Do Pets Need Health Insurance Too?

Do Pets Need Health Insurance Too? in Individual Health Insurance

Most pet owners would probably agree that their cat or dog is a part of the family. And if they fall ill, they’ll need to get health care.

Health care technology for animals is now, in some cases, just as advanced as it is for humans.

Pets can get MRIs, CAT scans, and ultrasounds. They can also get complicated surgeries, transplants, and even treatment for cancer such as chemotherapy, reported the Washington Post.

And we’re more than willing to pay for our pet’s health care.

In 2007 in the U.S., we spent a total of $10.1 billion for veterinary health care and $9.8 million for pet supplies and medicines, according to the American Pet Products Manufacturers Association.

This year, we’ll spend more.

The APPMA estimates we’ll spend roughly $2 million more in 2008 for veterinary care, and $5 million more for medicine and supplies.

So does this mean pets need health insurance just like us?

Pet insurance has actually been around for quite a while. The first pet health insurance policy was written for a dog in Sweden in 1924. And it’s been in the U.S. for more than 20 years, when the television dog, Lassie, was the first American pet to get insurance in 1982.

Today, there are a handful of companies offering pet insurance for dogs and cats, including Lassie’s insurer, Veterinary Pet Insurance, Canada-based Pethealth, and Purina PetCare.

Although less than 4 percent of pets in the U.S. have health insurance, pet insurers think it will become more popular.

“We truly believe we can make pet insurance mainstream,” said the president of PurinaCare Insurance Services, David Goodnight.

The monthly premiums for pet insurance can be less than $10 for stripped down plans and $40 or more for comprehensive coverage, reported the Associated Press.

But skeptics of pet health insurance point out the policies don’t work the same way as human health coverage — pet plans can have many exclusions, and some require you to pay bills upfront and request reimbursement.

They argue pet owners should instead budget their pet’s care by saving money on the side.

Still, health insurance provides peace of mind, so pet health plans could become a common practice.

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