and the different packages that the owner can choose from.  The current overall average for annual deductibles is around $100.00.  Some packages are comprehensive, including things such as: annual checkups and vaccinations, routine care, preventive medications (like Heartworm preventive) and spay/neuter surgeries.  Other plans cover only accident and illness.  Most plans offer immediate coverage for accident claims, and 30 days for illness claims on new policies.  Additional pets are usually covered at a reduced rate after the first policy-holding pet.

Pet insurance, if chosen wisely, can save your finances and your pet’s life.  A life threatening illness or just one pet emergency can sometimes cost thousands of dollars.  Veterinary Pet Insurance reports that some of the more expensive pet surgeries in dogs are Intervertebral Disk Disease ($2,844), Lung Cancer ($2,032), and Foreign Body Ingestion ($1,629).  In cats; Foreign Body ingestion ($1,629), Urinary Tract Infection ($1,391), and Skin Cancer ($780).  With pet insurance, these costs can be significantly reduced for the pet owner.

Individuals should talk with their veterinarian to determine if pet insurance is an appropriate step for you to take in protecting your pets life.  With it becoming increasingly more affordable with better coverage plans, it’s worth checking into.  It’s important to know how each pet insurance policy works, so be sure to do your research to find the best one for your pet.

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