Is Pet Insurance “Worth It”
My job is helping pets: trying to prevent illness, diagnosing and treating diseases, and relieving the suffering of a hurting or suffering animal. No, this is not my job, this is what I am driven to do. I do this not only for pets, but also for their owners who are looking to me to help them. Thanks to the ongoing innovation and advancement of medical care, most of the time I can help them; however this comes with a cost. Some will call it an investment into our pets’ life but I still can’t get around the dollar sign. I live on a limited income. I have a budget I have to stay within or my bills won’t get paid. I get “sticker shock” when I take my car to the mechanic, get an estimate for house repair, or when my pet gets sick. When I was a student at veterinary college, my cat needed to have extensive surgery and intensive care that added over $5000 to my student loans. So when I present an estimate for diagnostic testing and/or treatment for one of my patients I have to remind myself, that I am recommending the best way to help their pet, because that is what is asked of me as a veterinarian. Nobody wants me to offer the best treatment plan from their accountant’s point of view, they expect it to be the best for their pet. There is always a “plan B” in my back pocket as sometimes we have to negotiate with “the accountant”, but I know it’s not what is best. So what if there were a way to help my clients afford “plan A” without that sticker shock I get when my car makes a funny noise? Luckily there is. Pet Insurance.
Pet Insurance is a changing industry. I was skeptical of it when I first graduated and started practicing. It is confusing with its language of deductibles, exclusions and percentage covered but after giving countless recommendations for pet care over my career and having them tearfully rejected due to the costs involved (and unfortunately with too many ending in euthanasia for the pet), I see it as the one of the best ways to help both my patients and their owners.
People buy insurance of any kind to help them pay for large, unexpected or unplanned expenses for which they would have trouble paying for out-of pocket.
Owners (including myself) can budget for their pets’ preventive care: their annual examination, vaccinations, blood testing, food etc; what we can’t budget for is the unexpected. Maybe you have a savings plan for your pet in case of emergency. This would be great as long as your pet doesn’t get sick in the first few years when the savings plan hasn’t built up funds yet, or they don’t develop a chronic disease that will need treatment for the rest of their life. That is two very big ifs. For example, the cat I mentioned above, was just over 1 year old when he went to the Ontario Veterinary College for care. He was neutered, up to date on his vaccinations and Feline Leukemia negative. Insurance would have covered about $4000 of his care, had I started a policy for him, leaving my student loans a little less stretched. Investing in an insurance plan that will help you pay for these unexpected illnesses will save you money, stress, heartbreak and your pet’s suffering over the course of your pet’s life. That is not to say that I don’t agree with savings plans – they can be a valuable addition to your pet’s care. They can be used to pay for the percentage of costs that insurance does not cover such as deductibles.
We are extremely fortunate in Southwestern Ontario to have close access to many of the best specialists in the country. To name just a few, we have referral centres in London, Toronto, Guelph and Mississauga at our disposal. The veterinary specialists at these referral centres can offer some amazing diagnostic testing and treatments for our pets. From MRIs to endoscopy and radiation therapy to challenging surgeries, there are so many ways to increase your pets’ quality of life. There are also emergency centres with veterinarians and technicians who specialize in emergency and critical care. All of these help us provide the best quality healthcare for your pet. With this specialization and improvement in care comes an increase in cost as well. A cost I’m truly hoping you and your pet will never have to experience, but can’t guarantee you won’t.
Many dogs rupture important ligaments in their knee or ingest something they shouldn’t that gets lodged in their intestines. Cats can have life threatening urinary blockages or get hit by a car. If any of these happen, the best (or only) treatment is surgery and hospitalization that can cost between $2000 and $4000. This can be shocking to have to take on, but if you had pet insurance that amount of money would not be as distressing as you wouldn’t be responsible for a majority of the bill. You would be able to feel good that you could provide the best care for your pet.
It’s easy to think of how insurance benefits for emergency situations – similar to getting into a car accident where your car insurance would pay for the damages, but what about chronic conditions? For example, certain cars are known to have problems with brakes and require constant repair or replacement year to year. Some pets are similar – have chronic skin conditions like allergies, chronic intestinal complaints (“sensitive stomachs”) or chronic urinary tract infections. Wouldn’t it be great if your car insurance helped you pay for that brake work every year? Pet insurance does help you pay for continuous care for your pet. This is why it is important to look for an insurance policy that doesn’t have limits. You don’t want your coverage to run out after a certain number of treatments are done. Over 10 years, treatments and testing for a pet with allergies can easily cost over $10 000. What if it only cost $2000? This is where the argument for pet insurance clearly wins.
Dr. Krista Williams, Martindale Animal Clinic
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