Pet insurance, saving money and the life of your pet

For many people, pets are not just animals, they are part of the family. And that means giving them the best possible care and attention, from a healthy diet to regular grooming, to vet visits (and if a condition is diagnosed) all the treatments and procedures that money can buy.

Unfortunately, that can be a lot of money. In the last decade, veterinary science has grown by leaps and bounds. Tests and treatments once available only to humans are now being applied to our furry friends, making it possible to cure once-fatal conditions.

For example, incidences of cancer are much higher among animals than among humans. Before, veterinarians simply opted for euthanasia. Today, concerned owners can opt for radiation therapy or kidney transplants, at staggering prices of $1,000 to $5,000 or more. This does not include the cost of MRIs and other screening tests, or vitamins and premium foods that veterinarians will prescribe to boost the immune system of a sick or aging animal.

Veterinarians have also raised their fees, making even regular checkups and procedures a bit of a pain in the pocket. Studies show that owners are paying up to 73% more than five years ago, making veterinary care one of the fastest growing industries with $19 billion in revenue.

All of these developments have made pet insurance a more affordable option. What is the $2,000 one can spend over the lifetime of the average pet, compared to the $5,000 one can spend in a week for delicate hip surgery?

There is also a wider variety of pet insurance policies, so you can choose one that suits your budget and preferences. It is always important to check with the state insurance department that a business is legally registered. Then review the contract and ask the agent to explain what is included and what is not. You can always request additional clauses to provide you with more complete coverage.

But what should you include? First, you should also know what conditions your breed is vulnerable to. Also look at where you live (will your area put your pet at risk for car accidents, attacks by other dogs, injuries?) and your pet’s general health and even genetic history.

In addition to getting pet insurance, you can also control your pet’s medical expenses by visiting low-cost clinics (you can get numbers from your local humane society). Always get a second opinion before agreeing to very extensive treatment or antibiotics, and visit websites to learn more about the condition. Some vets will also give away free drug samples to help you decide whether or not to commit to a long-term prescription.

It is also much cheaper to keep your pet in optimal health than to pay for medical treatment. Invest in high-quality food. Adequate exercise is also necessary to prevent obesity, which is linked to many health problems. Keeping your pet on a leash can also prevent accidents and even some diseases that you can catch while wandering unattended.

Getting pet insurance can be an important factor in managing your pet’s medical bills, but it’s not the only one. It’s nice to have a safety net in case something bad happens, but the best defense is what you do every day: love and care for your pet.