Dog / Pet insurance - is it worth it?

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Wolf
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Dog / Pet insurance - is it worth it?

Post by Wolf »

I'm planning to adopt a pet next week and have been looking into pet insurance. I have heard very mixed reviews thus far since it doesn't work the same way human health insurance does.

As info, the insurance plan that my employer offers does not include pet insurance so I would have to do it through a third party. I would be ok spending <= $20 / month on this.

Based on your experience, is this worth it? If so, can you please recommend some plans / providers? Thanks!

Happy to provide any more info if needed.
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virgingorda
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Re: Dog / Pet insurance - is it worth it?

Post by virgingorda »

I did not have pet insurance. I can tell you what our expenses were, roughly, though. We adopted a 2-year-old dog that lived for 11 more years. Over her lifetime we spent around $350 per year on the annual health exam including blood/fecal tests for diseases dogs get, immunizations and medications, like anti heartworm pills and tick repellent. I don't know if any of the above is covered or considered routine by the pet insurance. You would have to check. Perhaps every 3rd year I took her in for some kind of problem - upset stomach, sore on her skin, etc. These visits were maybe around $250 each. There was one big expense -- she had to have knee surgery at around age 8 which came to around $3000 total. So here is your one dog ownership data point!
skepticalobserver
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Re: Dog / Pet insurance - is it worth it?

Post by skepticalobserver »

Look closely at the limits. Other than routine maintenance, good veterinary care can be very expensive. We used VCA animal hospital (a chain) for our cat. With serious matters it's easy to blow through $15-20k--CT scans, MRIs, radiation therapy, surgeries, etc.

I think you should look to coverage for catastrophic care, just like for humans.
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TxAg
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Re: Dog / Pet insurance - is it worth it?

Post by TxAg »

Not for me
Buffetologist
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Re: Dog / Pet insurance - is it worth it?

Post by Buffetologist »

It's good for the first year you own the animal when you don't know much. After that, it's probably better to self-insure.
jmg229
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Re: Dog / Pet insurance - is it worth it?

Post by jmg229 »

We self-insure. We put aside a set amount (something like $1000 per year) for medical expenses. Whatever he doesn't use when he is young is for his care as a senior. We found that there were too many limitations for it to make sense. Plus, if you can self-insure, you probably should. While costs can be crazy, they are more likely to come late in life after years of low costs. Now, of course, our dog needed $2000 worth of surgery at 5 months old (about a month after making this decision), but I'd still do the same.
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TomatoTomahto
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Re: Dog / Pet insurance - is it worth it?

Post by TomatoTomahto »

We have 2 cats and 2 dogs.

The cats had persistent urinary tract infections until a vet explained how Manx cats tend to get them if fed dry food. Switched to canned food; no more problems.

We rescued a pit mix that came to us with a bacterial infection, a viral infection, and a yeast infection. Trifecta! She has allergies, sensitive skin, runs in the yard and gets banged up, etc. I assume that insurance would call anything she gets now a pre-existing condition, so no insurance. Haven't calculated it, but probably $3-$4k of vet bills.

Our Yorkie had a major bout of pancreatitis recently. Spent 10 days in the hospital. That cost ~$6k. She was 50/50 on surviving (but is fine and on a severely restricted diet now). I am cynical enough to think that the insurance company, presented with an uncertain prognosis, might have opted to encourage euthanasia.

We don't have pet insurance. Sometimes I wish we did. Thank you for adopting. Somehow your pet will know, and will forever be grateful.
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goingup
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Re: Dog / Pet insurance - is it worth it?

Post by goingup »

Longtime dog owners here. We self-insure. Most vet expenses are routine and wouldn't be covered. Those are immunizations, annual checks, fecal tests.

A good way to insure your pet stays healthy is to buy good food and stay alert to food allergies which can cause itching, which causes scratching, which leads to infection, which leads to vet bills! (You get the idea.) Be aware of what your pet is chewing on. Just because you buy a toy or bone at the pet store doesn't mean it is good for them. Several of our emergency vet visits were caused by bone shards stuck behind teeth in gums which got infected. Or bone shards being evacuated causing pain and distress.

Good luck! As others have said, thanks for adopting.
livesoft
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Re: Dog / Pet insurance - is it worth it?

Post by livesoft »

We got a dog from the rescue place. No major problems. Vet bills relatively inexpensive. The vet always tries to upsell, but we don't go for it. Sure, a pet does cost money and sometimes there are unexpected expenses, but the total amounts for us are less than $600 a year including paying friends of kids to take care of dog while we are on vacation.

So no to pet insurance.

OTOH, I talk to lots of dog owners. Their dogs eat underwear, choke on things, get fleas, get allergies, have reactions to flea medicine, etc, etc. So they have lots of costs that we don't seem to have. Every pet is different.
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TomatoTomahto
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Re: Dog / Pet insurance - is it worth it?

Post by TomatoTomahto »

livesoft wrote: Every pet is different.
Yes, and the closer your pet is to being a mutt, the more likely it is to be healthy.
I get the FI part but not the RE part of FIRE.
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burgrat
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Re: Dog / Pet insurance - is it worth it?

Post by burgrat »

I've considered it, but never bought it. I adopted a 5 yr. old cat earlier this year and she has been the most wonderful pet. She recently developed an inner ear polyp which required several visits, a CT scan, biopsy, and medication to treat initially. Totaled about $2,500. She will need another procedure to completely remove it (bulla osteotomy) which will cost around another $2,500. In hindsight, it would have been nice to have coverage, but I have set aside money for emergencies, etc., so I can cover it. I didn't even question not treating her condition, she has been an absolute treasure and a wonderful addition to my life. As a Boglehead, I've been very smart with my money, I live within my means, and something like this is not that much a hit to me. I guess it really depends on your situation, but like others have said, make sure you check the limits and do your research.
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TxAg
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Re: Dog / Pet insurance - is it worth it?

Post by TxAg »

You might also start thinking about a "limit" up to which you are willing to spend. I'm not talking about preventative care...I'm talking about major surgery, etc.

It sounds cruel, but they are animal children, not human children. The limit varies for every situation.
Johno
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Re: Dog / Pet insurance - is it worth it?

Post by Johno »

The general principal is not to insure against losses you can afford, because the insurance company couldn't stay in business if insurance didn't have a negative expected return on average to the insured. The one difference I can see with pet insurance is if the pet runs up a huge bill you *can* afford, but might hesitate to pay because at the end of the day it's only an animal, albeit virtually everyone loves their pet.

We don't have it. For our last dog, they discovered he had cancer so late they told us treatment would probably just extend his life slightly and be rough on him, already 13+yrs old: we were crazy about him but declined. Prior to that it was the few $100/yr. We're just as crazy about our current dog, a 'pit bull'. She needed $1k+ dental surgery to address previous abuse, otherwise routine and healthy so far. I guess we'll spend what it takes later on if it's really going to prolong her life significantly and not be too hard on her, also with some general sense of proportion v. what you could do for people with the same money. There's no easy answer to that of course.
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Tycoon
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Re: Dog / Pet insurance - is it worth it?

Post by Tycoon »

TxAg wrote:You might also start thinking about a "limit" up to which you are willing to spend. I'm not talking about preventative care...I'm talking about major surgery, etc.

It sounds cruel, but they are animal children, not human children. The limit varies for every situation.
I second this.
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TxAg
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Re: Dog / Pet insurance - is it worth it?

Post by TxAg »

Johno wrote:The general principal is not to insure against losses you can afford, because the insurance company couldn't stay in business if insurance didn't have a negative expected return on average to the insured. The one difference I can see with pet insurance is if the pet runs up a huge bill you *can* afford, but might hesitate to pay because at the end of the day it's only an animal, albeit virtually everyone loves their pet.

We don't have it. For our last dog, they discovered he had cancer so late they told us treatment would probably just extend his life slightly and be rough on him, already 13+yrs old: we were crazy about him but declined. Prior to that it was the few $100/yr. We're just as crazy about our current dog, a 'pit bull'. She needed $1k+ dental surgery to address previous abuse, otherwise routine and healthy so far. I guess we'll spend what it takes later on if it's really going to prolong her life significantly and not be too hard on her, also with some general sense of proportion v. what you could do for people with the same money. There's no easy answer to that of course.

Well said
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LiveSimple
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Re: Dog / Pet insurance - is it worth it?

Post by LiveSimple »

We own a dog for 10 years.
Just self insured, no major problems.

We have a wonderful vet, whom I think is enjoying a second career after serving in the army as a vet, hence his office decor is simple and his charges are just to the norm.

Get a good vet, without the fizz, no big waiting room, etc, etc, you can self insure.
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rustymutt
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Re: Dog / Pet insurance - is it worth it?

Post by rustymutt »

Got my 5 year old schnauzer put down. The doctors at these places are not exactly the best. In our case the Dr left part of an extracted tooth, with led to blood poisoning and that went to his heart. I won't ever pay for insurance with any dog again. Pay out of pocket, as anything comes up.
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rustymutt
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Re: Dog / Pet insurance - is it worth it?

Post by rustymutt »

TomatoTomahto wrote:
livesoft wrote: Every pet is different.
Yes, and the closer your pet is to being a mutt, the more likely it is to be healthy.
+1
Even educators need education. And some can be hard headed to the point of needing time out.
Longdog
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Re: Dog / Pet insurance - is it worth it?

Post by Longdog »

Wolf wrote:I'm planning to adopt a pet next week and have been looking into pet insurance. I have heard very mixed reviews thus far since it doesn't work the same way human health insurance does.

As info, the insurance plan that my employer offers does not include pet insurance so I would have to do it through a third party. I would be ok spending <= $20 / month on this.

Based on your experience, is this worth it? If so, can you please recommend some plans / providers? Thanks!

Happy to provide any more info if needed.
Answer this question for yourself: how would you feel if you were told by your vet that your dog needs a $6000 procedure, and with that procedure there would be an excellent chance at a good outcome and a happy life? Would you struggle with the decision on what to do? Having a decent pet insurance policy removes (or greatly reduces) the role that finances would play into your decision - and keeps your decision based on the health benefits and likely outcome for your dog. I have had two dogs, and have had that decision imposed on me four times. Three of those four times I had pet insurance and was glad I did. Treatment options for medical care for pets has greatly increased over the last decade or two; having a good policy makes those options available to you without much thought.
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sheneron
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Re: Dog / Pet insurance - is it worth it?

Post by sheneron »

TomatoTomahto wrote:
livesoft wrote: Every pet is different.
Yes, and the closer your pet is to being a mutt, the more likely it is to be healthy.
Either a dog is a mutt or isn't; ie, either the dog as direct, traceable ancestry to the breed standard or it doesn't. You can't really be close to being a mutt, though I guess you could be far from being in a breed. It would be hard to determine how far a dog is from a breed, though, since its not a scientific classification.

Mutts are healthier in general, so I would definitely recommend them. Not to mention, many breeders are unethical (so can produce unhealthy dogs) and many breeds are specifically designed with known health defects... kind of a disgusting practice.
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Wolf
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Re: Dog / Pet insurance - is it worth it?

Post by Wolf »

Thank you for all the insight everyone. It looks like I have some thinking to do!
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White Coat Investor
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Re: Dog / Pet insurance - is it worth it?

Post by White Coat Investor »

Wolf wrote:I'm planning to adopt a pet next week and have been looking into pet insurance. I have heard very mixed reviews thus far since it doesn't work the same way human health insurance does.

As info, the insurance plan that my employer offers does not include pet insurance so I would have to do it through a third party. I would be ok spending <= $20 / month on this.

Based on your experience, is this worth it? If so, can you please recommend some plans / providers? Thanks!

Happy to provide any more info if needed.
If I had a pet, the insurance I'd carry would be liability, not medical.
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avenger
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Re: Dog / Pet insurance - is it worth it?

Post by avenger »

rustymutt wrote:
TomatoTomahto wrote:
livesoft wrote: Every pet is different.
Yes, and the closer your pet is to being a mutt, the more likely it is to be healthy.
+1
Every pet and OWNER is different.

My partner and I would spend a healthy 5 figures if it meant keeping our 3.5 year old dog around longer.
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Toons
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Re: Dog / Pet insurance - is it worth it?

Post by Toons »

I have had a dog off and on for 40 years.
Never gave pet insurance a thought. :happy
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TomatoTomahto
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Re: Dog / Pet insurance - is it worth it?

Post by TomatoTomahto »

Toons wrote:I have had a dog off and on for 40 years.
Dang. I didn't know dogs lived to the age of 40!


:oops: oh, you didn't mean A dog, you meant different dogs.

We are sorry for the interruption, we now return you to our regularly scheduled programming. :P
I get the FI part but not the RE part of FIRE.
Impromptu
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Re: Dog / Pet insurance - is it worth it?

Post by Impromptu »

$20/month self insurance for a new pet.
I'll gladly pay you Tuesday for a hamburger today.
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Toons
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Re: Dog / Pet insurance - is it worth it?

Post by Toons »

TomatoTomahto wrote:
Toons wrote:I have had a dog off and on for 40 years.
Dang. I didn't know dogs lived to the age of 40!


:oops: oh, you didn't mean A dog, you meant different dogs.

We are sorry for the interruption, we now return you to our regularly scheduled programming. :P
LOL :sharebeer
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N1CKV
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Re: Dog / Pet insurance - is it worth it?

Post by N1CKV »

No.
My dog has had two expensive surgeries on his knees that would have only been covered under the highest cost plan. At 7 years old I might break even with what I paid vs. paying insurance premiums, in addition don't forget the co-pays.

Save for accidental injuries, most issues with a dog will come from genetics. Genetic issues are only covered under the premium plans.
DVMResident
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Re: Dog / Pet insurance - is it worth it?

Post by DVMResident »

Like most insurance, it's cheaper to self-insure. I'd estimate the self-insurance is a $10~15k (depending on geographical region and personal limit) in the emergency fund.

If you're interested in pet insurance, the best pet insurance is VPI. They've been in the business the longest and their model has survived the years unlike many others. We had a few clients with them and they seemed happy with their service.
kazper
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Re: Dog / Pet insurance - is it worth it?

Post by kazper »

Cat owner here, 1 adopted, 1 saved from the streets as a kitten.

We currently have pet assure (http://www.petassure.com/). It was about $100 and covers 25% of in office services. Most years we come close to breaking even, so unless something major comes up, it is a wash.

Downside, only participating vets take it and it seems like there are many exclusions. Any tests or services that need to be sent out are excluded. My wife and I are thinking our vet might be purposely shipping out work and taking money off the top so they don't have to honor the pet assure discount.
easye418
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Re: Dog / Pet insurance - is it worth it?

Post by easye418 »

sheneron wrote:
TomatoTomahto wrote:
livesoft wrote: Every pet is different.
Yes, and the closer your pet is to being a mutt, the more likely it is to be healthy.
Either a dog is a mutt or isn't; ie, either the dog as direct, traceable ancestry to the breed standard or it doesn't. You can't really be close to being a mutt, though I guess you could be far from being in a breed. It would be hard to determine how far a dog is from a breed, though, since its not a scientific classification.

Mutts are healthier in general, so I would definitely recommend them. Not to mention, many breeders are unethical (so can produce unhealthy dogs) and many breeds are specifically designed with known health defects... kind of a disgusting practice.
Correct. I personally love purebreds, but that being said, I carefully find my breeders so I know exactly what and where my pup is coming from. I have bought 3 purebreds and all 3 have had little to no issues. Could be the breed as well: GSD and Pom.
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unclescrooge
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Re: Dog / Pet insurance - is it worth it?

Post by unclescrooge »

It did not seem cost effective to me.

I did however spend extra money for an ovary sparing spay, not to mention the time it took to call 40 vets before I found one willing to perform this type of spay.

Studies have shown that leaving the hormones intact reduces the chance of malignant bone cancers significantly, while increasing the chance of mammary gland tumours less than a quarter of one percent.
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G12
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Re: Dog / Pet insurance - is it worth it?

Post by G12 »

I know the person that has run a breed specific rescue organization here long term and has consistently had 2-4 permanent dogs as pets since I have known her. In her situation she said she has had very good results with pet insurance coverage through the years and never had a claim denied, which included multiple with cancer and other high cost treatments. My wife and I have never had pet insurance and about 7 years ago paid about $7k to treat our Doberman which developed osteosarcoma. I rescued a mix breed dog from a kill shelter last year and ending up paying for heart worm treatment and some other health issues, that was $1k over the first two months. This year my wife misjudged an escalating situation that sparked a very bad situation in the back yard between two of our dogs that cost another $7k for 4+ hour emergency surgery. Our dogs are very well trained, yet she did not use good judgement knowing two of them don't get along very well. I am around a lot of dogs, many whom are very reactive, every week and run dogs in trials. Dogs are like humans, none of us are immune to injury and sickness, it just depends on when and severity at some point in the future....unless you or your pet are extremely fortunate. As someone else posted, liability/umbrella coverage may be more important to protect assets, as important as avoiding irresponsible dog handlers and dog parks.
claudia
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Re: Dog / Pet insurance - is it worth it?

Post by claudia »

I used to have pet insurance but I canceled it. Dealing with insurance company is just as painful as paying the bill out of my pocket. I now self insure. Feeding high quality food and daily exercise are part of my self-insured game plan.

P.S. I have a mutt. Thank you for adopting!
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