Tuesday, December 5, 2023

Pet Insurance

Unexpected medical expenses for your dog is understandably overwhelming to many people. To provide peace of mind, pet insurance is an option.

Pet insurance is similar to human health insurance. You pay a monthly premium to maintain coverage for your dog, and there is a deductible for claims.

Around 45 percent of pet owners will spend the same or more on an animal’s healthcare than on their own, a survey of 1,000 pet owners by financial products provider Lendedu reported. Ten percent of pet owners surveyed said they had missed a payment on another bill to pay for their pet’s care.

It can cost between $700 and $2,000 per year in veterinary bills to care for a healthy pet, according to Spruce Pets, an online resource for pet owners. When emergency care, food, toys and grooming are considered, individuals spend a chunk of their salaries on pets

It can cost between $700 and $2,000 per year in veterinary bills to care for a healthy pet

Pet insurance has been around  the United States since the early 1980s, but it has gained traction in the 21st century. According to the American Veterinary Medical Association, 48,255,413 U.S. households have at least one dog. There is an estimated 76,811,305 dogs in those homes, and the AVMA estimates that each households makes 2.4 visits to the veterinarian per year

Pet insurance is focused on unexpected expenses that are really tied to accidents, injuries and illnesses. Yet, in recent years, it has evolved into a focus on the dog’s whole health. Routine expenses and wellness – like vaccinations, and flea and tick prevention – are covered in some policies.

Interestingly, as an added benefit, some companies offer pet insurance for employees to accompany human health insurance. The Society for Human Resource Management reports that around 15 percent of employers offer a pet insurance benefit. Investing in a pet insurance benefit is an attractive way to get and retain talent.

To clearly decide what policy is best suited for your dog, consider these factors:

Your Dog’s Age

It’s less expensive to insure younger pets than older pets because they don’t suffer from as many health issues and are considered less risky. For an older pet, monthly premiums will be slightly higher to account for the increased risk.

Pre-existing Conditions

Insurance companies are typically hesitant to cover pets with pre-existing medical conditions. If your dog has a pre-existing condition or has underwent multiple surgeries, health insurance might not be a feasible idea.


Your dog’s breed is also a key factor to consider since it impacts the cost of your monthly premiums will be. Typically, the premiums paid for the larger pets are higher than smaller pets because they experience more health problems and live shorter lives.


Monthly premiums differ depending on your ZIP code and state. It will likely cost more to insure your dog if you live in a highly-populated area. The premiums are lower if you live in a less densely populated region.

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