Saving Wisely
It’s boring, but it’s true. Saving is a great idea. Of course, you can save money for many reasons, or just as a rainy day fund. But, some have floated the idea that taking the money you would pay toward a pet insurance premium every month and save it instead might be the best way to hedge your bets. You’d end up with some extra cash to draw on if your pet does get sick. And if you need to, you could use that money for other things. That’s also a downside, of course. And saving may not always be an option.
Care Credit
If you haven’t been able to put some money into savings, you still may be able to pay for a pet’s healthcare. Care Credit is one way to finance the expense. Unlike many credit cards or banks, however, this is money meant specifically for costs related to healthcare. As a result, their terms can be much more reasonable. Just remember, this is a credit account. This incurs all of the impact on your credit and finances that a normal line of credit implies.
Pet Assure
Pet Assure is a discount plan, rather than insurance. You pay a small monthly fee ($8 a month for a cat, $10 a month for a dog, though costs might vary depending on your location) and then get a discount of 25% on a whole range of pet-related expenses. This includes health and dental care, and treatments for illness and injuries. The discount is slightly smaller for medications. According to their website, there are no exclusions.
Talk To Your Veterinarian about Pet Wellness Plans
Many of the financial details of your pet’s care will be up to your veterinarian. For a variety of reasons, vets can have more latitude for working with you when it comes to making difficult decisions and managing the associated costs. They may have programs that can help financially, or be able to put you in touch with organizations that can help.
The numbers seem to say getting pet insurance is not a good idea financially. Of course, your pet’s health is not a traditional investment, and there is an emotional component to the decision that is impossible to quantify. Whether you do decide to go for the security of a pet insurance policy or look into some of the alternatives, you are planning for your pet’s future well-being, which is never a bad idea.
