Interesting Pet Insurance Article:
Results 1 to 6 of 6

Thread: Interesting Pet Insurance Article:

  1. #1
    Retriever Mama's Avatar
    Retriever Mama is offline Senior Member
    Join Date
    Feb 2009
    Location
    Connecticut
    Posts
    11,362

    DefaultInteresting Pet Insurance Article:

    ConsumerMan: Is pet insurance worth it? - Business - Consumer news - ConsumerMan - msnbc.com

    When it comes to our pets, my wife and I will spend whatever it takes to give them the best medical care possible. Like so many other people today, we consider them to be members of the family.

    Our dog, Jack, has his own ophthalmologist. A few years ago, he needed a series of laser surgeries to treat a bacterial infection in his eyes. The bill came to $5,000.

    Veterinary specialists can do some amazing things these days — from open heart surgery to cancer treatment — if you can afford the price tag.

    10 priciest pet predicaments

    This list was prepared by the Veterinary Pet Insurance Company (VPI).

    Condition: Payout per claim
    1. Torn Knee Ligament/Cartilage: $1,578
    2. Intestinal - Foreign Object: $1,967
    3. Stomach - Foreign Object: $1,502
    4. Intervertebral Disc Disease: $3,282
    5. Stomach Torsion/Bloat: $2,509
    6. Broken Leg (Plate): $1,586
    7. Laryngeal Paralysis: $2,042
    8. Tumor of the Throat: $1,677
    9. Ear Canal Surgery: $1,285
    10. Ruptured Bile Duct: $2,245

    .A recent survey by the Associated Press found that a significant number of pet owners (41 percent) are extremely or somewhat worried they could not afford the medical bills for a sick cat or dog.

    Is insurance the answer? When people ask me that question my answer is always the same: It depends. Buying pet insurance is both an economic and an emotional decision that needs to be based on your personal financial situation and what you’re willing to pay for peace of mind.

    “If you get the right policy, it can be an asset to the health care of that pet and have a significant impact on the bill that results from a visit in an emergency situation” says veterinarian Jean Maixner, co-owner of Animal Critical Care & Emergency Services in Seattle.

    “Some people can’t afford the treatment so they ask us to euthanize their pet. It’s absolutely horrible,” Dr. Maixner says. “If people had acquired pet insurance before the emergency occurred, they might have been able to move forward with some reasonable treatment to help their pet.”

    Consumer groups have a different take on pet insurance. Robert Krughoff, president of Checkbook.org, says “it doesn’t make sense” in most cases.

    “It’s common to pay $300 a year or more for pet insurance. Over the life of a dog or cat that might be $5,000 or more. Most people are not going to have a big expense like that,” he says.

    For its August issue, Consumer Reports compared the cost vs. payout of nine pet policies for Roxy, a healthy 10-year-old beagle who lives near the magazine’s office in Yonkers, N.Y. Roxy’s lifetime vet bills have totaled $7,026 (in current dollars). In every case, the total premiums that would have been paid to those insurance companies were higher than Roxy’s medical bills.

    When the editors gave Roxy a few hypothetical medical problems to boost her vet bills to $12,685, five of the nine policies would have paid out more than they cost. A Seattle company called Trupanion did the best in this scenario.

    “Our conclusion is that for a generally healthy animal this insurance is probably not worth the cost,” says senior editor Tobie Stanger.

    Consumer Reports believes it makes more sense to put a couple of hundred dollars into a household emergency fund each year for serious pet health issues.

    Both Consumer Reports and Checkbook advise against buying insurance to cover routine wellness care. They say this is an expense you should be able to cover on your own. And I agree.

    “It’s just crazy to pay an insurance company to just turn around and pay the vet,” says Checkbook’s Robert Krughoff. “Why not pay the vet directly and avoid all the overhead and sales costs from the insurance company.”

    Pets eat the darndest things!

    The claims adjusters at VPI came up with this list of the most common items vets surgically remove from a pet’s gastrointestinal tract.

    •Socks
    •Underwear
    •Panty hose
    •Rocks
    •Balls
    .Are consumer advocates barking up the wrong tree?
    Pet insurance companies argue that it’s impossible to tell if your furry friend will be healthy or have a serious illness or accident during its lifetime.

    “If you’re independently wealthy, you can roll the dice,” says Darryl Rawlings, Trupanion’s CEO.

    Rawlings tells me one in 10 people who are insured by his company make a claim for their pet every month. He says some customers get back 500 to 700 percent more than they’ll pay for premiums during the life of their pet.

    Tiffany Schumacher of Redmond, Wash., has a Trupanion policy. She pays $55 a month to cover Klover, her 1-year old Burnese Mountain Dog. (Tiffany chose to pay more to have a zero deductible.) She says the insurance means she doesn’t have to worry about getting Klover the best medical care.

    “You never know what they’re going to do,” Tiffany says. “You don’t think your dog is going to eat tennis balls.”

    But that’s just what Klover did last year. She ate a bunch of tennis balls. The surgery to remove them cost $2,700. Trupanion paid $2,332 (90 percent of the covered costs). Recently, Klover had emergency surgery for other intestinal and stomach problems. The bill was $6,980. Tiffany’s out of pocket expenses were just $1,050.

    VPI, the oldest pet insurance company in the country, spokesman Grant Biniasz points out that pet insurance is not a savings account.

    “It’s a way to manage risk,” Biniasz says. “If you look at any form of insurance and try to run the numbers, you’re going to find that most people are not going to get back what they pay in premiums. But the people who do are happy they made the investment.”

    If you decide to buy, shop around
    Pet insurance policies vary greatly from company to company. The only way to know what you’re buying is to get a copy of the policy and see what’s covered – and more importantly, what’ not.

    “Look very carefully at the fine print so that you’re not surprised when you file a claim and find that it’s denied,” advises Consumer Reports editor Tobie Stanger.

    You need to know:

    •Is there a physical exam required to get coverage?
    •Is there a waiting period?
    •What percentage of the bill do they pay — after the deductible?
    •Are payments capped in any way?
    •Are there co-pays?
    •Does the plan cover pre-existing conditions?
    •What about chronic or recurring medical problems?
    •Can you choose any vet or animal hospital?
    •Are prescription drugs covered?
    •Are you covered if you travel with your pet?
    •Does the policy pay if your pet is being treated and dies?

    Most policies do not cover congenital or hereditary conditions. Trupanion covers both (with some limitations). That’s a big plus.

    If you love your pet and you don’t have the money to cover an emergency medical situation that could cost thousands of dollars, I think you should consider pet insurance. You’ll get the lowest price if you buy when the animal is young.

    Remember, insurance is designed to cover you from a catastrophic financial loss. So choose the highest deductible you can reasonably afford. That will help lower the monthly premium.

    The bottom line: If you buy pet insurance and don’t use it, consider yourself lucky. But with pets living longer these days, your chances of using the policy are greater than ever.
    Melissa, Remy & Brooklyn

  2. Remove Advertisements
    JustLabradors.com
    Advertisements
     

  3. #2
    Tanwen's Avatar
    Tanwen is offline Senior Member
    Join Date
    Mar 2010
    Location
    I moved to Banbury in Oxfordshire in 1993,prior to that I llived in Birkenhead,Cheshire
    Posts
    804

    Default

    It's like all insurance - you take it out hoping you'll never need it.

    *Except car insurance, of course which is mandatory and you can have your car seized and crushed if you don't have any.*



  4. #3
    javasmom is offline Senior Member
    Join Date
    Jul 2009
    Location
    Massachusetts
    Posts
    4,663

    Default

    They really cheaped out on their estimates. Torn ligament-$1500??? Broken leg with plate-$1500???
    Moka's broken leg, repaired with a plate and screws cost $4,850.
    Java's 2 TPLO's cost $10,000.

    Is insurance worth it? It sure would have been if we had it when the girls injured themselves!! lol
    We do have insurance now and it does give me peace of mind.

  5. Remove Advertisements
    JustLabradors.com
    Advertisements
     

  6. #4
    Swamplily's Avatar
    Swamplily is offline Senior Member
    Join Date
    May 2010
    Location
    Louisiana
    Posts
    1,204

    Default

    Abby's leg with a plate and external fixator was almost $6000.00. Unfortunately we did not have insurance then. We do have it now on all 3 dogs but haven't had to use it. Ours covers congenital and hereditary conditions. As long as we can afford it, we'll have it.
    Abby, Blk Lab, born 12-15-05
    Taco, Beagle, gotcha 1-15-09
    Ernie - Y-Farms Honest Ernesto, CGC, Blk Lab, born 10-4-09

  7. #5
    oakley's Avatar
    oakley is offline Senior Member
    Join Date
    Feb 2009
    Posts
    830

    Default

    I have insurance for Oakley and have had it since she first came home with me (minus the waiting period). It acutally did benefit me to have the insurance as Oakley has a bladder condition which requires daily meds.

    I just wanted the peace of mind so I got the insurance, glad I did.

  8. #6
    Tanwen's Avatar
    Tanwen is offline Senior Member
    Join Date
    Mar 2010
    Location
    I moved to Banbury in Oxfordshire in 1993,prior to that I llived in Birkenhead,Cheshire
    Posts
    804

    Default

    I used a price comparison site and managed to get both dogs insured (lifetime) for the same amount that it was costing for Dinozzo on his own...and I get a free 'Meercat'

    ‪comparethemarket.com Simples Rewards‬‏ - YouTube



Similar Threads

  1. Interesting Article in Family Dog
    By myfavoritedog in forum Lab Chat
    Replies: 2
    Last Post: 01-21-2008, 08:33 PM
  2. Interesting Article
    By ZRL in forum Obedience/Tracking
    Replies: 8
    Last Post: 11-26-2006, 07:02 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25