A while ago I asked out loud “Is Pet Insurance Worth It?“. My conclusion was no, so we started putting $20 a month into an ING sub-account instead. Well, we have a spaniel, and he got an ear infection. We ended up taking him to the vet today since it was getting worse. Total cost for checkup + medication + ear cleaning solution: $88.50. Money saved up so far in ING: $80.
I wanted to see how much VPI pet insurance would have covered if we actually had it. I think it would’ve been covered, under “otitis externa”. Why can’t it just say “ear infection”? But there is a $50 deductible per incident, so we are actually ahead so far with the self-insuring. In the end, I still think pet insurance should be used as catastrophic insurance, if you couldn’t afford $5,000 surgery.
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My cat has diabetes, of course I didn’t have insurance, I tried applying for it 3 hours after the diagnosis, but the insurance company said it was pre-existing and wouldnt cover it. So I’ve done just what you’ve done, one of my savings accounts is designated the Ferber vet account. He’s got $380 saved up so far which isn’t even half of what the vet bills have been so far, but its a start.
Yes, this is a tricky choice. How old is your cat? If you had started to put in $20 a month since you got him/her, how much would you have?
We are really afraid of a heart condition that is somewhat common in Cavaliers, but since it is genetic the pet insurers won’t cover it anyways.
I would be very interested in seeing the cost comparison between having or not having pet insurance. I am getting a pet in a couple months and I am now researching the different insurance providers. The quotes I am coming up with are between $10 – $20/month.
Neo
Holy Cats! He’s 11, I would have had $2600 if I had started putting the money away when I got him.
Are there any tax holes for pet healthcare. Can you open a flexible spending account for your pet? 😉
I looked at the chart available at PetEducation.com and decided to try to create an interactive form for calculating the cost of owning a dog. Check it out and let me know what you think. link
Neo
One of our dogs had a splenectomy to the tune of $500 plus. No insurance, but my wife struck a deal with the vet with some bartering to knock 30% off of that bill.
Although the idea of pet insurance like an interesting idea, it will be interesting to see how long it stays around. With insurance for people we have a lot longer lifespan, so naturally the premiums will be lower as there is more time for insurance companies to accrue review and bank the interest, it is also generally the later years that people fall into bad health. Where as generally pets are only with us for 6 – 15 years. Have you ever seen a bill for chemotherapy for a pet?