Pet Insurance- The Importance of Arranging Health Insurance Cover for your Furred Friend
Owning a pet is one of life’s greatest joys, but it also comes with its share of responsibilities—one of the most crucial being the health and well-being of your furry companion. Just as we protect our own health with insurance, it’s equally important to consider insurance for our pets. Here are several compelling reasons why pet insurance is a wise investment for pet owners.
1. Rising Veterinary Costs
Veterinary care has significantly advanced over the years, leading to higher costs for treatments, surgeries, and diagnostics. Unfortunately, veterinary care is not subsidised by government, so the full costs for medicines, treatment and diagnostics are passed on to the owner. This means a simple visit to the vet can quickly escalate into thousands of dollars if your pet faces a serious illness or injury. Pet insurance helps mitigate these expenses, ensuring you can afford necessary care without financial strain.
2. Unexpected Emergencies
Accidents can happen at any time, and pets are naturally curious, often leading to unexpected emergencies. And if these emergencies occur out of hours (when vet clinics are closed), you can expect to pay a premium for afterhours emergency care. Whether it’s a car accident, a foreign object ingestion, or a sudden illness, having insurance means you won’t have to hesitate to seek immediate veterinary care due to cost concerns. With the right coverage, you can focus on your pet’s recovery rather than the financial implications.
3. Access to Specialized Veterinary Care
In some cases, pets may require specialized treatments or referrals to veterinary specialists such as orthopaedic surgeons, ophthalmologists, and oncologists. Pet insurance can help cover these specialized services, giving your pet access to the best possible care without the added stress of expensive specialist fees. This is particularly important for breeds predisposed to certain health conditions that may require specialized attention. Referral to veterinary specialists is commonplace in modern veterinary medicine.
4. Chronic Medical Conditions Coverage
If your pet is diagnosed with a chronic condition such as diabetes, arthritis or heart disease, the ongoing treatment, check- ups and medical tests can become costly over time. Many pet insurance plans cover chronic conditions, helping to alleviate the financial burden of managing long-term health issues. This support can make a significant difference in the quality of care your pet receives.
5. Peace of Mind
One of the most significant benefits of pet insurance is the peace of mind it provides. Knowing that you have a financial safety net in place allows you to enjoy your time with your pet without the constant worry of potential high medical costs. This peace of mind can be invaluable, especially during stressful situations when your pet’s health is at stake.
When is the Best Time to Arrange Pet Insurance?
The best time to arrange insurance for your pet is when they are a puppy or kitten as this is when pets are generally in optimal health and unlikely to have any pre-existing conditions. Pre-existing conditions are typically excluded from pet insurance policies.
If you are rehoming a pet or thinking about switching policies take care as anything previously claimed for the pet is likely be considered a pre-existing condition to the new insurer. Insurance is most effective if you insure your pet whilst they are young and keep the same cover throughout their life.
How Do I Choose a Suitable Pet Insurance Provider?
There is an ever-growing array of pet insurance policies on the market making it difficult to know where to start when finding a provider. Our tips for finding a suitable policy and provider for your pet are:
Do a quick search across several comparison web sites to overview the many pet insurance providers. Research their trust scores and reviews. Compare prices, excess levels and percentage of veterinary fees covered (usually 70-100%). Then create a short list.
Once you’ve narrowed down your list, it’s time to delve into the individual policies. Identify policies with features you're likely to need. For example, do you own a breed whose hereditary conditions need to be covered? Do you own a breed prone to dental conditions? Routine preventative treatments, like the cost of vaccinations, desexing and parasite control, aren't usually covered. However, can sometimes be added for a fixed additional cost. Do the research to see whether this is worth it.
Next read the PDS to see what policy exclusions are listed- are there any breed or age exclusions that may affect your pet?
Then check and compare benefits caps -the maximum amount paid out towards health costs per year. Pay attention to any sub-caps (where limits are placed on specific treatments or ailments). Many policies place limits on the treatment of tick paralysis, dental disease and cruciate ligament injury. This could be an issue depending on your location and breed of pet.
Finally chat with your veterinary providers to make sure your selected policy provides the appropriate coverage for your pet’s needs.
Despite best intentions pet insurance may not be affordable for all pet parents. In this scenario it is important to have a financial contingency should your pet require costly care.
Options available include managing your own financial safety net by setting aside a monthly amount in a high interest savings account for your pet. To benefit most from compound interest , only access this account in the event of an emergency.
Another option is to rely on credit cards or enter into a Buy Now- Pay Later arrangement at the time of your pet's treatment. This will involve an on-the spot credit application with the fund provider. Once approved a deposit is usually made towards the veterinary treatment with the remainder of the balance debited fortnightly from your account. An application fee and interest are applied to the repayment amounts.
Pet insurance is a proactive measure that can safeguard both your pet’s health and your financial well-being. With rising veterinary costs, the unpredictability of emergencies, and the need for specialised care, having a solid insurance plan can make all the difference. So set aside an afternoon to explore all your insurance options. Then lock in a policy and sit back and enjoy peace of mind knowing your pet’s health care is covered.
WAGSTA recommends a veterinary health check for all dogs prior to participating in any diet or exercise
plan. WAGSTA Wellness diet plan is not suitable for pregnant dogs and dogs less than 12 months of age (or
18
months if a giant breed).
