In 1980, pet insurance became available. Certainly back then, it was not a popular or common commodity. Now, with rising healthcare costs for animals, many people are not only looking into it, but signing on. But, is it really a money-saver? Or is that even the reason they are doing it?
Veterinary costs have increased 5 times the rate of human medical costs over the last ten years, and those have been rising rapidly. More municipalities require vaccinations for dogs, and the number of vaccinations available has increased, due to emerging diseases.
A big introduction of cost in veterinary care is the advances in treatment for conditions that would previously be fatal. It is not unusual these days to have MRI, CT scan and other sophisticated veterinary diagnostic capabilities, especially in large urban areas or near universities. Would people really be willing to pay for these extreme measures? Thirty-eight percent in a recent survey said they would pay any amount to save their pet's life.
So, maybe the question is not as much about the financial soundness of pet insurance, but the increased willingness of individuals to show no limit to what they would do for their four-legged friend. If that is the case, then a comprehensive pet insurance of even $100-$150 a month is not out of the question.
What about those for who cost is a limiting factor? Those who can't spend an unlimited amount on their pet and for whom monthly premiums may strain their budget do have to look at financial sense. If your local vet fees are high, above the average monthly premium for a policy comprehensive enough to cover routine visits, then it makes sense to have a policy in place. If you have a reasonably priced vet and get only the basics on vaccines, then a wellness policy isn't saving you anything. You may consider an accidental injury policy, much less in cost, but there to cover those unexpected trips to the vet.
Because people have come to treat pets more and more as a part of their family, they often feel the pressure not only from themselves, but family and friends, to invest an unlimited amount in their animals.
What used to be a relatively straight forward decision to euthanize an animal because its condition could not be treated is now made more difficult because the treatment may be available, just very, very expensive. It's hard to live with the fact that you put your dog to sleep because of a financial decision. Not that it is wrong, but we seem to be under increased social pressure to treat our animals like humans.
In the end, it is best to agree with your family, what you would do to care for your pet and what you can afford. Don't let someone pressure you into doing something you don't feel comfortable with and/or can't afford. As I told a friend once, who commented on how I cared for my dogs and wondered what I would do to save them. My reply? "I love my dogs. They are great companions, and in some ways, like children that never grow up. But at some point I must accept, they are dogs and I am human." What's the amount I would spend? That's my business, just as yours is yours.