Can the cost of pet insurance curb the rising cost of veterinary care?
The cost of veterinary care has seen a dramatic rise over the last few years due to advancements and improvements made in medical technology and treatments for pets. Nowadays pet owners are giving their pets the family treatment. When their pet falls ill or get injured they are more likely to be taken to vet for treatment by their owners rather than have them euthanized.
Treatment and Bills
Because of these new technologies and just simple fact of running a veterinary practice the cost associated with it as risen drastically. But at the same time with these new technologies Vets are able to perform radiation therapy to kidney transplants at costs ranging from $1,000 to more than $5,000.
The diagnostic tools Vets use have become more sophisticated and more costly to use such as MRI's. With these new diagnostic tools exams are revealing problems that would have gone unnoticed and untreated.
Tools and technologies such as these have pushed the inflation meter in the pet health care industry.
According to the American Pet Product Manufacturers Association, Americans are expected to spend almost $11 billion on veterinary care in 2009.
Even with these sky rocketing costs only 3% of the nation's estimated 71 million pet owners have pet insurance up from less than 1% in 1995.
Pet Insurance Premiums Deductibles, Exclusions and Surcharges.
Veterinary Pet Insurance, the largest pet insurer in the Unites Stated, serves 71% of the pet insurance market has seen sales grow at 28.6% annually since 1998. While they have seen such tremendous growth there have been many other pet insurance companies establish themselves.
As affordable as pet insurance has become the cost of pet insurance can still be prohibitive for some. The premiums of pet plans vary depending on the type of policy chosen. The most comprehensive plans and routine care coverage will pay more, often up to $50 or more per month but the average cost of pet insurance is between $21 and $43 per month.
The cost of pet insurance is determined by many factors, including:
* Pet Insurer
* Type of coverage
* Policy limits
* Geographical location
* Type of pet (dog or cat)
* Breed of pet
* Sex of pet
* Age of pet
* Whether pet is spayed or neutered
You have to pay close attention to the details of the policy deductibles, exclusions and surcharges. Pet insurance is a great idea but it's not the cure-all.
* Cap limits to annual payouts, co-pays and deductibles are common place.
* Pre-existing conditions, age and hereditary problems such as hip dysplasia are normally excluded, although Embrace Pet Insurance covers heredity and chronic conditions.
* Premiums are also tied to the age of your pet. So the older your pet is the more you may have to pay.
by Sterling Rogers (http://www.bestbrakepads.net/index.html)