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The Limitations of Pet Insurance

Advancements in veterinary science and the increased sophistication of veterinary clinics over the past five years have resulted in improved and expanded pet care. Veterinarians are now offering treatments once reserved for humans, from radiation therapy to kidney transplants. Once-fatal health conditions or accident injuries are now treatable at costs ranging from $1,000 to $5,000 or even higher.

It has been estimated that vet costs in the U.S. have risen over 70% in the last five years to over $19 billion annually. This has resulted in a significant rise in the pet insurance industry. VPI, the leading pet insurer in the U.S., reported gross sales of $100 million dollars last year.

In such a lucrative industry tremendous marketing pressures have been brought to bear on pet owners to protect themselves against these high medical costs. There's an emotional element at work here that the insurance companies are exploiting.

Very few people would argue the moral obligation to extend human life and utilize medical advancements to treat illness and injuries. But, there are mixed feelings where animals, especially pets, are concerned. Is it really humane to extend the life of a 14-year old pet who is blind, deaf, and arthritic and subject to frequent infections and invasive medical treatments?

Pet owners fall into two categories - those who will pay any amount to save a family pet, and those who opt to have a pet humanely put down if the illness or injury is more than the family budget can handle.

Is pet insurance your solution?
The answer may be that if you fall into that category of pet owners who will do anything to save your pet no matter the damage to your finances, then by all means seek insurance.

Pet policy premiums range from around $120/year for limited coverage to $350/year for relatively comprehensive coverage. Most policies don't cover routines health maintenance costs, have $50 or more injury or illness deductibles and have pay-out limits on most high-cost or long-term treatments.

Calculate your risk according to your individual case: if your pet is a healthy young dog who is confined your house or yard and always leashed in public areas (in accordance with most urban regulations), and you spend the U.S. average of $80-$120/year for healthy animal medical maintenance, you are in a very low risk group.

Tips for choosing pet insurance

If you decide that pet insurance is right for you, take the time to compare policies as you would when shopping for your human family health insurance. Some issues to consider:

Read the fine print on the policies; and if the insurer can't show you the full policy, move on.

Research statistics on your particular pet and its potential health risks; some breeds have tendencies to certain health problems, and some insurers don't cover all breeds.

Consult you personal vet. Many vets offer their own health plans. And he/she can assess the health risks of your pet.

Check your homeowner's policy; you may already have limited accident coverage on your pet.

Weight the cost of insurance again the cost of maintenance. You may be better off putting more money into higher quality food and preventative care (grooming, teeth cleaning, parasite control).

There are limitations to pet insurance, just as there are limitations to any other personal insurance. With some research and common sense, you will find a policy to suit your pet and your budget.

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