Pet Insurance

[Pansori]

This may sound like a silly question, but seriously... pet insurance. Should I or shouldn't I? I feel very neglectful to my cat, Marie. She is 9 years old I have had her since she was 4 WEEKS old. But unfortunately she has not been to the vet in over 4 years. I'm contemplating getting pet insurance and wondering if it is worth it? I checked out Purina's insurance and it is $26 a month for the plan I want.

Before anyone accuses me of being crazy cat lady please understand as I said I have had Marie for a long time. She has been my constant companion for the last 9 years of my life. And while she is still pretty spritely I realize she is getting older. She is inevitably going to start having medical issues, and I would like to address them as they come.

So do you think it is a waste of money? I can easily afford $26, but I have been debating whether I will be throwing away money.

[Robert742]

I've never sold pet insurance, but I've worked in insurance for over 20 years. I've always wanted to help keep people from buying "rip off" insurance, But really, there is no "rip off" insurance. There are types of insurance that most people, and personal finance experts, consider a rip off, but for some people the insurance fills an important need for them.

Don't feel bad about caring about your pet and wanting pet insurance. Generally, paying for any insurance providing benefits you could pay for by other means, is not a good idea.

Look at the maximum dollar amounts of the benefits provided, and the likelihood your cat will need these services, then consider the annual cost of the insurance.

How much do you think you can collect on the insurance over the next five years? How much money would you have on hand after 5 years, if you put the premium into your bank account instead of buying the insurance?

If you can afford to self-insure, do it.

But if you live paycheck to paycheck, and you know you would pay thousands of dollars to keep your kitty with you if kitty gets sick, pet insurance might be a good idea for you, as long as the coverage is adequate for your needs. If the policy only pays $2,000 towards a $4,000 vet bill, you may want to seek better coverage.

I've known people distressed by their sick pets and not having the ability to pay the vet bills.

[cypher1]

Before anyone accuses me of being crazy cat lady...

The Cat Lady - YouTube

[KennySoward]

This is a very interesting question. And no, you aren't crazy. You may actually be saving yourself come money as your kitty reaches her "golden years." I have a Persian, and he's around 15 or 16 years old, so he's reaching the end of his life. He too is my constant companion, and he's just a really good kitty. Cute as heck.

I can tell you that every time the lil' guy starts sneezing, I get nervous. In fact, just recently we went on vacation. When we came back, we saw that his eye was severely swollen. Our other two younger cats must have bullied him around a bit while we were away.

Took him to the vet and turns out he has a corneal abrasion that can be cleared up with some moderately-priced antibiotics. Total bill was still $69.

I've taken him for routine teeth cleanings every year (or two years) which is critical when they get older, and those can be pricey.

I think it totally makes sense to get some kitty insurance starting when they are a little older (maybe 9 or 10). You won't want to put them through chemo if they get cancer, but it should help with the regular visits, infection medicine and xrays should they get really sick (bowel obstruction or something). Plus teeth cleaning like I mentioned above.

I would first find a really good vet (or two) and see if they recommend any pet insurance. Get a few different opinions.

[Pansori]

Thank you for your responses, I appreciate it. I'm still indecisive, but am leaning on getting the insurance. My SO believes it is a good idea. I do, too, but like Kenny said I need to do more research. Kenny, I'm glad you mentioned the teeth cleaning. Dental care is something that most pet owners definitely neglect. What Robert said here:

I've known people distressed by their sick pets and not having the ability to pay the vet bills.

is key for me. I have heard of people who were forced to put their pets down due to being unable to afford the vet bill. I couldn't bear that. I would like to think that when it comes to her last years I could do everything possible to keep her comfortable.

I work 5-6 days a week. Every day that I come home from work she is meowing and waiting for me at the door. I pick her up, hug her for a minute or two (she purrs) then I set her on the bed. I walk out, and she jumps off the bed and commences to following me around. We do this ritual almost every day. She is like my child. Funny how animals can be so fulfilling.

The Cat Lady - YouTube

That will be me in my golden years.

[DebbieL]

We have insurance for our little Jack Russell. He is the love of my life, and I would HATE to ever have to make a decision about him based on money, kwim? I have an unlimited policy (no upper limit for payouts) that covers 90% of all costs. It costs about $37/month. I consider it money well spent. Our boy is only 2 years old, so still young. If some major accident happened to him and was going to cost $20,000 (or whatever amount), at least I would only have to pay 10%.

As with all insurance, it's lost money if never used, and we hope never to have to use it For us, the peace of mind is worth it. And before anyone says "but for $37/month over 10 years you could have self-funded over $4000 for vet care" - yes, I know all that. I've done the math, but I still find it's worth it to me for the secure feeling it gives me.

[KennySoward]

Love to hear the stories about the pets. Would love to know how it works out and which companies you go with.

So far, Mr. Kitty's eye abrasion is healing great.

[Robert742]

Glad to know your kitty is getting better, Kenny.

[snafu]

I adore my dog, he knew I was ill before the doctor co firmed I had cancer. I have a friend whose kitty is likely terminally ill and I see how hard the treatment is on them both. I'd never do that to a beloved pet, too cruel to avoid my pain of losing a beloved pet.

I'd put $4,000. a yr. into a pet designated a/c for future treatment expense. BTW, I clean dogs teeth daily as part of his grooming routine. shihzuh need brushing at least daily.

[mrpaseo]

Not a weird question at all. Allow me to share the story of Simba Sue. She was our kitty for many, many years. She was an indoor feline so we opted to not bring her to the vet as often as an outdoor cat needs. My wife has prior experience as a veterinarian technician in the US Army so we knew what we were doing. She lived a long happy life until one day while we were out of town she broke her leg.

We did not have insurance but as many have said, she was like family. We brought her to the local Vet who refereed us to a larger clinic in Nashville NT (About 60 Miles away). We drove the distance (Simba hated riding in the vehicle) to have her looked at. They talked about plates and pins, meds and antibiotics and in the end, I was not strong enough to have her put down. I did however, put $2000 dollars down to have the surgery. The bill landed over $4000 to include a $500 blood transfusion. With minor complications, she made it through the surgery. We brought her home and made her a nice sleep area in our bathroom (They wanted us to keep her in a small room so she would not run/jump on the leg).

After the first week, she was having more complications to whit the vet gave use some "Free" antibiotics. After another week, and another week of pain and suffering, we brought her to the local vet and had her put down. That was one of the worst days of my life.

Only after this event did we think of pet insurance. Without a doubt, I think either insurance, or a monthly stipend saved into a pet fund is a must. When I am able to get another kitty (I can't bring myself to have another right now), we will assess and do one of the two.

[KennySoward]

MrPaseo...a sad story indeed. You know, when I do a revision of my book (or write part 2), I need to remember to put something in their about pet health insurance.

Thanks for sharing.

[GrimJack]

As a joke, we have assigned our wonderful kitty an entertainment 'value' of $3.35 per day. She has cost us a lot in vet fees, food, vaccinations and such - so far she has provided more value to us than she has cost. We have not actually set up an account for her but she is taken into account when figuring our emergency fund. Our Augy was a cat that DW rescued before we became a couple - he was an outdoor cat that lived to about age 19 and did not cost us very much until the last 3 months or so. (we calculated his daily value at about $1.75 but that was in 1980s dollars).

[Gary Barzel]

I don't think pet insurance is always the best option. If you do decide to purchase insurance then it is best bought when your pet is young and before problems occur that might be considered pre-existing. Also be sure to thoroughly research all the companies to see if you can find a company and policy that best fits your situation.

[Frugal]

I personally would not ever buy pet insurance, but for some people with older cats that might require expensive vet visits, who knows, maybe it would be a decent idea.