From Time:

Pet health insurance might not be worth the cost for every pet owner, as premiums, deductibles, and copays can add up. However, pet insurance may make sense for owners with big hearts and deep pockets. It’s more likely to pay off for pets prone to hereditary conditions, and it covers most accident and illness treatments.

According to Naphia, nearly 5 million pets have pet insurance, a 28% increase from the previous year. The monthly cost is just one aspect of the overall cost of pet insurance, which must also consider the deductible, copay, and any unpaid balance if you meet your policy’s annual cap. Pet insurance may pay off for owners with pets prone to hereditary conditions, and it covers most accident and illness treatments.

Pet insurance companies calculate monthly premiums based on factors such as pet breed, type of pet, location, and age. Premiums for cats are more affordable than premiums for dogs, and certain breeds are prone to costly hereditary conditions. The type of coverage you select also influences the cost of the policy.

The cost of vet visits can add up quickly, especially for treatments such as chemotherapy or radiation, which can cost up to $7,000, without including bills for diagnosis and follow-up treatments. Certain breeds prone to chronic conditions, such as English Bulldogs, can be a risk factor for high medical expenses.

Pet insurance covers most medical expenses related to injuries or illnesses, including diagnostics, surgery, medication, take-home prescriptions, and alternative therapies. However, you’ll have to pay for the treatment upfront before filing a claim, and premiums may increase as the pet ages.



Read more: Is Pet Insurance Worth it in 2024?