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Any household can benefit from having a pet. However, pet ownership comes with great responsibility that can cost a lot of money, which is why getting pet insurance is such a smart idea.
Studies show that Americans spend a total of $124 billion on their pets. This figure includes a variety of goods and services, ranging from food and treats to vet visits and grooming.
Dogs outnumber all other species by far as the cost of dog ownership is generally greater than that of a cat.
They can live for up to 20 years. Therefore, you may be looking at an additional $480 per year for the duration of his life.
Depending on the dog's age, breed, size, and any injuries or diseases, the final costs may be more or less.
Now here's the question: is it worth spending more money to add coverage for our four-legged friends?
Importance of Pet Insurance
Lack of pet insurance could put you at risk of being struck with a hefty bill given the unpredictable expenses of veterinary care.
Some pet illnesses and injuries can frequently cost more than anticipated. Those figures don’t include yet the price of initial vet consultations or even the diagnostic procedures.
But with the right pet health insurance, a portion of such costs can be covered.
Yes, that’s right.
Its purpose is to significantly reduce the overall veterinary expenses covered by the policy. It ensures that you won't be caught out should the unexpected happen.
Therefore, you may rest easy knowing that in case your pooch becomes sick or hurt, you will be financially protected.
Types of Pet Insurance Plans
There are many different pet insurance companies available, so you may compare their policies and pick the one that best suits your needs, your dog or cat's breed, and any potential future problems.
Remember, not all pet insurance plans are the same. The coverage will vary from one provider to another.
Therefore, it's vital to evaluate the benefits before buying one.
The two major types of pet insurance coverage are as follows:
Accident-only Coverage
This type of plan only covers accident-related medical expenses but can help you care for your furry friend when he gets hurt without as much worry about the cost.
It covers accident-related injuries and emergencies such as torn ligaments, dog bite wounds, cuts, fractured bones, swallowed objects, and toxic ingestions.
Accident and Illness Coverage
This plan has the widest range of benefits as it not only covers accidents but also illnesses.
With illness coverage, you can receive reimbursement for both major and minor ailments, including cancer, arthritis, hypothyroidism, ear infections, digestive issues, and urinary tract infections (UTIs).
So, you see, dog insurance does cover expenses for almost everything.
But what about the cost of additional and ongoing medications while your pet is recuperating?
Does Pet Insurance Cover Medication?
Medication can help us all in maintaining a more balanced, healthier lifestyle, whether it is for chronic conditions, preventive care, or acute health crises.
But does pet health insurance cover prescription drugs?
The answer is yes, as long as the health problem is new and any necessary waiting periods have passed, medicines are often eligible for coverage through insurance policies.
However, it is important to note that there are some restrictions on the kind of medication that pet insurance companies will cover.
Drugs prescribed by veterinarians are typically covered, though you might need to switch policies or pay more with some insurance providers to get pharmaceutical coverage.
Keep in mind that no companies provide coverage for pre-existing conditions. Hence, they don't pay for prescription drugs for ineligible conditions.
Additionally, unless you buy a wellness plan for your dog, medication for wellness-related issues is not covered by pet insurance policies.
Pet Insurance Plans that Cover Medication
More companies are now providing coverage for a wider range as more pets are now being treated with prescription medication.
Depending on their policy, medicines may be included in the basic plan or may need to be paid separately as part of a wellness or prescription plan.
Below are some of today’s insurance providers, along with a list of the prescription drugs they cover:
Pets Best
For both dogs and cats, Pets Best offers plans that cover a variety of medications administered to your pets over their course of treatment — from treating acute diseases with antibiotics to treating ongoing and chronic conditions.
They cover prescriptions including:
- Allergy Medication
- Antibiotics
- Arthritis & Pain Medication
- Cancer Care
- Gastrointestinal Health
Embrace
With every policy, Embrace offers coverage for take-home drugs.
This coverage reimburses medications that are FDA-approved and prescribed for covered conditions.
Prescriptions covered include:
- Anxiety Medication
- Ear Health
- Pain Relievers
- Steroids
- Oral chemotherapy
Fetch
Fetch by The Dodo only offers one plan but covers many things that others charge extra for, or don’t cover at all.
They cover just about all prescription medications such as antibiotics and anxiety medicine, as well as vitamins and other dietary supplements.
Yes, they do pay for supplements prescribed by a veterinarian to treat your pet’s illness or injury, but not for prescription food.
Spot
As long as it's a drug used in veterinary medicine and recognized by the FDA, Spot Pet Insurance will generally pay for any prescription medication used to treat a condition that is covered by the policy.
They do cover prescription food. They do not, however, cover homemade diets, pet treats, weight-loss foods, or foods that promote general health.
Healthy Paws
One coverage is all that Healthy Paws offers, but they feel that it covers all that is necessary.
They don’t have any incident, annual, or payment limits.
Medications are covered as long as a licensed veterinarian has prescribed them for a covered medical ailment or injury and they aren't symptoms of a pre-existing condition.
What’s Not Covered by Pet Insurance?
All pet insurance companies have their exclusions.
To avoid unpleasant surprises later, you should make sure you understand the exemptions of any plan you're considering.
Pre-existing Conditions
These conditions occur before the start of coverage or during a waiting period. These ailments are not insured.
However, they may not be permanently excluded from some policies.
For instance, if you have medical records demonstrating that your pet has been free of a condition for at least six months, Nationwide Pet Insurance may extend coverage.
Grooming Procedures
Baths, dips, shampoos, and nail trims are often not covered by pet insurance.
Non-veterinary Costs
Include fees for waste disposal, record access, any licenses or certifications, and adherence to a law or regulation (such as a dog license).
You may be able to add more coverage, though.
For example, Trupanion offers a Pet Owner Assistance Package that addresses non-veterinarian issues like:
- lost pet advertising and rewards
- boarding costs for your pet while you're in the hospital
- cremation or burial for accident-related deaths
- liability insurance if your pet damages someone else's property
Preventive Care
Any preventive care or wellness plan is usually an add-on that pet insurance provides, and it pays for wellness-related costs including regular checkups, flea and tick control, and vaccines.
An accident-only policy cannot typically be supplemented with a wellness program, but an accident and illness policy can.
Frequently Asked Questions:
Do I really need pet insurance?
Pet insurance is not mandatory, but it could reduce your veterinary costs.
Unplanned medical expenses from accidents and illnesses can be expensive and force you to use up your funds or build up credit card debt.
A good way to help lessen some of these costs is through pet health insurance.
What should I look for when choosing pet insurance?
If you decide to purchase an insurance policy for your pet, it's wise to weigh your options carefully before you commit.
Review and compare the price, type of coverage, and restrictions of each policy.
You may also want to consider how you'll be reimbursed, potential discounts, and company reputation when deciding whether a plan — and which one — is right for you.
Is pet insurance worth it?
Even though owning a pet has its perks, every responsible dog owner is well aware that having a pet entails a financial obligation.
This just goes to show that you'll need to think about these costs before opting to get a pet.
Pet Insurance for Medication: Final Thoughts
We all want the best for our pets, but sometimes health costs can really add up.
Since dogs are the most common pets, many owners choose to purchase dog health insurance to cover frequent injuries that could happen in parks or close to busy roadways.
The right pet insurance plan can protect your pooch from some of the expenses related to medical care for injuries sustained in mishaps like dog attacks and auto accidents.
Additionally, you have the choice of choosing a policy that covers illness.
With this option, you will be insured if ever your pup develops any of the most prevalent illnesses that are inherent to dogs.
With all those mentioned above, you can feel at ease knowing your pet—and your wallet—are better protected should the unexpected occur thanks to pet insurance.
After all, it’s better to be safe than sorry, right?
