A Veterinary Industry Perspective on Pet Health Insurance
As a veterinary practice, we have witnessed firsthand the emotional and financial toll that unexpected medical emergencies or chronic illnesses can take on pet owners. While we all hope our furry companions will remain healthy throughout their lives, the reality is that accidents and illnesses can strike at any time, often resulting in costly veterinary bills.
The Rising Cost of Veterinary Care
Over the past few decades, the field of veterinary medicine has undergone significant advancements, offering more advanced diagnostic tools, treatments, and surgical procedures. While these advancements have greatly improved the quality of care we can provide for our patients, it is unfortunate that they also come with a higher price tag. Procedures such as MRI scans, chemotherapy, and orthopedic surgeries can easily run into thousands of dollars, putting a significant financial strain on pet owners.
The Benefits of Pet Health Insurance
Pet health insurance can provide pet owners with peace of mind and financial protection in the event of unexpected veterinary expenses. By paying a monthly premium, pet owners can ensure that a significant portion of their pet's medical costs will be covered, allowing them to make decisions based on their pet's well-being rather than financial constraints. Here are a few key benefits that pet owners often overlook:
Increased treatment options and access to expensive procedures.
Pet health insurance allows owners to afford costly treatments like surgeries, chemotherapy, or advanced diagnostics that they may not have been able to pay for out-of-pocket. Some insurance carriers also allow the exploration of additional routes that are not accessible everywhere, which include integrative treatments. Insurance gives pets access to a wider range of options.
Coverage for breed-specific and chronic conditions.
Many pet health insurance plans cover expenses related to breed-specific issues like hip dysplasia as well as chronic conditions like diabetes or arthritis, which can become very costly over a pet's lifetime without insurance.
Potential to save money long-term.
While pet health insurance requires paying premiums, it can end up saving owners significant money, especially if their pet requires an expensive procedure or ongoing treatment for a chronic illness.
Direct payment to veterinary hospitals for large claims.
Some insurers like Trupanion can pay the veterinary hospital directly for large claims, reducing the upfront out-of-pocket burden on owners. We accept Trupanion Express as a form of payment in our office, for your convenience.
From our professional perspective, pet health insurance can benefit the overall quality of care we are able to provide. When pet owners are not burdened by the fear of astronomical veterinary bills, they are more likely to seek prompt medical attention for their pets, increasing the chances of successful treatment and recovery. Having insurance coverage means owners can make medical decisions based solely on what is best for their pet's health, without being overly constrained by financial considerations.
Choosing the Right Pet Health Insurance Plan
Not all pet health insurance plans are created equal, and it's essential for pet owners to carefully evaluate their options. Some key factors to consider include:
Coverage Limits: Ensure that the plan provides adequate coverage for the types of medical conditions and treatments your pet may require.
Deductibles and Copays: Understand the deductibles and copays associated with the plan, as these can significantly impact the out-of-pocket costs you may incur.
Pre-existing Conditions: Many pet health insurance plans exclude coverage for pre-existing conditions, so it's important to enroll your pet while they are young and healthy.
Waiting Periods: Some plans have waiting periods before coverage kicks in, which can be problematic in the event of an emergency.
Reputation and Customer Service: Research the insurance provider's reputation, customer service, and claims processing times to ensure a smooth experience when you need to file a claim.
Cancelability: Many insurance companies maintain legal right to cancel a plan at the time of annual renewal. Make sure the pet health insurance company you work with does not allow this.
Financial Means: Decide whether you have the financial resources to pay for large veterinary bills (which could add up thousands to tens of thousands of dollars) for care. If you do not, then consider a company like Trupanion that can pay a participating hospital directly and immediately rather than paying a large bill up front on your own and waiting an extended period of time for a reimbursement.
If you would like to compare companies to see which suits you best, you can find a researched comparison of some of the major names in pet health insurance via MarketWatch and Forbes Advisor.
Debunking Myths from a Veterinary Practice’s Point of View
Many misconceptions surround the topic of pet health insurance, and it's essential to separate fact from fiction. From a professional’s perspective, here are some insights.
Myth 1: Pet Health Insurance is Too Expensive
One of the biggest misconceptions about pet health insurance is that it's too costly. While premiums can vary depending on factors like your pet's age, breed, and location, the cost of insurance is often far less than the potential veterinary bills you could face in case of an unexpected illness or accident. As a veterinary practice, we've seen countless cases where pet owners have had to make difficult decisions or go into debt due to the high cost of medical treatments. Dr. Terri likes to say, “If you think you can’t afford pet health insurance, you’re exactly the person who needs to have it.” You can read her personal testimony below.
Myth 2: My Pet is Healthy, So I Don't Need Insurance
Pet health insurance can cover a wide range of medical expenses, including long-term care for chronic conditions, surgeries, and emergency care. Even the healthiest pets can unexpectedly develop conditions or suffer injuries that require costly treatments. By having insurance, you'll be prepared for any unexpected situations that may arise, ensuring your pet receives the necessary care without financial strain.
Myth 3: Pet Health Insurance Doesn't Cover Pre-existing Conditions
While it's true that most pet health insurance policies exclude pre-existing conditions, this doesn't mean that your pet's entire medical history is disregarded. Many insurers define pre-existing conditions as conditions that were diagnosed or showed symptoms before the policy's waiting period (typically a few weeks to a few months). If your pet develops a new condition after the waiting period, it will likely be covered by the insurance policy. Additionally, some insurers offer coverage for curable pre-existing conditions after a specified period of time has passed without symptoms or treatment.
Myth 4: Filing Claims is a Hassle
Some pet owners may be deterred by the perceived hassle of filing insurance claims. However, most reputable pet health insurance companies have streamlined their claims processes, making it easier than ever to submit and track claims. Many insurers offer mobile apps or online portals where you can upload documents, track the status of your claims, and even receive reimbursements directly into your bank account. Hospitals that participate in Trupanion Express will even submit your claim for you immediately!
As a veterinary practice, we understand the importance of providing the best possible care for our beloved pets. Pet health insurance can be a valuable tool in ensuring that financial constraints don't hinder your ability to make informed decisions about your pet's well-being. By addressing these common misconceptions as well as the benefits, we hope to encourage pet owners to explore their insurance options and make an informed decision that aligns with their pet's needs and their financial situation.
Dr. Terri Rosado’s personal pet health insurance story:
Dr. Terri adopted Leisl, a hound mix, as a 12 week old puppy from the local shelter. Leisl is the epitome of good health and receives, as you can imagine, the best preventative care. Dr. Terri obtained Trupanion pet insurance for Leisl when she turned 5, although in hindsight she wishes she’d gotten it the day she adopted Leisl. Luckily, Leisl had not had any medical issues prior to getting insurance but it’s more expensive to get insurance for a 5 year-old than it is for a younger dog.
When Leisl was 7, she ate what would have been a fatal dose of chocolate while counter-surfing. Her life was saved, costing about $800. When she was 8, she ate 3 squeakers out of a toy – she’d never done anything like this before. Leisl underwent emergency surgery on Christmas morning to remove the foreign bodies. It took 3 weeks for her gut to return to normal. The cost of all of Leisl’s care, including the emergency surgery, was over $5000. A year and a month later, Leisl was playing with her friends and she suddenly became deathly ill. Her spleen got bruised and then it split, causing a dangerous abdominal bleed. Emergency surgery and post-op care totaled over $3000. Throughout this time, Leisl developed arthritis in her feet from all of her crazy playing. Trupanion covered her acupuncture, laser therapy, and prescribed herbals to help manage it. In May of this year, Leisl had one of her toes removed due to constant lameness. The surgery and after-care totaled $2600. Over the last 6 years, Trupanion has covered over $13,000 of Leisl’s bills – and she’s considered healthy! Dr. Rosado has paid about $1300 in non-routine care and has paid Trupanion $7716.53 in monthly premiums. Including the monthly premium paid to Trupanion, Dr. Terri has saved over $5000 by having pet health insurance! Looking at it another way, from what Dr. Terri has saved in medical bills, Leisl’s pet health insurance is paid for the remainder of Leisl’s life, even if she never has another claim.
Leeann Webster, Administrator for Chi Animal Hospital’s personal pet health insurance story:
Panda is my sport dog; we train in formal obedience together. Panda also has mild hip dysplasia. Because of Trupanion, I can get him whatever help he needs to preserve his mobility without having to calculate what else I need to give up so I can afford it. There are no agonizing decisions to be made. He just gets what he needs. Panda’s life will be happier, healthier and pain free for longer. We’ll get to do so much more together because I can afford whatever help he needs.
It is an incredible weight lifted from my shoulders. I will never own another pet without pet insurance.
