How to Find Affordable Pet Insurance Without Sacrificing Coverage

Luckily, there is a way for you to do just that. Continue reading to find out more about it.

What "Affordable" Actually Means in Pet Insurance

Affordability varies from person to person when it comes to pet owners. While some may focus on the cheapest monthly payment, others might want to receive the best deal on their money spent.

As Samantha Kocher, who is a member experience expert at Small Door Vet, explains, in most cases, you should aim for maximum coverage against unexpected expenses rather than trying to find the cheapest option online.

"While you could pay an extra amount for coverage for accidents, illnesses, surgeries, and emergencies with an 80-90% reimbursement rate, you'll usually be more protected than with a very affordable plan."

The latter would typically feature high deductibles, poor reimbursement rates, and yearly caps on payouts. In case of an emergency situation, such terms might result in much higher costs for your pet's treatment compared to your expectations.

According to Kathryn Dench, chief scientific advisor at Paw Origins, one-third of animals require urgent care at some point in their lives. Such statistics prove that affordable pet insurance is an important consideration for pet owners.

How to Customize a Pet Insurance Plan Around Your Budget

Among the best strategies for keeping your costs down is tailoring your plan to suit yourself.

Most insurance companies allow you to modify three crucial variables:

• Deductible – The greater the deductible, the lower your monthly premium.

• Reimbursement rate – The most common include 70%, 80% and 90%

• Annual limit – Greater annual limits mean greater coverage but higher premiums

Pro Tip:

Begin with an extensive package of accident and illness insurance, then increase your deductible to ensure affordability of the premium. This way, you keep the most important part of your insurance, cutting down your expenses..

There are some companies, such as Spot Pet Insurance, that give much freedom to configure these parameters. The ability to have such control over your plan is helpful in making a personalized plan without sacrificing necessary coverage.

According to Kocher, "while a $15-a-month plan may seem appealing, it won't be helpful if you need just one surgery and your yearly claim limit is only $2,000. You will want an insurance company that comes into play when it starts becoming financially life-changing."

Never hesitate to study thoroughly all aspects of your potential insurance plan, including the limitations and exclusions.

Coverage That Should Be Non-Negotiable

While looking for affordable and valuable pet insurance, some coverages should never be an option in your search process.

Accidents

Accidents do not take into consideration whether your pet is perfectly healthy and well trained. Bone fractures, bites, ingested foreign bodies, and poisonings – all can occur in a usual day-to-day situation.

According to Paige Adams, a general practice veterinarian from Etowah Veterinary Hospital, injuries happen to pets every day: "It is common for a dog to get a wound accident.

For example, when running in the garden, they could hurt themselves on fence pieces or branches. Most often, such injuries heal independently; however, sometimes they need surgical procedures."

An average wound treatment costs more than $500. With solid accident protection, you won't even think twice about the procedure itself.

Illness Coverage

Your pet insurance policy should also provide comprehensive coverage for various diseases, including minor and severe ones like allergies, urinary tract infections, gastro-intestinal issues, hypothyroidism, and cancer.

Arthritis is another common disease that affects many middle-aged and old pets. It is a lifelong condition and requires X-ray tests, medicines, joint care products, physical rehabilitation, and laser treatments. The cost of treating arthritis over a pet’s lifetime may easily surpass $10,000.

When your pet insurance covers illnesses comprehensively, you won’t have to worry about the financial implications of their treatment.

Diagnostic Testing

Veterinary medicine requires diagnostic procedures. From blood tests, X-rays, ultrasound, CT scans, and MRIs — all of them have an important role in determining the problem and creating the most effective treatment plan.

A single MRI or CT scan to diagnose a neurological issue costs anything from $2,000 to $3,000. If there are budgetary considerations that hinder the diagnostic process, then a veterinarian will have incomplete information about the issue and will find it difficult to create a proper treatment plan.

Surgeries and Treatments

The next step would involve surgical interventions. In case the dog ingests socks or a toy, it becomes mandatory to perform surgery. Otherwise, there could be fatal consequences very quickly.

"As these procedures vary from fairly simple to very complicated, the cost involved may be anything from $2,500 to $10,000 or more depending on the complexity of the procedure, the use of anesthesia, and aftercare," said Adams.

By covering the expense, you can take the financial stress off the table.

Hereditary Conditions

Some breeds are prone to certain health ailments. For instance, hip dysplasia in big breed dogs is quite common. If left untreated, this ailment can cause arthritis, chronic pain, and mobility complications in the dog as it grows older.

Treatment options for these hereditary disorders entail diagnostic services, prescribed medication, physical therapy, and sometimes even surgery. Over a lifetime, these costs may add up to more than $10,000. Therefore, getting yourself a good pet insurance policy that covers hereditary conditions would be wise.

Prescription Medications

These include chronic conditions such as heart diseases, arthritis, allergies, and diabetes, which require continuous prescription medications. Depending on their type, the cost may vary monthly between $30 and $150 or even more.

For example, a dog with congestive heart failure might have to take Vetmedin continuously through its whole life. Similarly, a diabetic cat may have to take insulin injections regularly throughout its life, which would entail additional costs for blood work monitoring.

Specialist and Referral Care

In some cases, special knowledge is required to treat pets with certain ailments. That's why some conditions necessitate consulting with specialists.

Specialized treatment has to exist because there are certain diseases where specialized equipment, highly trained personnel, and specially designed treatment programs are required, and the cost will reflect that fact.

Such treatments and visits may range from a couple of hundred dollars to several thousands. If you get pet insurance that includes specialist visit coverage, your pet will be able to receive the best treatment possible.

Wellness Add-Ons (Optional but Worth Considering)

A wellness program differs from accident and illness insurance. This means that you get covered for examinations, vaccinations, teeth cleaning, prevention of fleas and ticks, and annual blood testing. 

As these are planned expenses, it is easier for many people to pay for them without including them into the plan premium payment. At the same time, there are people who like to have everything bundled together.

According to Adams, wellness insurance is primarily a matter of preference. If low premiums are what you need, sticking to accident and illness insurance would make much more sense.

Smart Ways to Lower Your Pet Insurance Premium

In addition to tailoring your policy according to your needs, there are some other discounts to consider.

Multi-pet discounts

Include a discount for 10% on the second pet and any pets beyond that with Spot Pet Insurance.

Military discounts

Can be obtained from different companies that cover active duty military personnel and veterans.

Member discounts

It is also a good idea to check. Being a member of Sam's Club comes with a discount of 15% from Spot Pet Insurance. In addition, some employers provide discounts too.

Pro Tip:

Get an insurance policy for your pet when they are still young and healthy. The premiums will be much lower, and there won't be any pre-existing conditions.

Is Cheap Pet Insurance Actually Worth It?

And here is the true answer: the cheapest insurance is not always the most economical option.

A cheap plan with expensive deductibles, low reimbursements, and annual coverage limits may cost you thousands of dollars during your pet's emergency situation when all of those things really matter.

You will have had insurance, but you will also owe an enormous sum of money.

The right choice would be to get a value-driven pet insurance plan that will protect your animal in case of an emergency and save you from the financial burden associated with unexpected expenses.

A little increase in the monthly payments, which allows you to provide your furry pet with treatment, is usually more than worth it.

Conclusion

It is very feasible to find a good pet insurance policy that is affordable without compromising its features. One only needs to take his time in searching for different companies, customizing his deductibles and reimbursement percentages, and choosing policies that cover accidents, sicknesses, diagnostic tests, and operations as minimum requirements.

Squeezing the coverage just to save some money every month ends up costing a lot more than expected. Get a pet insurance policy that can make a difference whenever your pet requires assistance, and both of you will benefit from it.