How To Save On Vet Bills In 2023

Last updated: January 2023

So you’re looking to save money on your pet bills with pet insurance? Being a pet owner myself, I know the struggles. Let me help you out! Almost every modern household has a pet (I have a few). Furry animal friends have become part of the family for pet-loving people.

As much as pet ownership can be lots of fun and truly relaxing, there’s something that holds the bag, and that is the pet medical expenses in times of need. But here’s the thing. Oftentimes, families overlook this major factor.

That’s why as a pet parent, you have to be particular about getting pet insurance. As a financial management scheme, insurance for your pet can significantly help you save on pet medical costs.

Pet Care Can Be Costly

There may be instances when your pet needs surgery or other medical procedures. These treatments can cost you thousands of dollars. One can result to an out-of-the-blue expense of $1000 that you might not be able to afford, much like 70% of American pet owners. Spending for the medical care of your pet might lead you to debt, and if it has high-interest rate, you can be placed in big financial trouble.

It therefore makes sense to plan ahead and evaluate different options for pet care so that you can save money and prolong the life of your pet. For one thing, as a preventative measure, do your research on breed-specific health risks, after which you carry through a care plan while your pet is young and healthy. Consider that as your pet ages, they become prone to developing internal and external health risks. At this point, it can become exponentially expensive to insure and fix these situations.

Additionally, take your pet to the vet for regular check-ups. It is an excellent way to keep track of their condition and likewise ensure that it is nourished with proper nutrition and medication in line with its needs and breed.

Why Is Pet Insurance Important?

Being a responsible pet parent means doing measures to maintain the health of your pet. That’s why you need to provide for the preventative care requirements of your furry friend. Then again, a time is likely to happen when your four-legged family member would need an unexpected medical procedure. Or else, a long-term medical treatment such as physical therapy might be called for.

The best way to deal with these “surprise” medical bills and spare yourself from unforeseen financial difficulty is to get pet insurance. As you do, you make sure that your pet gets the medical care that it needs as well.

How Does Pet Insurance Work?

You might be wondering how it goes when you get pet insurance. How does it work?

There are bits and pieces such as deductibles, limits, and more in pet insurance just like other health insurance policies. Do you want to pay the lowest premium while coming by with the most coverage? In this case, you should purchase the insurance earlier instead of waiting at a later time.

• Deductibles and Limits

Similar to other insurance policies, you pay for the deductibles of pet insurance prior to getting the payment for any claims as agreed to by the provider. Depending on your chosen provider and coverage, deductibles for pet insurance may range from $50 to $200. The coverage of the policy will take effect when you pay for the annual deductible wherein you will be able to get reimbursement in relation to your selected reimbursement percentage.

• Reimbursement Level

Pet insurance policies set reimbursement percentages depending on your needs, budget, and preferred monthly premium. Lower deductibles primarily mean higher premiums, while more expensive premiums mean higher reimbursement levels.

Pet insurance has three main reimbursement levels, and they are:

1. 80% reimbursement policy – 80% of your personally incurred expenses will be paid back to you minus your deductible. You’ll pay for only 20% of the veterinary bill. This pet insurance policy is the most affordable because of its lower monthly premium yet affording the policy holder sufficient coverage.
2. 90% reimbursement policy – leaving you to pay 10% of the overall medical cost, this policy is considered to be the middle ground option. It has a higher monthly premium because it entails more financial risk.
3. 100% reimbursement policy – once the deductible is met, this policy has the provider paying for the entire bill up to its limit. As a policy holder, you’ll have to pay a costlier monthly premium because this coverage pays the most.

As you can see, the figures show how valuable pet insurance is in helping you save on your expenses while protecting the well-being of your pet. Note that although minor veterinary visits and procedures may only cost $100 or less, serious ones such as hip surgery for your dog needs you to spend $20,000.

How To Budget For Pet Medical Costs

• Find a reputable vet. Look for a family veterinarian that you can trust and is able to give you honest feedback and recommendations. Other than understanding your needs as pet owner and that of your pet, he or she should not charge you for unnecessary procedures while providing your four-legged family member with optimal care.
• Make sure that your pet is adequately insured. Credible insurance providers such as Lemonade makes the process of getting your pet insured simple and affordable. Lemonade utilizes up-to-date and modern technology for paying out claims, making them faster and often at a lower premium than many traditional insurance providers.

What Are Exclusions and Waiting Periods?

Okay, let’s dig into this one..

These are important factors that you have to look for when shopping for pet insurance. It varies from one provider to the other what breeds, pre-existing conditions and treatments are included and otherwise. The time set between paying your first premium and that when you are able to submit a claim to the provider is called the waiting period. Insurance providers use waiting periods to protect them from giving coverage and paying for claims for pre-existing conditions.

How Can Pet Insurance Help You Save On Costs?

You’ll be amazed at how much you can scrimp on your budget if you insure your pet!

To illustrate the significance of pet insurance, below is a table that lists the common ailments for dogs and cats and their total cost if you were to pay for them from your pocket. Following are the average deductible and reimbursement levels according to how much coverage you purchase.

Final Thoughts

Purchasing pet insurance can hugely impact your budget by allowing you to save potentially thousands of dollars on pet surgeries, procedures and the like. It’s worth it to have your pet insured considering the financial benefits that you will enjoy!