The Financial Impact of Pet Ownership
Finding a cheap pet insurance is challenging, but would you go into debt for your furry friend? Well, a quarter of people would do just that to get life-saving medical care for their pets. That’s according to a Nerd Wallet report and a USA Today survey, finding 91% of dog owners have experienced financial stress over pet ownership costs. But there are ways you can keep both your pet and wallet healthy.
The Rising Costs of Pet Care
Many people underestimate the high costs of health-related expenses for pets. This is especially true when people struggle to save even $250 for emergencies.
The Role of Pet Insurance
What’s really hard about pet care is that you really don’t know what to expect. You don’t know whether your pet will become sick or injured, and the time to buy pet insurance, which can help you manage those costs, is well before your pet needs it.
The Pros and Cons of Pet Insurance
And so, it’s really important for people to consider what do you expect. Do you want to turn to pet insurance if your pet does need some medical care? Or do you want to pay for that yourself and in some cases risk even putting your own financial situation at risk? People are willing to do a lot for their pets, including going into debt, and that can be really challenging for pet owners.
If people are willing to go into debt, why then not take the insurance? Compare some costs that people could be looking at monthly if they do have insurance versus some of the cost. For example, your dog has eaten a piece of chewing gum and was allergic to it. That’s $9,000 on the line, but if you don’t have pet insurance, that’s an upfront cost you have to bear.
Understanding What Pet Insurance Covers
What’s important to know is that you can often buy pet insurance at a relatively affordable price. So, for example, the average cost for pet insurance for a dog is about $53 a month. It’s essential to know, though, and this is something that surprises a lot of pet owners. The price of your pet insurance actually goes up as your pet ages. Because of inflation, we’re seeing the price of pet insurance go up.
Cheap Pet Insurance
Pet insurance is not cheap, but it is definitely more affordable than if you suddenly have to pay for these unexpected medical bills because your pet does either get injured or needs some kind of medical care.
As you look at the more expensive things that some of this pet insurance does and doesn’t cover, what do people need to know in case they think, “Right, I’ve got pet insurance. I’m covered,” because there are some outside costs that are also in addition.
The Risks and Rewards of Pet Insurance
What’s so important to know is that you pay for a deductible when your pet requires care. After that, the pet insurance kicks in to cover a percentage of the remaining cost. So that’s why it can make it so much more manageable to handle those costs. But a critical thing to know is that pet insurance rarely covers pre-existing conditions and wellness care. Unless you add that on to your pet insurance, which of course makes it more expensive.
Evaluating Your Pet’s Needs and Your Financial Situation
The tricky thing for pet owners is that if you know your pet needs some care because it already is sick. Example, it’s probably too late to get pet insurance at that point because of that exclusion of the pre-existing conditions. A lot for pet owners to consider.
Weighing the Risk: Insurance Premiums vs. Out-of-Pocket Expenses
When you think about that cost versus, all the other costs that people have to take on when inflation is starting to moderate but still very high for some of these costs. How should people think about incorporating some of these costs so that they’re not hit with a shock if there is an emergency for their pet?
Considering Cheap Pet Insurance: An Investment or an Expense?
What you want to do is weigh the risk of suddenly being faced with some big-ticket items because of medical care for your pet versus taking out pet insurance.
Maybe when you first get a pet, and you’re evaluated, you know what kind of risk you want to take on. You could set aside money on your own and budget ahead of time for those kinds of expenses that can come up. Or you can turn to pet insurance where you’re paying a monthly fee, an annual fee, and then you can go to pet insurance if you need it when your pet needs medical care.
Conclusion
It’s something to weigh the pros and cons of, think about your budget and what might fit into it. What you don’t want to do is to put yourself at risk and take on debt that is really hard to handle because that can lead to even more financial stress down the line.