The question of whether you should buy pet insurance isn't as easy to answer today, as it was 25 or 30 years ago.
Back then, few people were willing to spend thousands or even hundreds of dollars to keep the family dog, cat or parrot healthy. If the animal got really sick, it was just put down. They also didn't have the sophisticated equipment and procedures available to treat diseases such as cancer.
You may think that you don't need to buy pet insurance for your pet. The harsh fact is that some day your pet will need veterinary care. It may develop diarrhea or diabetes, become tick or flea infested, come down with a case of worms, develop a tumor or get in an accident. Recent studies have shown that veterinary care will cost about 27% of the pet's total cost and can total as much as $2,000 to $6,000 over the life of the pet.
How Much Is Your Family Pet Worth?
Not many years ago, cats and dogs were thought of as working animals. Dogs herded sheep, help hunt ducks and protected the house. Cats were thought of primarily as mousers – a way to keep the house free of mice, rats and other small mammals.
Today the family dog or cat isn't just an animal, it's thought of as a family member. If it develops cancer or is hit by a car, it will most likely get about the same level of care as one of our children.
Big Vet Bills
Not many years ago, procedures such as radiation therapy, treatment for bladder stones and spinal surgery were reserved for humans. Today, these treatments and many more are now available for our pets. This means that conditions that would have killed your dog or cat some years ago can now be successfully treated, but at costs that can range from $1,000 to more than $5,000.
There are now some very sophisticated and costly diagnostic tools available to veterinarians. These tools not only increase the cost of standard exams, they can spot problems that would have once gone undetected and untreated. In fact, it can be said that these modern tools and procedures have helped create a sort of inflation in the veterinary world.
Studies indicate that Americans will spend about $12.2 billion on veterinary care. The American Veterinary Medical Association estimates that in 2007, there were 72 million pet dogs and nearly 82 million pet cats in the U.S. Yet, there were only 850,000 pet insurance policies in effect, meaning that literally millions of pet owners opted not to buy pet insurance had to pay the entire cost of their pet's healthcare.
Expensive Vet Procedures
If you love your pet as we do, you're not going to let it suffer or die an early death. You do need to be prepared that your love may cost you dearly. Pet healthcare as gotten almost as expensive as our own healthcare. Here are some typical procedures and their average costs.
| Lung cancer | $2,032 |
| Foreign body ingestion (small intestine) | $1,629 |
| Cruciate rupture | $1,517 |
| Cataract | $1,244 |
| Pin in broken limb | $1,000 |
| Urinary tract reconstruction | $1,399 |
| Bladder stones | $989 |
| Mast cell tumors | $497 |
| Brain cancer | $916 |
| Hyperthyroidism (radiation) | $920 |
| Gastric tension (bloat) | $1,955 |
Do You Need To Buy Pet Health Insurance?
Many pet owners can self-insure by putting putting $20 or $30 a month in a special account. If their pet remains healthy for several years, they'll have enough saved to pay the cost of those mast cell tumors or a urinary tract reconstruction.
Many people are not disciplined enough to self-insure. If you can not faithfully put money aside for future pet medical expenses, you should probably buy pet insurance. Dog pet insurance can be purchased for as little as $27 a month for a medium-sized dog and with a $100 deductible. If you do the math, 12 months' premiums for this policy equals $324 which might seem like a lot to spend on a healthy dog. When the day comes that your pet requires an expensive treatment, you will be happy your pet is covered by pet insurance.
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