Is pet insurance worth the investment, or are you better off setting aside savings to cover potential veterinary bills?
Having a pet is a joy, but it also comes with a financial commitment. From the moment you bring your furry friend home, you’ll find that the costs add up quickly. You may have bought the perfect collar, snazzy food bowls, and cosy beds, but the expenses don’t stop there. In fact, some of the biggest costs, such as veterinary bills, could still be ahead.
How Much Does it Cost to Own a Pet?
On average, pet owners in Australia can expect to spend upwards of $3200 a year for a dog and $1715 a year for a cat. This figure doesn’t even account for unexpected vet bills, which can mount quickly if your pet gets injured or becomes ill.
To prepare for these costs, some pet owners opt for pet insurance to help cover unexpected veterinary expenses. However, with the rising cost of living, many pet owners may wonder if pet insurance premiums are really worth it. Could putting money aside as an emergency fund be a better option?
Pros and Cons of Pet Insurance
Pet insurance can be complicated, with various limits and exclusions. It’s important to carefully consider whether a policy provides good value before you commit.
Pet insurance policies usually have an annual benefit limit, which caps how much the insurer will pay for treatments within a policy period. Depending on the policy, this limit could range from $5000 to $30,000. However, most policies will only cover a portion of each bill, typically 60% to 80%, which means you’ll still have out-of-pocket expenses.
Routine check-ups and vaccinations aren’t typically covered by standard policies, and the availability of insurance can also be limited for older pets, as many policies won’t offer full coverage for animals over eight years old.
What Pet Owners Say
Some pet owners believe pet insurance is well worth the cost. For instance, Teresa’s Labrador developed allergies early in life, and pet insurance helped cover the ongoing treatments, making it a valuable investment for her family.
However, others feel that insurance may not be worth it in the long run. Wendy, a cat owner, calculated that over the past 13 years, she would have paid $35,000 in premiums for her two cats, far exceeding her $8,000 in vet bills.
Self-Insuring: Setting Money Aside
For some pet owners, self-insuring by regularly saving money can be a more attractive option. By setting aside a set amount each month, you can build up a fund to cover your pet’s healthcare needs.
The downside to self-insuring is that veterinary emergencies can happen unexpectedly. Building up savings takes time, and if a costly emergency occurs early in your pet’s life, you might not have saved enough to cover it.
How Much Should You Save?
If you decide to self-insure, it’s important to budget for both routine care and emergencies. Routine costs like vaccinations and check-ups should be factored in, even if you have insurance, as many policies won’t cover these services. Additionally, you’ll want to save for unexpected costs like surgeries or treatments for illnesses.
For example, treatments for a dog who ingested a foreign object could cost between $1064 without surgery and $5067 with surgery. More complex procedures like hip replacements can cost upwards of $12,300.
In the end, whether you choose pet insurance or self-insuring, it’s essential to plan for your pet’s care and consider their age, breed, and potential health risks. Your veterinarian can help you estimate these costs and offer guidance on the best approach for your pet’s healthcare needs.
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