Find out what pet insurance covers, the best places to buy it, and 5 tips to know if you should get it. Get the Money Girl book at http://MoneyGirlBook.com
Money Girl
353 MG Should You Buy Pet Insurance?
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New customers on first three-month plan only. Taxes and fees extra. Speeds lower above 40 gigabytes of detail. [MUSIC] Hi, everyone. I'm Laura Adams, author of the award-winning book, Money Girl Smart Moves to Grow Rich. In addition to this show, I also write a free newsletter with tips and answers to listener questions that don't make it to the weekly podcast. You can sign up at quickanddirtytips.com. While you're there, also connect with me on social media. Subscribe to the podcast on iTunes or read a transcript of this show, which is episode number 353, called Pet Insurance. Five tips to know if you should buy it. If you love your pets as much as I love my yellow lab, Dixie, you probably consider them true members of your family. Since no one wants to be caught in a situation where you can't afford a pet's veterinary care, you may have wondered if you should have pet insurance. Although the right pet policy could help you cut vet expenses, not all policies are created equal. In this episode, I'll explain what pet insurance covers, the best places to find it, and five tips to know if you should buy coverage to protect your furry friends and your finances. According to the American Pet Products Association, Americans spent about $60 billion on their pets in 2013. Veterinary care makes up about 25% of that astounding amount, which is approximately $15 billion, and that number is expected to continue growing each year. If you've taken a pet to the vet, you've probably experienced serious sticker shock from the cost of even minor issues. It can be really scary to think about footing the bill to treat a major pet health problem. One of my friends had a dog that used to eat her toddler's dirty socks like they were liver treats. After socks kept mysteriously disappearing and her dog had a serious blockage, the intestinal surgery to remove nearly 20 baby socks cost several thousand dollars. So, how do you know if getting pet insurance will end up costing or saving you money in the long run? When people ask me that question, my response is always the same. It depends. Whether you should buy pet insurance is a financial and an emotional decision. It hinges on many factors such as your income, savings, risk tolerance, your pet's age and breed, how much you'd be willing to spend on a pet's care, and the type of pet coverage you're considering. In a moment, I'll give you five tips to know if you should buy pet insurance. But first, it's important to understand what pet insurance covers. In general, pet insurance covers the cost and treatment of accidents, illnesses, and routine wellness visits. But not all services, medications, and treatments are always reimbursed. Each carrier offers very different plans. Common exclusions include pre-existing medical conditions and breed-related diseases. Most plans require a vet to examine your pet and complete a health checkup form that you submit soon after enrollment. Find out if there's a waiting period after you purchase a plan when certain claims would not be covered. Also, make sure that you can go to any vet that you want. When it comes to making claims, some companies pay a percentage of a covered cost, and others pay a maximum amount per diagnosis only after you're deductible, which is the amount you must pay before benefits begin. Either way, you typically must pay a vet first and then file a claim for reimbursement. I'll include links to some of the best-known pet insurance companies on the MoneyGirl page at quickandertietips.com. Just look for episode number 353, called Pet Insurance. Five tips to know if you should buy it. Here's a quick and dirty tip. Get free price quotes from several pet insurance companies and compare the coverage offered. That way, you'll know if you're buying the best policy for your situation. 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Give it a try at mintmobile.com/switch. $45 up from payment equivalent to $15 per month, new customers on first three month plan only, taxes and fees extra, speeds lower above 40 gigabytes of details. Here are five tips to know if you should buy a pet insurance. Tip number one, you own a dog. Pet insurance is mainly for dogs and cats. But some insurers may also cover certain exotic animals. However, dogs generally have more active lives while cats stay indoors most of the time. This difference increases the likelihood of a dog getting injured or being in an accident. Now, that's not to say you should never get coverage for a cat. In fact, insurance plans for cats can be less expensive than for dogs. Tip number two, your pet is predisposed to certain health problems. Just like certain people are predisposed to specific medical problems, so are animals. Many breeds of dogs and cats are known to have hereditary factors that make them more likely to develop disorders or diseases that could be expensive to treat. For instance, hip dysplasia is a condition that can cause painful arthritis of the hips in many dog breeds, especially larger ones. Tip number three, you have a young pet. Although you may be able to ensure a pet of any age, premiums are lower when they're younger and healthier. Remember that pre-existing conditions noted by a vet could be excluded from coverage at any age. As your dog or cat gets older, quoted rates will be higher. Some, but not all, policies automatically increase your rate as your pet ages. Additionally, having an older pet means you could be turned down for a new policy altogether. Some plans deny coverage for pets more than 10 years old. Tip number four, you live in a big city. Where you live plays a big role in the cost of pet insurance. That's because vet costs are higher in major cities than in rural areas. So while a policy may cost more in a large city, it could pay for itself with just a few vet visits. And tip number five, you don't have an emergency fund. If you're not financially prepared for a big vet bill, consider what you do if your pet needed unexpected medical care, such as an expensive surgery, chemotherapy, or medication. The sad reality is that many pet owners are forced into debt, or to euthanize their pets because they can't afford the cost of care. Yes, it's possible that you could pay more in insurance premiums than you get in benefits because your pet sails through life and perfect health. But the purpose of insurance is to manage potential risk and give you peace of mind that your finances will be safe no matter what. If you want the best for your pet, but don't have ample income or savings to pay for it, start building your emergency fund right away, or get pet insurance. 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