One only needs to walk the streets of chic urban neighborhoods to see visible signs of the 40 billion dollar – and growing – pet industry in North America. Pet boutiques filled with stylish accessories for dogs and cats alike do a brisk business as loving and fussy pet parents demand the best for their furry children. Fluffy bedding, decorated “dinner ware”, and special perfumes all the way from Paris are quickly added to the till, never mind the damage to the bill! “What’s good for me is good for puppy too” seems to be the underlying theme.
Is it any wonder then, that pet health care is one of the fastest growing sectors in the insurance industry. There are an estimated 160 million cats and dogs in the US of which less than 3% are insured. That number is up from a mere 1% as recently as 2005, but pales miserably when compared to the 20% of pets insured in the UK. Veterinary pet insurance is designed to protect the pet owner from having to decide between a pet’s life or financial hardship.
Increasingly dogs and cats are considered as true family members. While pets have always been part of the family scene, it is only recently that their status has been elevated to that of a child. Indeed, owners are now often referred to as pet parents. The empty nester whose own children have flown the homestead, turn their love and attention to Snookie and Pookie and lavish them with gourmet biscuits from the Bow Wow Meow Bakery, book massage sessions at the local pet spa, or book holidays at the local Canine Country Club whilst whisking themselves off to some exotic getaway.
It is no wonder then that these same pet parents want to ensure that their precious pooch or kitty cat is protected with the best pet insurance that they can afford. As with human health care, the veterinary sciences have improved dramatically and vets are now able to save an injured animal that only a few scant years ago would have been sent off to pet play land in the sky.
According to the American Pet Product Manufacturers Association, Americans are expected to spend nearly $11 billion on veterinary care alone. That is an increase of 8.5% from 2007.
Today pet parents are more likely to delve deep into their wallets to pay for costly treatments such as radiation therapy and even transplants where possible. It does not take much to rack up a vet bill of $1000 or more for simple procedures. I recently spoke with a young couple who have spent more than $10,000 this year alone for two of their dogs. One of the dogs developed a rare blood disease and was in the doggie ICU for almost a week. Add to that the cost of follow up visits and the prescriptions.
Veterinarians have access to increasingly sophisticated and costly diagnostic tools such as MRIs. Such screenings not only boost the cost of exams but often detect problems that once would have gone unnoticed and untreated. Whether it is true love and devotion to our pets or some other emotion that drives us humans, statistically we will do all that we can so that our loyal companion can eke out a few more years of life.
When shopping around for the best pet insurance for you, keep in mind that there are different types of insurance. Things to look for:
- can you take your pet to any veterinary or are you restricted to only those prescribed by the insurance company?
- Is there a limit
- Is there a deductible
- Will kennel costs be covered
- Breed specific conditions
There are two basic types of pet insurance:
Benefit Scheduled Payment: This is a fixed amount up front and will not vary no matter how much your bills amount to. If you opt for this type of insurance be sure to review it year to year as the coverage does not automatically keep up with the escalating costs of pet care.
Usual, Customary and Reasonable (UCR): You submit a request for full payment of the medical bills incurred for your pet. Again, the amounts may vary from place to place, depending on the cost of veterinary services. With protracted illnesses you may want to check with your insurance company with each procedure as to just how much of the vet bill will be covered and make sure that you get that in writing along with any specifics that might make it null and void.
As with other types of insurances, claims submitted may increase the cost of premiums. Judging from the increase in pet insurance policies written, it seems that man is returning the favor to man’s best friend and investing in some good pet health care insurance. Dash the expenses! Pooch deserves the best!
