I never bothered with pet insurance before, but I’ve read many horror stories that made me reconsider. One of the scariest was about a dog that broke his leg jumping off a bed. The owner spent days scrambling to gather money for the vet, only to find out it was $600 just for an X-ray and pain meds. Then, the vet said the dog had a tibial crest avulsion, and the surgery would cost around $3,500, requiring pins in his leg. This horror story freaked me out.
I also see posts on Facebook about people unable to afford care for their pets. Many say insurance is a scam and a waste of money. I think it is… until it isn’t. Insurance is designed to benefit the provider, but if you’d go into debt for your dogs, have tight finances, and want peace of mind, getting insurance might be the solution. It may not be for everyone, but for me, that peace of mind is worth it. What do you think?
I need advice from people with experience with pet insurance. I don’t know anyone who has bought or used it. I’m sure there are limitations and rules regarding waiting periods, and prices vary by breed.
After some research, I see many people like Trupanion, but it’s prohibitively expensive ($71/month). Healthy Paws is also highly rated, but they admit they can’t offer very good coverage (only 50% payout), likely due to age. So, I’m looking at Embrace, Lemonade, or Figo.
Embrace: $47/month, $15k annual deductible, $200 reimbursement (90%). These are adjustable, and you can bundle with a cat for an additional $48.67.
Figo: $36/month, depends on the diagnosis, $250 annual deductible, 90% reimbursement.
Lemonade: $26/month, 90% reimbursement, $250 annual deductible. It’s not the fanciest, but it’s the most accessible for me as a 28-year-old with a not high-paying job. I found this info in a Pet Insurance Comparison article.
Does anyone have any opinions on this? Is there a pet insurance brand you love or any you recommend avoiding? Any advice or experience with pet insurance would be great! Thank you so much in advance!
I’m not in the US, and over here, it’s unusual NOT to have insurance. One tip I give is to ask what it will cost to insure a dog like yours now and when they are 8, 10, or 12 years old. Some companies really hike up the cost as the dog ages.
I pay a LOT more than what you’ve been quoted, but a £6k bill was paid for me a couple of years ago with no issues.
That said, if I’d put the money I’ve paid in insurance into a separate vet account, I’d still be far better off. A lot depends on how high-risk your dog is. If I had something like a French Bulldog, insurance would be a no-brainer over here. With a terrier that just keeps going even with one leg, maybe not so much.
Insurance is essentially the same as gambling. You’re wagering you’ll need it, while the insurance company is betting you won’t. Only the insurance company can win this one; if you don’t need them, they will assist pay, but you are still in a state of calamity. Having said that, I’ve always carried insurance for my dogs, both past and present. I usually get my premium returned, and with our last dog, she was so sick that insurance covered a lot more than the premium.
That’s exactly how I view this question. Insurance often feels like a kind of scam. Historically, the origins of insurance are tied to organized crime syndicates like the mafia, at least in the USA.
For this reason and others, I avoid paying for insurance whenever possible. I’ve never carried pet insurance. I’m not wealthy, but I’m frugal and always maintain a cushion account. I’ve used this for surgery for an animal companion.
If I added up what insurance would have cost me per year for all the many years I didn’t need to pay for a dog’s surgery, I bet I’d come out ahead by just saving the money in an account instead of paying insurance premiums. At the very least, in a worst-case scenario of surgery costs, I’d probably break even.
Money paid to insurance companies is gone, whereas money in an emergency account earns interest and remains yours. There’s no need to report to anyone who might decide the insurance “doesn’t cover” something. You don’t have to wait for them to decide if they’ll pay or reimburse you.
Insurance companies are in business to make money and will avoid paying out whenever they can, so it’s almost always a hassle. Instead of dealing with all that, when my dog needed surgery, I just handed over my credit card.
A genuine question. In the United States, is it essential, advised, or commonplace to insure your automobile, home (building), and belongings (furniture and possessions)?
Except for a few states, all mandate some type or level of auto insurance. Homeowners insurance is not required by law in all jurisdictions, but most mortgage lenders need you to have it as long as you are paying down your loan.
Exactly. Plus, we can’t forget human health insurance. There’s a minimum car insurance requirement where I live, but no one gets the minimum because this state is full of lawyers and lawsuits!
Fire/homeowners insurance is required by my mortgage company. It’s crazy not to have it, regardless of mortgage status. Due to fire risk, some large carriers have stopped writing policies in certain states, and premiums vary, with high-risk areas demanding very high premiums.
I also have a liability umbrella policy, which isn’t required but gives me peace of mind.
My health insurance is a combination of Federal (Medicare), paid through retirement Social Security, and Medigap from my previous employment, paid through unused sick leave credits (accrued while working and calculated through actuarial tables). My pension covers my Medicare premium. If I had to pay, the combined cost would be around $6,000 (or more) a year. Medicare is required by law if you’re over 65. None of this covers dental or vision care (though cataract surgery is covered, glasses and contacts are not). Some health issues aren’t covered, or there are copays that can add up if you have serious health problems. Those with very low income are covered by Medicaid, but that’s a whole different discussion.
Then there’s pet health insurance, which is really a “major medical policy.” The current monthly cost is $225 for a 9-month-old dog, a 6-year-old dog, and a 1-year-old cat. Another cat, who was older when we got him, is uninsured because premiums would be high, and most coverages would likely be denied as pre-existing conditions.
I have insurance on both dogs and one cat, starting their policies at 8 weeks old. Two are with Trupanion and one with Healthy Paws.
Trupanion’s premiums don’t increase with the dog’s age, but they recently raised premiums across the board by 25%. It has a $200 deductible and 90% coverage, with the deductible being per incident, not per year. I had to buy a rider for chiropractic care, etc. For both the dog and cat, it’s $150+ a month, and it will be more next month as the dog’s rate hasn’t been hit with the increase yet.
Healthy Paws covers my older dog. It has a higher annual deductible that increases as the dog ages, with an 80% reimbursement rate. This year, they finally paid for some things like X-rays, diagnostics, anesthesia, and chiropractic care. I broke even on costs vs. premiums this year. The dog is six, and they are still well in the black. It’s $75 a month.
Do I recommend insurance? Yes, up to a point. If you can afford a sudden $15,000 emergency vet bill, don’t insure. If your dog is older and you’re emotionally prepared to limit vet expenses and euthanize, don’t insure.
The decision to insure is 100% about how much risk you’re willing to take and how much you can afford.
I agree with the above. For most of my life, I didn’t carry pet insurance and didn’t think it was necessary. But nowadays, I never walk out of the vet with a bill under $400, even for things that seem relatively minor. Not too long ago (pre-COVID and before vet costs skyrocketed), I paid $7,000 out of pocket for orthopedic surgery on one of my dogs. My understanding is that the same surgery would cost double that today.
So, I now have basic insurance on the dog I got as a puppy 2.5 years ago. My decision might change if I adopted an older dog, but I started insuring this one when I first got him at 11 weeks. Even so, I’m not sure it’s the best thing, but it’s what I’m doing. The sad fact is that between auto, home, health for me, and the dog, insurance is my biggest expense.
I had Nationwide because there was a discount with my union, but the payout was still only 70% for a puppy with zero medical issues.
The Lemonade deal looks the best out of the ones you’ve mentioned.
I’ve decided to keep $5,000 in an account specifically for my dog’s medical services, including routine vet visits and medication. I replenish it back to $5,000 every time I spend some of it.
The most expensive vet bill I had was a little over $700 when she was vomiting with diarrhea for five days and needed fluids, antibiotics, and a slew of tests. Insurance paid 70% of that.
But, just putting the money I was paying for insurance into a savings account for her would have covered it! So after doing the math, I decided to cancel.
I think $5,000 will cover surgery or whatever she needs going forward. She’s a small dog, and certain vet services actually seem to be less expensive for smaller dogs!
As I previously stated, insurance is similar to gambling: you bet you’ll need it, and the insurance company bets you won’t. If you have $5,000.00 saved up, go for it, but keep in mind that one orthopedic surgery will most certainly cost $10,000.00 plus all other ancillary fees. So, not having insurance is still a gamble, but this time with your bank account. Of course, if your dog is and keeps healthy, you win, just as the insurance company does.
JacquelineJoy, I think you’re wise to go with a savings account. That’s what I do. The largest expense I ever had for an animal was $4,000 for ACL surgery on a dog. I also had a cat with feline CRF, which cost a lot more over three years due to many vet visits, monthly blood tests, and daily sub-Q fluids. But that expense was spread out, and I just budgeted for it.
If a person kept $5,000 in an account, drawing interest, it would cover almost anything that might come up in the life of most companion animals. And if the dog you have now doesn’t need it, it’s still there for the next one, rather than having been paid out and gone.
In my area, it costs $1,000 just to walk through the door of an emergency vet. About a year ago, there was a story of a dog experiencing a grand mal seizure. Unfortunately, the dog didn’t survive, and the bill exceeded $5,000. They didn’t have insurance, and the emergency vet required payment upfront.
I used to have a “wallet limit” for veterinary procedures. If the estimated cost exceeded this limit, I would opt for euthanasia. However, I would always ask if there was a less costly option to keep the animal comfortable. For horses, they also needed to be serviceably sound with the alternative treatment.
Wow, yes, I figured that prices for veterinary care would vary widely across different regions. I live in a relatively inexpensive area where housing, gas, utilities, and many other things cost less than in other parts of the country, especially the eastern regions. So, my estimate of $5,000 might not apply to someone living in a more expensive place.
I’ve never set a “wallet limit” for my animals. My primary concern is always the animal’s well-being. The only question I ask is whether spending the money will ensure a good quality of life for an extended period. If the answer is yes, I’ll do whatever it takes to pay for it. If not, then I won’t proceed. For example, surgery that allows a 10-year-old dog to run and walk normally for another 5 to 6 years? Absolutely. Cancer treatments that only extend life by three months? No.
I also understand that many people can’t save up thousands of dollars or afford expensive treatments or insurance for their pets, no matter how much they want to. It doesn’t mean they care any less about their pets than I do.