If you are wondering whether you should get pet insurance for your cat, you are not alone. A few years ago, insurance for your pet would have been on the list of things that are not necessary for most people. These days it has become a different story.
Still, the main decision lies in deciding whether to invest your hard-earned money in premiums or to invest the money in another financial vehicle that works better for you.
Owning a cat still has its risks. The little bandit can grow into a happy cat and live a long life doing what cats love to do with little to no concern for their health. On the other hand, there is a possibility of an unfortunate accident happening to poor Bandit. Additionally, Bandit could contract any number of diseases, acquired from who knows where, or suffer from health problems due to an unhealthy diet.
You just don’t know what will happen. So the question really is, am I financially prepared to handle anything that might happen, or will ensuring my cat be a better alternative than going into debt? Also, do I care enough about my cat to make sure it is protected from anything that might happen?
With the high cost of newly available pet treatments, caring for a pet on your own can be risky without pet insurance. Most of us can handle the small costs of regular cat care, but if something life-threatening happens, we may not have the funds available to pay for proper treatment. Without pet insurance, you face the difficult choice of going into debt, losing your pet, or both.
The average cost of insurance over your cat’s life is anywhere from $ 2,000 to $ 7,000. You may never equal or exceed that amount in treatment, but it can be a much more manageable amount should large veterinary bills arise. .
Advances in veterinary care carry higher costs
It is important to be aware of the treatments available to your pet that were only recently available to us humans. An untreatable diagnosis meant that your cat could not be helped, but these days what was untreatable can now be treated, but at a price of between $ 1000 and $ 5000 or more.
With the new tools and techniques that veterinarians use today, an examination of your pet can reveal conditions that may have previously gone unrecognized and untreated. Again, these more sophisticated tests are more expensive.
As a result of these higher prices for veterinary treatments and procedures, the costs of medical care for pets have also increased.
Of the roughly $ 50 billion we spend on our pets, 30% goes to veterinary care. That is around 15 billion. With 85 million cats, only 1% to 2% of cat owners have pet insurance policies.
Will pet insurance protect you from everything?
Most pet health care policies include a deductible and an annual limit on what will be paid for your claims. Plus, there are other features, like copays, that mean more money out of your pocket.
Also, most cat insurance companies exclude hereditary conditions and pre-existing problems. Policies for older pets are significantly higher, and some pet insurance companies do not cover pets over the age of nine.
Some of the most common conditions for cats, such as foreign body ingestion, rectal cancer, and mast cell tumors, cost $ 495. up to $ 1650.
Having a pet is not cheap. They are expensive, no doubt. Insurance for your pet can protect you from any frighteningly huge unforeseen costs, and hopefully you can take care of the rest.