If you have ever owned a pet then you will understand first-hand the costs that are associated with taking your dog and/or cat to the veterinarian. The costs have become so enormous that families can spend up to $200 on a checkup and $600 for a simple teeth cleaning. In order to tap into this marketplace of disgruntled pet owners, a growing number of insurers are now promoting pet insurance.
Veterinary fees have increased 85 percent from 2000 to 2011 and fees are expected to double over the next 13 years. This is why some are considering pet insurance.
Rather than spending $2,000 for an emergency in one sitting, a pet owner can pay about $300 per year for coverage for their cats and dogs, but plans do vary based on the animal’s breed and age. Companies are creating partnerships – Highmark and Pet Plan, for instance – just so they can provide pet insurance to their clients.
Veterinarians are seeing more and more customers with pet insurance. Most insurance plans only offer illnesses and injuries and not routine visits or vaccinations. Insurance experts also recommend pet owners to read the fine print to understand pre-existing conditions (inherited conditions), exclusions and what companies don’t cover.
“If you buy a puppy that’s completely normal when you buy it and then it grows up to have hip dysplasia, many of the companies won’t cover any hip dysplasia treatments or surgeries because since it’s an inherited condition. They consider it pre-existing,” Dr. Payne told the news outlet.
Customers interested in obtaining pet insurance can get a quote by going to a pet insurance website and type in name, breed, age and zip code.
Pet owners can also simply set aside $25 per month into a high-interest savings account for any pet emergencies.
Healthcare for Pets
The market is offering an array of healthcare services for pets. For instance, plenty of pet hospitals and veterinarians provide hospice care and euthanasia services for sick and dying pets. Rather than feeling a tremendous amount of pain as they pass away, they are in a calm environment and die with dignity.
Experts say the reason why a growing number of households are treating their pets as “little people” is because of Baby Boomers who are living in empty homes, remote workers who are stationed at home and millennials who are delaying having children.
Meanwhile, another product is entering the wearable technology field: PetPace, a smart collar that can monitor, track and analyze vital signs, health conditions and other fitness trends using big data. The smart collar can help detect early signs of diseases and behavioral issues and the owners are sent alerts.
“This is a product that is going to revolutionize veterinary medicine, as well as enhancing a pet owner’s ability to recognize that their pet is becoming ill before they start showing physical signs,” Dr. Teresa Lightfoot, director of BluePearl Science, said in a statement, according to Computer World.
As we reported in March, Americans are expected to spend more than $60 billion on their pets this year.