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More Pet Parents Investing in Pet Insurance
On a Spring day in 2021, our 14-year-old Shih Tzu suddenly stopped eating. During the night, she began vomiting, whining and shaking. Our regular vet wasn’t open - it was the middle of the night - so we took her to an emergency vet hospital, the only place open at that hour. Just to admit her for evaluation was $1,200.00. We were stunned, but we turned over our credit card, because what else were we supposed to do? We wanted her to get better! She stayed there for four days with a serious intestinal infection. Every morning at 6:00am, the hospital called to get the day’s payment, which was required before they would continue treatment. Four days, and more than $5,000.00 later, our girl was home and feeling much better. But that 5K came out of nowhere and we weren’t ready. We swore we would never be without pet insurance again.
Stories like ours are not uncommon, which is why, in recent years, the pet insurance industry has seen significant growth. With veterinary costs rising, pet insurance is becoming an essential safeguard for your pet's health and your financial well-being.
According to the American Pet Products Association (APPA), Americans spent more than $31 billion on veterinary care and products in 2020, a figure that has been steadily rising. With advancements in veterinary medicine, treatments that were once deemed impossible for pets are now commonplace, albeit with a high price tag. For instance, surgeries for pets can range from $3,000 to $10,000, and emergency treatments can cost even more.
Statistics show a significant number of pets will experience a major health issue during their lifetime. A study by the Pet Health Insurance Association of North America (PHIA) revealed that one in three pets will need emergency veterinary treatment every year.
As we have mentioned, the financial strain of veterinary costs can sometimes lead to heart-wrenching decisions for pet owners. A survey by the American Veterinary Medical Association (AVMA) indicated that financial limitations were the primary reason for euthanasia in cases where treatment was an option. Pet insurance can alleviate this burden by covering a substantial portion of treatment costs, thereby allowing pet owners to make care decisions based on what's best for their pet rather than financial constraints.
While some may hesitate due to the cost of premiums, the benefits of pet insurance often outweigh the expenses. Preventative care, which some pet insurance plans cover, can help detect and treat issues early, potentially saving thousands of dollars in emergency or advanced treatment costs. Moreover, most insurance companies offer various plans that can be tailored to fit different budgets and needs, making pet insurance accessible to a wider range of pet owners.
The Swiftest
We have partnered with The Swiftest, a group that does the research on pet insurance for you. Since 2020 they have helped thousands of pet parents select the ideal pet insurance policy for their fur babies. Their objectively ranked comparison table is trusted by emergency veterinarians, groomers, service dog professionals, dog trainers and many more. Click here to see their carefully curated plans and decide what works best for you and your pup.