Is Pet Insurance Worth It?

True story: back in the 80’s, Bob, a friend of my then-husband’s, came to visit and announced, “I have a great idea. Pet medical insurance!” We laughed at him. Now, many years later, it is a reality, and sometimes a lifesaver, for people and their pets. Is pet insurance worth it?

A study by the Kroger Company, the grocery giant, revealed that one in ten pet owners would be willing to spend more than $3000 in medical care if their pet could be saved. Fifteen per cent pegged the figure at between $1000 and $3000 and a further 61% said they’d spend between $100-$1000 to treat their pets. And those results were tabulated in our current economy. Is pet insurance worth it for most pet owners? It seems so.

Dog owners surveyed said they feared a diagnosis of cancer the most, followed by orthopedic problems or injuries, and finally, their pet getting hit by a car. Cat owners worry about kidney disease, cancer and injuries from fights with other animals.

And yet, only 4% of dog owners and 2% of cat owners have pet medical insurance. Sixty one percent said they’d consider the purchase if it cost under $20 per month. Half of those surveyed said they’d be interested in adding their pets to their own health insurance, if such a thing were possible.

With at least $13 billion spent on pet health care in America, Bob’s idea might be something to consider. To find a plan, consider examining the brochures in your veterinarian’s office. He or she is likely to honor a plan they feature! And for more information on what to know before investing in a health insurance plan, and to help you find your own answer to the question, “Is pet insurance worth it?”, see WebMD.