An HMO for Your Dog? Pet health insurance is a burgeoning market, one that has reportedly grown at an annual pace of 45% over the past five years.
Amazingly, even at that rate, at this point it is estimated that only 1% of the 136 million dog and cat owners in the US currently have pet insurance.
Companies specializing in pet coverage can rescue you from the decision of whether or not you can afford to help your pet get well, should the unfortunate need arise.
Operating similarly to human health insurance, policies require premiums ranging from $100 to about $1,000 annually.
Coverage limits and deductibles vary between companies, options and ailments alike.
Factors affecting premiums include: * Age * Species * Area of the country * Pre-existing conditions * In some cases, lifestyle of the pet (indoor vs.
outdoor, e.
g.
) Unbeknownst to most owners, pet insurance has been available for decades.
However, a change in market strategy has finally started to penetrate this market as pet insurance companies move from having veterinarians sell insurance to advertising insurance directly to consumers.
Sweeping changes in the pet insurance industry have occurred only recently.
Some say for the better.
Levels of care previously considered prohibitive are now available to the average pet owner.
Critics see a gloomier outlook as a result of the changes, however.
In their eyes, adding insurance to veterinary medicine will follow the path of insurance red tape and problems found in human health care.
Veterinary medicine is one of the few health care professions that is not financially based on insurance.
Unlike most medical, surgical, dental, and pharmacy cases in human medicine, veterinary customers are responsible for costs incurred -- including preventive and routine care, emergency and disease conditions.
Most companies start policies at age 6-8 weeks.
Age limits vary from none to 27 years.
As for pre-existing conditions, some companies will allow coverage if the animal is stable or controlled (usually after a waiting period of 6 months).
Others refuse coverage for animals with current conditions or terminal disease.
The varying policy costs depend on the animal and the different packages that the owner can choose.
Some packages are comprehensive, including such things as: * Annual checkups and vaccinations * Routine care * Preventive medications (like Heartworm preventive), and * Spay/neuter surgeries.
Other plans cover only accident and illness.
Most plans offer immediate coverage for accident claims, and 30 days for illness claims on new policies.
Additional pets are usually covered at a reduced rate after the first policy-holding pet.
If an insurance policy doesn't seem like the answer for you and your pet, there are other options, which should be discussed with your veterinarian.
Some hospitals offer wellness packages, which offer discounted prices on vaccinations, spaying and neutering, and other routine care.
Some even offer geriatric health checkup packages.
Discount programs such as PetAssure are worth looking into.
This is a national program that offers 25% savings on veterinary services and up to 50% savings on pet supplies and services.
To take advantage of this, it is required to use participating veterinarians and pet suppliers.
In addition, some humane organizations and non-profit groups offer financial aid to pet owners in need.
Finally, some veterinary offices keep an "emergency fund" for pets in an accident or other emergency situation.
This should not be an option to count on, though.
It is every pet owner's responsibility to plan for emergency situations.