Veterinary insurance has been growing in popularity over the last few years. The basic idea is that you can purchase health insurance for your pet the same way you would purchase health insurance for yourself. It sounds like a good idea, but experts are warning consumers that they could save money and receive the same veterinary service by simply putting their cash in a savings account for pet needs.
1. Coverage is Expensive
The up-front costs for vet insurance can be daunting. The premiums, deductibles, and co-payments are expected to be covered out of pocket. Usually a pet owner will be required to pay for the veterinary services and then submit a claim to the insurance company. If the insurance company denies all or part of the claim, the owner is stuck paying the bill. Since most dogs rarely need to visit the vet for reasons other than regular checkups, the cost of the insurance premium could be more than you would spend without it in an average year.
2. Congenital Problems not Covered
Most vet insurance policies do not cover common congenital problems. These illnesses, like hip dysplasia, can require ongoing and expensive treatment. Since the treatments are not covered anyway, you would still have to pay for them on your own. There is no reason to make those expensive payments and continue to pay for the vet insurance on the side.
3. Restrictions for Certain Breeds
Some dog breeds are notorious for specific kinds of ailments. If you own a dog that falls into one of these breed categories, you will have a difficult time finding an insurance company that will cover you. Aggressive breeds, like pit bulls and rottweilers, are particularly difficult to cover. If you do find a company that will cover them, you will have to pay high monthly premiums to maintain the coverage. There may also be severe restrictions on the kind of veterinarian services these dogs can claim through your insurance policy.
4. No Coverage for Pre-Existing Conditions
As animals age, they become more susceptible to illness and injury. Vet insurance could help as your pets get older – as long as they do not suffer from anything that they have had before. Vet insurance will not provide coverage for any pre-existing condition. If your dog has had asthma or other breathing problems most of its life, you will not be able to file a claim if you need to make an emergency vet visit due to a respiratory illness.
5. Coverage Rarely Covers all Costs
Vet insurance does cover some of the cost of veterinary treatment, but it usually does not cover all of the costs. When you factor in the amount of money you pay for your premiums, you will probably find that you have actually invested more in your pet’s health over the past year than you would have spent if you had simply paid the vet bill on your own. With all of the complicated restrictions and deductibles, vet insurance is more expensive than paying for vet treatment out of pocket.
Jessica Bosari writes about how to save money at Billeater.com, a site dedicated to helping people save money. Visit Billeater to read about more ways to save money.
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