I have always had pet insurance for my dogs. In the past, it was a no-brainer. It seemed completely worth it. However, changes to the insurance over time, combined with a few changes in my own situation, leave me wondering if pet insurance is still worth it to me.
Pet Insurance For One Dog Eight Years Ago
I signed up for pet insurance with Nationwide about eight years ago for the one dog that I had at the time. I was thrilled with them. It cost me about $1000 per year. There was a $150 deductible. And for that price, they covered ninety percent of almost everything I ever needed. They even covered that amount for her heartworm and flea prevention medications. Those cost several hundred annually, so that alone began to make it worth it to me.
Moreover, they seemed to cover every odd situation that arose. She was allergic to bees so the two times that she got stung and we had to go in for treatment, they covered that. She had seizure-related behavioral issues which required seeing a specialist; they covered that. This was on top of all of the regular shots, wellness, annual bloodwork, etc. It was absolutely a no brainer to have that coverage. It saved me a lot of money over time on her care.
When Did It Start to Change?
Since it was going so well for us, I just kept renewing her insurance annually. It went up a little bit each year. In fact, I don’t think it started at the $1000 I mentioned earlier. I think that’s where we ended up, although I’d have to go back into my records to find out. In any case, I noticed that it was increasingly annually but it wasn’t significant. The coverage still seemed the same, so I didn’t really pay much attention. It was worth it.
When I got my second dog, I got a policy for him with them as well. I did notice that it seemed a little bit different. It was cheaper at about $500 per year. However, it had a higher deductible at $250. And I noticed that it didn’t seem to cover quite as much as before. Nevertheless, he rarely needed to go in for anything so it really wasn’t that noticeable. And the coverage for those heartworm and flea preventives made it worth it.
I did have to pay out of pocket when it was time for him to get neutered. However, I expected that this wouldn’t be covered. It didn’t catch me by surprise. I had gotten him from a rescue organization but agreed to neuter him myself so that he could come to me sooner. I had planned for this.
Pet Insurance for Two Dogs Today
Sadly, our first dog passed away a few years ago. So we had our boy dog and last year we got another rescue puppy. Of course, I signed her up for pet insurance. And I noticed it was a little bit more expensive, even with the “second dog discount” of 5% off the total. Still, I didn’t think much about it. I’ve always been under the impression that pet insurance is just always going to be worth it in case of those emergencies that come up.
However, I’m starting to rethink that. This puppy has needed a lot more care. As a result, I’ve found myself paying much closer attention to what is and isn’t covered. And, it turns out, not nearly as much is covered as before.
Wellness Services No Longer Fully Covered
I pay extra to add a “wellness plus” portion to the emergency services for our dogs’ policies. This is what previously assisted me in covering ninety percent of all of the wellness exams, preventive medicines, etc. However, they’ve significantly reduced what they cover. For example:
- They do cover two exams per year. However, they will pay out a maximum of $30 per each exam. My vet charges considerably more than that just for the exam portion.
- They now only cover $75 per year for the heartworm and flea prevention medications. As aforementioned, those cost several hundred dollars per year.
- They’ll only cover one additional test per year. I’ve always done full blood labs on my dogs as part of their annual wellness exams. This has proven to be invaluable in understanding what’s going on with them as they age. This costs several hundred dollars, which used to be covered. They now only cover $75 for one test.
- Perhaps most importantly, they only cover $75 for all vaccinations for the year. There are about five vaccinations recommended by the vet. They cost several hundred dollars total.
So, as you can see, even when just considering the wellness services, it’s increasingly questionable whether the cost of the pet insurance is worth it.
Emergency Services Are Barely Covered
Of course, my initial thought is that it’s best to keep pet insurance in case of emergencies. However, as we’ve discovered in recent months, emergencies aren’t covered to nearly the same extent as they used to be. For example, according to my most recent pamphlet explaining reimbursements, if the dog had epilepsy, less than $1000 would be covered per year. Thankfully, my dog doesn’t have this, but I know from past experience that barely touches the surface of what a dog needs if they have a severe version of this condition. The situation is similar for conditions like degenerative arthritis, which I suspect my puppy could be prone to as she gets old.
Exclusions to What’s Covered
Moreover, there are many, many exceptions listed in their “what we do not cover” section. My dog needed to get a gastropexy. This is considered “elective” but the risks for not getting this surgery were really high. It cost me several thousand dollars. None of it was covered. Other exclusions include many bone and joint conditions, dental issues, many eye conditions, anal gland issues, pre-existing conditions, conditions considered congenital or hereditary … well, you get the point.
So, Is Pet Insurance Still Worth It?
With two dogs, I’m paying well over $1000 per year for coverage. With the deductibles, add another $500 per year. Would it make more sense to just set aside that $1500 each year into a savings account that I could use to pay out of pocket for care for the dogs? Maybe. For now, I’m still assessing. I’m going to review other insurance policies to see if there are better options. And I’m going to stick with the insurance for now.
Read More:
- 7 Ways to Save Money on Your Pet’s Medical Expenses and Supplies
- Cheap Pet Insurance Comparisons
- 10 Ways to Save Money on Veterinary Expenses
Come back to what you love! Dollardig.com is the most reliable cash back site on the web. Just sign up, click, shop and get full cash back!
Kathryn Vercillo is a professional writer who loves to live a balanced life. She appreciates a good work-life balance. She enjoys balance in her relationships and has worked hard to learn how to balance her finances to allow for a balanced life overall. Although she’s only blonde some of the time, she’s always striving for total balance. She’s excited to share what she’s learned with you and to discover more together along the way.
Comments