Introduction
Pet insurance has become increasingly popular in recent years, with over 4 million pets insured in the U.S. as of 2022. But does your cat really need insurance? There’s an ongoing debate around the pros and cons of insuring feline companions. While some owners find it provides valuable financial protection, others feel it’s an unnecessary expense. This article examines the key factors to consider when deciding if pet insurance is right for your cat.
We’ll briefly introduce pet insurance and the conflicting opinions around its value for cat owners. The goal is to hook readers and make them want to keep reading to learn the full story.
What Does Cat Insurance Cover?
The main things cat insurance covers are emergency vet bills, injuries from accidents, illnesses or disease, prescriptions, vaccines, some exam fees, cancer treatments, dental treatment, and sometimes alternative therapies. According to the ASPCA (https://www.aspcapetinsurance.com/research-and-compare/pet-insurance-basics/whats-covered/), most cat insurance plans will reimburse you for services that help keep your cat healthy such as annual wellness exams, certain vaccines, flea and tick medication, spay/neuter surgery, dental cleaning, and prescription medications. Money (https://money.com/what-pet-insurance-covers/) explains that cat insurance typically covers unexpected injuries, accidents, illnesses, surgery, medication, tests, emergency care and exams. Some plans may also cover behavioral therapies, rehabilitation, acupuncture or hydrotherapy if prescribed by a vet.
Pros of Insuring Your Cat
There are several important benefits to insuring your cat that make it worth considering:
Financial protection – Cat insurance can provide reimbursement for unexpected vet bills for injuries or illnesses. This prevents you from having to cover the full cost out-of-pocket, which could be thousands of dollars especially for emergency care or surgery. Having insurance can provide peace of mind knowing you have help covering medical expenses (Is Pet Insurance Worth It?).
Full vet care – Many cat insurance plans cover a wide range of vet services including hospitalization, surgeries, medications, specialists, lab tests, x-rays, cancer treatment and more. This means your cat can get the urgent or long-term care they need without finances standing in the way of treatment (The pros and cons of pet insurance).
Preventive care – Some insurers offer riders to cover routine wellness exams, vaccinations, dental cleanings and more. This can save you money on regular vet costs throughout your cat’s life.
Peace of mind – Simply knowing you have insurance coverage in case of an emergency or illness can provide great peace of mind for cat owners. You can relax knowing your cat will get care when they need it.
Cons of Insuring Your Cat
While there are many benefits to insuring your cat, there are also some potential drawbacks to consider. One downside is the monthly cost of premiums. Pet insurance premiums are based on factors like your cat’s age, breed, and location, but can range from $10 to $100 or more per month. For healthy cats that don’t end up using the coverage, these recurring costs can add up over time.
The claims and reimbursement process can also be tedious and time-consuming. You’ll need to submit claims with detailed invoices and medical notes. Reimbursements may take 2-4 weeks to receive. Some pet owners find managing the paperwork to be a hassle.
Insurance plans also don’t cover pre-existing conditions. So any illness or injury your cat had before enrollment would be excluded. Most plans also don’t cover routine wellness care like vaccines, dental cleanings, or grooming. These out-of-pocket costs would still need to be budgeted for.
As your cat ages, premiums often increase while coverage decreases for senior pets over age 10. So the value of the insurance diminishes as your cat’s healthcare costs are likely to rise. Make sure to read the fine print on age limits and policy changes.
For healthy cats that rarely need vet care, the cost of premiums over many years may exceed the payout you’d receive for claims. However, for accident-prone or sickly cats, the insurance can be well worth it.
How Much Does Cat Insurance Cost?
The average monthly premium for cat insurance ranges between $20-$40 per month according to leading pet insurers (https://www.progressive.com/answers/pet-insurance-cost/, https://www.marketwatch.com/guides/pet-insurance/pet-insurance-cost/, https://www.valuepenguin.com/pet-insurance/average-cost-of-pet-insurance). However, premiums can vary significantly based on the age of your cat, breed, location, plan type, and degree of coverage. Generally, the younger and healthier your cat is when you enroll, the lower your monthly payments will be.
Some key factors that impact cat insurance pricing are:
- Age – Premiums increase as your cat ages due to higher risk of illness and injury.
- Breed – Some breeds with more health issues like Siamese have higher premiums.
- Location – Costs are higher in some states and cities than others.
- Deductible Amount – A higher deductible leads to lower monthly payments.
- Reimbursement Rate – Plans with higher reimbursement rates have higher premiums.
- Coverage Type – Accident-only plans are cheaper than accident + illness plans.
On average, accident-only plans start around $10/month while comprehensive plans range from $25-$50/month. However, premiums can go higher based on your cat’s risk profile.
Comparing Cat Insurance Plans
When choosing a cat insurance provider, it’s important to compare coverage levels, reimbursement rates, deductibles, and other key factors between different companies. Some key things to consider:
Coverage levels – Plans range from basic accident/illness coverage to more comprehensive plans covering things like hereditary conditions and cancer treatment. According to NerdWallet, Embrace and Healthy Paws offer the most robust coverage.
Reimbursement rates – This refers to the percentage of your vet bill the insurer will reimburse. Reimbursement rates often range between 70-90%. Pets Best and Embrace offer plans with 90% reimbursement.
Deductibles – Typical annual deductibles are $100-$500. Figo offers deductibles as low as $50. Higher deductibles mean lower premiums.
Claims processing – Fast claims reimbursement is important. According to U.S. News, providers like Paw Protect and Figo offer fast claims payment.
Price – Costs vary based on factors like the cat’s breed, age, location, plan type, and deductible amount. Forbes reports that Spot offers affordable pricing starting at $6/month.
It’s wise to get quotes from multiple providers to find the optimal balance of price, coverage, and service for your cat’s needs. Consulting pet insurance comparison sites can simplify the process.
Deciding If Your Cat Needs Insurance
When deciding if pet insurance is right for your cat, consider your cat’s breed, age, and current health status. Certain breeds like Siamese and Maine Coon cats are prone to hereditary conditions that can benefit from coverage. Kittens and younger cats tend to have lower premiums and get the most value from policies over their lifetimes. Older cats or those with pre-existing conditions may still benefit but see higher premiums or exclusions.
According to NerdWallet, pet insurance is often worth it for cats that go outdoors, due to injury risks. Indoor cats have lower risk profiles. However, all cats face potential illnesses like kidney disease, cancer, and diabetes. These can cost thousands in vet bills, making insurance worthwhile. Compare multiple providers using tools from Forbes to find the right plan. Look at premiums, deductibles, reimbursement rates, coverage limits, and exclusions.
Consider your ability to self-insure through savings versus paying premiums. Pet insurance is often more worthwhile for risk-averse owners or those unable to cover large vet bills. But having at least six months of pet care savings is recommended by Investopedia. Review your cat’s medical history and consult with your vet to gauge risks. This can help determine if insurance could provide peace of mind and financial protection against surprise bills.
Getting the Most from Your Plan
Once you’ve chosen a cat insurance plan, there are steps you can take to make sure you get the most value from your policy:
Read the full policy documents – Don’t just skim the highlights. Understand exactly what is and isn’t covered, along with any limitations or exclusions. This will prevent surprises down the road if you need to file a claim.
Consider wellness coverage – While more expensive, wellness coverage can be worthwhile if you want help paying for routine vet care like annual exams, vaccinations, and dental cleanings. This can encourage you to stay on top of preventive care.
Take advantage of discounts – Many providers offer multi-pet or multi-policy discounts. There may also be discounts for military service or affiliations with certain organizations. Inquire about any ways to lower your premiums.
Shop around when it’s time to renew – Prices and coverage options can change over time. At renewal, take a fresh look at the market to make sure you still have the best value cat insurance plan for your needs.
Keep accurate records – Hold onto receipts and medical records related to your cat. This documentation will be essential if you need to file a claim later on.
Submit claims promptly – Don’t let claim paperwork pile up. Submitting promptly will help avoid denied claims due to pre-existing conditions.
Follow up on claims – After submitting a claim, follow up to make sure it was received and processed smoothly. Being proactive can resolve any potential issues.
Understand the claims process – Know what documentation your insurer requires, how reimbursements work, and what you may need to pay upfront. This will make the process quicker if your cat needs expensive care.
Leverage your vet – Your vet’s office staff can be a great resource for navigating pet insurance plans and claims. They often have experience submitting claims that can benefit you.
Alternatives to Cat Insurance
While cat insurance can provide valuable financial protection, some pet owners may want to consider other options. Setting up a savings account or emergency fund specifically for cat medical expenses is one alternative. Pet owners can automate regular deposits into this account so funds accumulate over time. According to LendEDU, having at least $5000 set aside is recommended to cover most urgent care costs.
Another option is signing up for a veterinary discount plan like Pet Assure. For a monthly or annual fee, these plans provide discounted rates on vet services, procedures, prescriptions and more. Pet Assure claims to offer savings of 25% on average. However, discount plans only reduce costs at certain providers, unlike insurance which is more widely accepted.
For very large or unexpected vet bills, some pet owners turn to credit cards or personal loans. Applying for care credit from providers like CareCredit can finance expensive treatments interest-free for 6-12 months. While convenient, this method accrues debt that must eventually be repaid with interest.
Finally, nonprofits like the Feline Veterinary Emergency Assistance Program provide financial aid grants to cat owners facing economic hardship. These organizations can help cover vet costs when owners have limited funds. Crowdfunding through sites like GoFundMe is another potential option.
The Bottom Line
After weighing the pros and cons, cat insurance is generally recommended for most cat owners. While premiums and deductibles can add up over time, having coverage provides peace of mind against large unexpected vet bills. According to a NerdWallet analysis, the average annual cost of cat insurance is around $500, while the average cost of a major medical issue like cancer treatment or a broken bone can run into the thousands. For many cat owners, this makes the premiums worthwhile. However, healthy cats with no pre-existing conditions may be fine without coverage. Evaluate your own financial situation and your cat’s needs, but for most, cat insurance is a smart investment in your pet’s long-term health and wellbeing.