In brief: Pet insurance is becoming a necessity for many Americans who find sudden veterinarian bills to be budget-breaking.
The full story
It seems wasteful that while many Americans are worried about the high cost of health insurance for humans, others are looking at paying nearly equal sums to insure their pets. Yet for a certain demographic of pet owner, insurance is a family affair and their family includes pets.
Many procedures that were not available for pets a few years ago are now routine, but still costly. The new, but growing arena of pet insurance is finding innovative ways to cover pets so their owners can have peace of mind.
Yet pitfalls remain common in this largely unregulated industry. Pet insurance revenues topped $302 million in 2009 and is likely to double to past $753 million by 2014. But many plans do not cover the more costly problems pets can encounter and many plans have an annual or lifetime cap that they will not pay beyond, leaving some pet owners in the lurch to cover bills despite having insurance.
The favorite plans for many pet owners are the "collective" style cooperatives wherein pateents' owners pay an annual retainer to a vet and receive most standard and some emergency services as part of that retainer, paying out of pocket only for serious needs.
Some comprehensive major medical plans even cover pre-existing conditions and hereditary diseases for as much as $37 per month for dogs and $24 per month for cats. Other plans offer high deductible options and policies for foreseeable procedures that vary by species, breed and age.
Summing up
In short, shop around and read the fine print before signing up and paying for a pet insurance plan.
Photo credits: Stock
