Not to be dramatic, but we’d turn to a life of crime for our pets. They’re just a baby, after all … a baby who likes to eat trash, get stuck in small spaces, chase things that shouldn’t be chased, etc. In other words, an expensive baby. And veterinary care, much like human health care, ain’t cheap.
Luckily, there are ways of making it … less expensive. You know, so maybe you don’t actually have to become an outlaw after all? Whether you’ve considered it or never even heard of it, pet insurance is worth fully understanding as an option.
What is pet insurance?
Simple: It’s health insurance for your pet, typically your dog or cat. A standard pet health insurance policy is designed to cover some of the biggest emergency vet costs.
What does pet insurance typically cover (and not cover)?
Pet health insurance plans vary, of course, but your basic policy generally covers three main things if your pet has an unexpected accident or illness:
Diagnostics, like x-rays or blood tests
Procedures, like surgeries or emergency care
Medications, like injections and prescription meds
Some pet insurance providers may also offer additional optional coverages like:
Preventative care, including yearly checkups and vaccines
Other expenses, like routine tests and protective treatments
What it won’t cover are treatments for pre-existing conditions, treatments that fall within a policy’s waiting period(s), or experimental treatments.
Should I get pet insurance? Why not just put the money into my emergency fund?
Like many things, it depends on your financial situation — what you have now, your personal goals, how consistent your income is, and so on. If your pet is your fur baby, and / or if you’re just squeaking by, you might not want to let your ability to pay for their medical care depend on whether or not you’re in a good place financially. Having pet insurance can offset that unpredictability. It’s also highly customizable, depending on the company you go with. You can build coverage based on your budget and on your pet’s individual needs.
As for the emergency fund thing — it’s a question of risk. An emergency fund will certainly help cover your pet’s medical expenses, but whatever you have in that fund is going to be limited. Pet insurance allows you to pay a low monthly premium to cover any number of unknown costs for treatments and procedures that, if and when they hit, can add up quickly. Vet bills can be in the thousands of dollars, which might be more than you’d be able to save by the time you need it. Also, with pet insurance, your savings can be reserved for other emergency expenses (like if you get laid off, or if you yourself have an unexpected medical bill) or savings goals (like, say, getting your dog a dog).
It might also be smart to consider both pet insurance and a pet emergency fund, if you can swing it — as mentioned above, there are some expenses a policy won’t cover, and those costs (especially ones related to pre-existing conditions — hello, congenital conditions) can get expensive, too.
Anything else I should know about pet insurance?
We know it’s the absolute last thing you want to think about — our pets are immortal, as far as we’re concerned — but the fact is, your dogs and cats are going to get older faster than you think. And as they age, they’re going to require more trips to the vet, be it for chronic conditions or sudden new ailments. (Is Zeus limping because he fractured his ankle, or did he step on a thorn and is being a huge baby about it? Who can say?)
That’s why a pet insurance policy can be more effective the earlier you take it out: If you take out an insurance plan for your 13-year-old dog Belle, chances are higher she’ll have pre-existing conditions that the plan won’t be able to cover. But if you take out a policy for six-month-old Juniper, you can continue renewing it throughout her life — you may be paying more in premiums over time, but you’d also be ensuring more of those big expenses can be covered down the road.
So how do I actually get pet insurance?
If you think pet insurance is right for you, we’re big fans of Lemonade. We partner with them because they’re mission-driven, offer super-competitive pricing, and are known for their customer support. You can check out their pet insurance policy options here.*
Now go tell that little nugget what a good girl she is. It’s already been a whole ten minutes since she heard it last.
Ellevest is a paid partner of Lemonade Insurance Agency, LLC (“LIA”), a licensed insurance agency providing quotes and policies for Lemonade Insurance Company (“LIC”). Insurance is provided by LIC. LIA receives compensation based on the premiums for the insurance policies it sells. Products may not be available in all states.
Ellevest may receive compensation from third party partners for referring you to such partners for non-investment consumer products or services. This marketing partnership gives Ellevest an incentive to refer you to these partners instead of businesses that are not partners of Ellevest. This conflict of interest affects the ability of Ellevest to provide you with unbiased, objective promotions about the products and services of its business partners. This could mean that the products and/or services of other businesses that do not compensate Ellevest may be more appropriate for you than the products and/or services of Ellevest’s business partners. However, you are not required to purchase the products and services that Ellevest promotes.
Ellevest is not affiliated with these third party partners and does not provide, nor does it guarantee, any third-party product, service, information or recommendation. Claims provided herein were provided by these third party partners and have not been independently verified by Ellevest. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. Ellevest is not liable for any third party’s failure with regard to those advertised products, services and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, may be subject to a different privacy policy than Ellevest, and may not be available in all states. You should check individual offers, products and services to become familiar with any applicable restrictions or conditions that may apply.
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*Ellevest is a paid partner of Lemonade Insurance Agency, LLC (“LIA”), a licensed insurance agency providing quotes and policies for Lemonade Insurance Company (“LIC”). Insurance is provided by LIC. LIA receives compensation based on the premiums for the insurance policies it sells. Products may not be available in all states.
Ellevest may receive compensation from third party partners for referring you to such partners for non-investment consumer products or services. This marketing partnership gives Ellevest an incentive to refer you to these partners instead of businesses that are not partners of Ellevest. This conflict of interest affects the ability of Ellevest to provide you with unbiased, objective promotions about the products and services of its business partners. This could mean that the products and/or services of other businesses that do not compensate Ellevest may be more appropriate for you than the products and/or services of Ellevest’s business partners. However, you are not required to purchase the products and services that Ellevest promotes.
Ellevest is not affiliated with these third party partners and does not provide, nor does it guarantee, any third-party product, service, information or recommendation. Claims provided herein were provided by these third party partners and have not been independently verified by Ellevest. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. Ellevest is not liable for any third party’s failure with regard to those advertised products, services and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, may be subject to a different privacy policy than Ellevest, and may not be available in all states. You should check individual offers, products and services to become familiar with any applicable restrictions or conditions that may apply.
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