Veterinary Pet Health Insurance

Health insurance for pets is still not a commonplace part of routine veterinary care in the United States. With news that some corporations are now offering veterinary health insurance as part of an employee benefit package, this type of insurance may be attainable for more people. It is interesting to note that only 5% of the people who voted in the Pet Insurance as an Employee Benefit poll already have health insurance for their pet(s). I do not know the "official" percentage of pet owners who have insurance, but this number does not surprise me. According to various sources I found on the Internet, the percentage of pet owners who have pet health insurance in the United States ranges from 1-2%.

• The New York Times Online (May 2006):
  "Though pet insurance is more popular in parts of Europe, Americans may have figured out it isn't worth the expense. VPI, which has Procter & Gamble as an investor, has been selling pet policies since 1982; with 369,000 active policies, it says it has about 80 percent of the market. (The other two insurance providers are Petcare and Petshealth.) That's less than 1 percent of the 90.5 million cats and 73.9 million dogs owned by Americans."
• The Poughkeepsie Journal (January 2008):
  "Pet insurance is still relatively rare, with only about 2 percent of pets in the United States insured. Another major pet insurer, PetHealth Inc., expects that figure to grow to about 10 percent over the next decade as options for animal medical care grow."
• The Illinois Herald & Review (January 2008):
  "With less than 1 percent of American pet owners and 9 percent of Canadian owners using any sort of pet insurance or savings plan, other options are available. CareCredit is a solution for some. CareCredit offers several flexible payment options that allow pet owners to make payments over several months."
• Veterinary Pet Insurance Fact Sheet:
  "The concept of pet insurance began more than 30 years ago in Europe. Nearly 20 percent of pet owners have insurance in England and 49 percent have insurance in Sweden."

While pet insurance coverage sounds like a great idea to many people, it is interesting to note that some veterinarians and pet owners have reservations about signing up. Some people feel that putting money aside in savings each month would be analogous to monthly payments to an insurance plan, and some people, especially veterinarians, worry that insurance may lead to the managed health care problems and frustrations seen in human medicine.

From the Illinois Herald & Review article: Insurance can offer assurance to pet owners

"Not everyone agrees that pet insurance is a good idea. Some consumer advocates state that putting the same amount of money into a savings account will generally provide any necessary funds. Jack Stephens, founder of Pets Best Pet Insurance, disagrees. He says, "Medical problems don't wait until you have saved enough and then stay within the savings you have accumulated."

"Some veterinarians have not been overly receptive of the idea of pet insurance, fearing becoming part of a managed health care system. Some fear being disappointed by the insurance company."

A couple of viewers shared their thoughts on pet insurance, which are highlighted below. If you currently have pet health insurance or are considering getting it, please post your comments, experiences and questions here.

Teri Salvador writes: "Some insurance policies are good that are for whole life terms and a policy with a yearly limit rather than a per condition limit are better. In some cases people are further ahead with a savings plan for emergencies. But the best of all worlds is preventative natural remedies that prevent disease progression. Great article!!"

Revd Dr. Daniel Beegan writes: "I already have pet insurance through VPI and have used them for years. As an owner of a giant breed dog, a Newfoundland, I have found them to be the most reasonable given the benefit level provided. Some pet insurance companies surcharge for certain breeds, including Newfs, because of the higher costs of medicine, etc. I also have an excellent wellness rider. So, I would be disinclined to switch to another company."

Related Reading:
Full article and pet health insurance poll Add your comments Veterinary Pet Insurance Pet Health Inc. CareCredit Assistance