Health insurance for pets is becoming more mainstream. As this article in the Wall Street Journal reports, people are spending more money to keep their cats, dogs, and other pets healthy. Investing in pet health insurance can help offset the cost of illnesses as well as routine pet care.
The cost of medical care for pets is rising as fast as it is for humans, and that’s helping to spur sales of pet insurance.
Pet owners are able to choose from a rapidly growing array of policies, featuring everything from high-deductible designs to coverage of alternative-medicine treatments like acupuncture. Some pet policies focus on accidents and illness, while others include wellness checkups and shots. And some things that traditionally weren’t included in pet insurance, such as hereditary conditions, are now paid for under many plans.
Consumers need to be careful, since many pet policies can be as confusing as coverage you buy for yourself. Pet insurance often places strict limits on how much it will pay for particular procedures. And policies can have tricky designs that can leave consumers with big out-of-pocket bills for their animals. Premiums vary from around $10 a month to $75 a month, depending on factors including the richness of the plan, your location and your animal’s breed and age.
This year, pet owners are expected to spend around $12.2 billion for veterinary care, up from $11.1 billion last year and $8.2 billion five years ago, according to the American Pet Products Association. Complex procedures widely used for people, including chemotherapy and dialysis, are now available for pets, and the potential cost of treating certain illnesses has spiked as a result.
Read the rest of Polly Want an Insurance Policy? from the Wall Street Journal.