CLEVELAND, Ohio — Every week, Ready Pet GO! highlights the immense rewards that can come from bringing a pet into your home. It can change your life. But to be honest, it will change your budget, too.
One cost many owners may question is pet insurance. How does it work and is it worth it?
We spoke with Brian Macias, President of Embrace Pet Insurance. Embrace is located here in Northeast Ohio.
"People think of their pets in the same way that they do their family members and their children," Macias said. "And so therefore, they wanna deliver the same quality of life to their pets that they do their family members. And that includes the health care pets receive -- and really that's affected the whole industry."
Just as medical advancements over the last 20 years have dramatically changed the health care we receive, the same goes for our pets. From cancer care, orthopedic treatments and breed-specific health issues, veterinary medicine is helping our fur babies live longer, healthier lives. But it can be very expensive.
"In the first quarter of this year, we saw 10-12 percent inflation in the vet industry and we really don't see any signs of that slowing down," Macias pointed out.
Cancer treatment in dogs can easily exceed $10,000. Surgery to repair ligament tears around $5,000 or more.
"Pet insurance is there to cover unexpected and unpreventable accidents and illnesses," Macias explained.."And what that does exclude is anything that would be deemed a preexisting condition. And that's really industry-wide."
So how does it work?
You choose a plan that's right for you and pay a monthly or annual premium. Pet insurance plans are typically reimbursement-based, meaning you pay up front and then submit a claim.
And just like with our health insurance, there's usually a deductible before coverage starts.
"Based upon your plan, whatever is eligible to be covered, we will reimburse you for that. And typically we'll reimburse you at 70, 80 or 90 percent of what you paid for those covered expenses, depending on what program you've picked," Macias said.
Timing is also important.
Since pre-existing conditions are often not covered, you want your pet covered before those ailments crop up -- when they are puppies, kittens or even adults newly adopted from shelters.
It may seem like an unnecessary cost during those younger, healthier years, but it can prevent heartache and financial headaches down the road.
"You've got to get in early and that really increases your odds that whatever happens will be covered because it eliminates a lot of the pre-existing condition risk. And as time goes on, you'll very likely get a lot of value out of that policy," according to Macias.
Aggregators are a good tool for plan comparison. Check out some below!
