"Pet insurance can be a blessing or a big waste of money."
Factors to Consider When Shopping for Pet Insurance
Insurance can come in handy to take care of your ailing cat, and it can also
be a waste of your money. When deciding whether to buy a policy you
should consider several factors.
The following are a few of the factors you should consider to help you make your decision:
The age of your cat
Your cat's current health status
Your cat's past health issues
Your financial situation (do you have enough savings set aside for an emergency if you don’t have
insurance?)
The cost of the premiums
Your overall feelings about insurance
You may also want to consult with your veterinarian and other cat owners to ask about their experiences.
What Bills Will Be Covered?
Pet insurance policies will almost never cover your entire veterinary bill,
although it could make a substantial dent in a hefty bill. Some veterinary costs
will be not reimbursed and others will be excluded entirely.
You will also have to pay deductibles and co-payments, in addition to your ongoing premiums.
And if your cat never becomes ill and you never use your policy (which is what you
hope for!), then you have nothing to show for your money.
Savings Account Instead of an Insurance Policy?
For some people, a pet insurance policy is really nothing more than a forced way to save money for your cat’s veterinary treatment in the event that she is injured or becomes ill.
The policy could end up costing you thousands of dollars in the course of
your cat’s life. This money could be yours if you take the advice of some
consumer advisors and put the money that you would pay for a veterinary coverage policy into a
savings account for the express purpose of taking care of your cat in the event of an emergency. This way, the
money belongs to you and not to the insurance company.
Of course, this takes discipline and it doesn’t help you if your cat needs expensive veterinary care before you have had a chance to save enough money.
Benefits of Pet Insurance
According to some statistics, less than 1 percent of pet owners have bought pet
insurance. And yet, for some pet owners who face the terrible prospect of their
cat becoming very ill and not having enough money to pay for the treatment their
cat needs, having insurance can be a huge blessing.
Having pet insurance helps to take the financial pressure out of the decision about what to do for your cat when you are faced with a serious health crisis. This emotional security is a good enough reason for many people to buy pet insurance.
The final decision about whether to purchase insurance should be weighed
carefully. And even if you decide that it does not make financial sense to you to
buy an insurance policy, it may make enough emotional sense and provide you with
greater peace of mind. Your own feelings should guide you best, even more than your checkbook.
Read the Fine Print
If you decide to shop for a pet insurance policy, be sure to read the fine print and
ask questions until you are satisfied that you understand what your policy covers.
You should at least ask about what costs will be excluded, what your deductibles
will be, what your co-payments will be, and of course, what your premiums will
be.
Additional Resources
Visit My Healthy Cat's
common cat health problems
to read about the type of diseases and illnesses your cat can develop.
Search My Healthy Cat or the Internet for more information.
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