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Health Insurance For Your Pets

October 28th, 2011 Pets

For many people, pets are members of the family, which means maintaining their health is important in order to provide them with a long, happy life. Even if you're a responsible pet owner, unexpected medical issues may arise which can jeopardize your pet's health along with your wallet. That's why many people have turned to health insurance plans to help them cover the cost of their pets' veterinary care.

According to the New York Times, pet health insurance is a booming industry which is growing every year. However, the source estimates that only about 3 percent of pet owners have policies. While health insurance is great for covering the cost of an unexpected illness or accident, some people prefer not to make monthly payments for coverage that they may never need to use.

Just like health insurance for humans, pet health insurance can get complicated and be highly restrictive. Some policies don't cover older pets or those with genetic issues. Others limit coverage to one treatment per illness, which means that if your pet has a disease which requires ongoing medication, only the first trip to the vet will be covered.

The New York Times reports that prices for pet health insurance can range from $12 to $50 each month, depending on the type of coverage and the age and health of the pet. Usually owners pay the cost of treatment up front, then file with the health insurance company to be reimbursed.

Pet insurance is a good idea if your household would be devastated by the cost - financially or emotionally - of an accident involving your pet. But there are also many other ways to find affordable veterinary care, like going to your local shelter or even starting a pet emergency fund on your own.