When is pet insurance a good idea? And is it worth it?

Posted at 10:54 PM, Dec 08, 2016
and last updated 2016-12-09 00:54:35-05
Pets are family too. And when they get sick,  the vet bills can quickly add up. 
Getting pet insurance could help offset those costs, but how do you know if it is right for you?
If you can afford a premium of about $32 per month, and don't have the ability to pay for a catastrophic illness, it might be worth a look.
But how much coverage do you need? Do you want your plan to include lower price items like check-ups and shots? Or are you looking for peace of mind in case your dog's medical bills start looking more like human medical bills? 
In our Facebook Live on the topic, a spokesperson  for the North American Pet Health Insurance Association said "pet health insurance is really meant to cover the cost of treating illness or injuries that are unexpected."
Like with all contracts, make sure to read the fine print. Many policies require that you pay the veterinarian directly, then be reimbursed by the insurance company.  
Find out what exclusions are in the policy. Experts with Embrace Pet Insurance tell me, virtually no companies offer coverage for preexisting conditions. So it makes sense to shop around for the best price while your pet is young and healthy.
Remember to shop around for the price and coverage that fit your needs and budget. But you may also want to consider simply open a savings account to put money away specifically for your pet's unexpected illness.
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