We love our pets, and would do just about anything to keep them safe and healthy. The reality is that health challenges or accidents can happen at anytime, and vet bills are expensive.
So is pet insurance worth it? Here are some things you’d want to consider:
How much do you want to spend on veterinary care?
The average annual payment for accidents and illness coverage is a little under $700 for a dog, and $400 for a cat. Are you going to spend more than that in a year on pet health care? If not, pet insurance could be a bad deal.
An example: I just had a situation with my dog, Lucky, that cost $700. Thankfully, he’s ok. If I had pet insurance, it would have covered that. So I would have at least broken even, right? Well, not exactly. Last year, for instance, Lucky didn’t have any coverable expenses. So if I’d bought health insurance both years, I’d still be out half my money — a full year’s premium.
Can I afford an out-of-pocket expense?
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I put about $100 aside each month for pet health needs, and that covers all but the most expensive emergencies. Obviously, I’m taking the risk of a catastrophic loss, but pet insurance doesn’t cover everything, anyway.
For example, one of the more popular plans I looked at excludes organ transplants and some heart surgeries. Of course, not every plan is the same. That number is an average. You can spend more, for more comprehensive coverage, or less, for narrower coverage.
Only you can decide what works for you — based on your financial situation, your risk tolerance, and your pet’s health needs.
What else should I consider?
To learn more, watch the full segment here.
Boston Globe Today airs Monday through Thursday at 5 p.m. on NESN and is available to stream on-demand at globe.com/bgt.
Segment produced by Segun Oduolowu and edited by Mike Gemme. Jenna Perlman of Globe staff contributed.
Andy Rosen can be reached at andrew.rosen@globe.com.