As Americans continue to live through a lackluster economy, with poor consumer confidence and high unemployment rates, they are consistently trying to think of ways to save money. News articles pop up all over the country outlining money-saving tips, including a recent article on US News on tips for saving money on pet costs.
The author of this article put together five money-saving tips for pet owners that include choosing the right pet and breed for your family, investing in preventative care to catch expensive health conditions early, feeding your pet an appropriate diet, and saying ‘no’ to expensive toys. But the tip I wanted to focus on was her tip to avoid investing in pet insurance. She states:
The general wisdom on buying insurance is don’t insure what you can afford to replace (or in this case, pay out-of-pocket). It could help cushion the blow of an expensive veterinary emergency, but many policies have limitations. In addition to coverage maximums, pet policies may not cover preexisting conditions or conditions that are common to your pet’s breed. Instead of sending a monthly check to an insurance provider, you could self-insure by depositing funds into a money market or other savings account earmarked for pet care.
I feel it’s unfortunate she took this stance on pet insurance, especially since she describes an example in the opening of her article where pet insurance could have saved the pet owners thousands of dollars. The notion of self-insuring seems like a good one until you realize how long it would take to build up a savings account of $5,000+ and how common treatment costs can reach this number and beyond.
I think it’s generally agreed that our pets give us their best every single day – they love us unconditionally and stand by our side through thick and thin. And when they need us to return the favor – say they develop diabetes or cancer – we want to be able to give them the best care on the market. Pet insurance gives you that option.
Yes, some pet insurance providers have payout limits or limit coverage for certain conditions. But that is why it’s important to pick a pet insurance provider that meets your high standards of care. Trupanion has no limits – you can visit any veterinarian (specialists and emergency clinics included) and we will be there for you with 90% reimbursement each and every time – even for congenital and hereditary conditions.
What do you think? Do you think declining pet insurance coverage is a good way to save money on pet care costs?
Read the full article on US News here.