Studies show that millennials are the largest demographic of pet owners and how many are viewing them as either starter or replacement children. As a millennial myself, my decision to adopt a dog wasn’t a surprising one, but it was something that I took very seriously. After months of research to determine things like temperament, the best breed to adopt for my lifestyle, the financial commitment dog ownership would require, and several meet-and-greets, I found Bella. It was love at first sight. The moment I met my spunky little dog with the adorable underbite, I went into full mom-mode – I bought her countless toys, asked around for advice on the best food, got a vet and looked into pet insurance to protect both of us in case of any emergencies.
When Bella was given a clean bill of health after her first vet visit, I breathed a sigh of relief (and gave her lots of celebratory treats and pets!) because, to me, that meant no large unexpected vet bills in my future and the decision to buy pet insurance seemed less important. Unfortunately, I was wrong. Three weeks after bringing her home, Bella developed something called Gastroenteritis, which sent us running to the Vet Emergency Room in the middle of the night. After a few hours of waiting, a lot of stress, and sleep deprivation, Bella was discharged after being given some fluids and meds. The ER trip ended up costing me a few hundred dollars that I hadn’t anticipated spending (but thankfully, I was prepared due to my decision to create a pet emergency fund). However, it easily could’ve been much more expensive if I hadn’t rushed her in the second I noticed her symptoms.
My best friend had a similar experience with her one-year-old cat, Dex, but she wasn’t as lucky as I was. After noticing Dex had suddenly stopped eating, a trip to the emergency vet revealed that she had ingested some string that was now wrapped around her intestines. It required life-saving surgery, several overnight stays and medication on top of the tests and X-Rays that had been done initially to diagnose the problem. The surgery itself cost $1,200 dollars, and the final bill totaled approximately $5,000.
For many pet parents, the question of pet insurance is a big one – and the answer is not one size fits all. Pet insurance is similar to the insurance you and I have in many ways, but it also has some notable differences. Most providers offer a variety of plans options, ranging from full coverage, which include wellness items such as annual trips to the vet and vaccines, to emergency-only coverage. As with humans, cost varies based on existing issues, species, breed, age, external factors and more. Many plans allow pet owners to decide how much of a deductible (the amount the owner pays per year before the insurance kicks in) they want, and the percentage or reimbursement for each claim. Unlike human insurance, however, pet insurance is clear on one thing across the board – no plan will cover pre-existing conditions. For all insurance options, the pricing model is fairly straightforward; the more comprehensive the plan, the higher the monthly cost.
From an emotional perspective, taking that extra step to keep your pet safe seems like a no brainer. From a financial perspective, it’s not quite so clear, as there is risk associated with both sides of the coin. No insurance means any sickness, accident, or lifesaving surgery could potentially result in an unexpected expense of thousands of dollars. Purchasing insurance means you are covered in the event of most illnesses or accidents, but if none occur, then the cost of the insurance is essentially being thrown away.
According to Dr. Louise Murray of the ASPCA, “Owners will likely incur at least one $2,000 – $4,000 bill for emergency care at some point during their pet’s lifetime.” That’s on top of the annual cost of a pet, which NerdWallet reports can range from $300 for small mammals, to $1,000+ for dog and cat owners. In the US, the average cost for pet insurance is $43 per month, or $516 per year. The average dog’s lifespan is about 12 years and the average cat’s is about 15; bringing the total average lifetime insurance spend to $6,192 and $7,740, respectively. In some cases, like my friend’s, the insurance would have nearly paid for itself within the first year of Dex’s life, but in many other cases, $7,000+ of emergency medical expenses will never be incurred.
So, is pet insurance worth it? Unfortunately, I can’t give you a yes or no answer without knowing both your and your pet’s individual situations. Take some time to crunch your own numbers. Look at your discretionary income, research common illnesses for your pet’s breed, and figure out what the cost of a worst-case-scenario incident would be. I live in a city where discarded food can easily be found by a curious nose and broken glass on the ground is not uncommon. Due to these factors, deciding to invest in pet insurance for Bella seemed like the right choice. However, if insurance seems like too big a commitment or risk, a safer option is setting up a pet emergency fund. It won’t offset potential costs like insurance will, but it will provide a cushion for you to make decisions about your pet’s health based on factors other than cost.
Whether pet insurance is purchased or not, there is one thing pet owners can agree on. These furry little babies bring joy into our lives and we will provide them with the best lives and all the love we can.
