In the first of our two-part series on pet insurance, we discussed a general overview of pet insurance terms, what to expect and what not to expect from available policies. Now let’s get down to actual costs, as well as examples of two common incidents that would require emergency pet care.
The financial data site, ValuePenguin, found that the average for a monthly insurance premium for a dog was $42.45 in 2016 based on a $500 deductible, $5,000 annual maximum payout at an 80 percent reimbursement level for a healthy 4-year-old neutered, male Labrador retriever.
In this same study, it determined a cat’s average monthly premium was $20.99 based on a $500 deductible, $5,000 annual maximum and 80 percent reimbursement level for a healthy 4-year-old female. As mentioned in our last column, prices vary widely depending on an animal’s age, breed, weight, gender, location and level of coverage chosen. And, as you can see, the cost of insuring cats is considerably less than dogs.
We have chosen typical emergency medical issues for both cats and dogs to see how much you can expect insurance to cover and break it down. Owners are responsible for covering veterinarian costs upfront then submit an invoice to their insurance company to be reimbursed.
Keep in mind that the specific veterinarian you choose to perform the surgery has an impact on cost. Surgery at an emergency room, specialty, or referral veterinarian will be more expensive than at your regular veterinarian’s office, similar to how seeing a specialist doctor is more expensive than seeing your family physician.
One of the most common emergency surgical procedures for pets is the removal of a foreign object. As an example, our case study is a 5-year-old male Labrador retriever that swallowed a sock and needs surgery to remove it. He is covered under an insurance plan that has a $250 annual deductible, 80 percent reimbursement rate and no coverage cap.
The average cost of surgery for a foreign body ingestion is $1,755. Please remember that while this cost can vary widely, this is the estimate we are using for this purpose of illustration.
To determine your reimbursement with this plan, calculate the following way:
- Total bill, $1,755
- Subtract annual deductible, $250 and multiply remaining by reimbursement rate — $1,505 times 80 percent equals. You will be reimbursed for $1,204
- Your total cost is $801.
While you can’t watch your pet all the time to monitor what they ingest, there are things you can do to better pet-proof your home to try to avoid this kind of emergency visit. Pick up clutter off the floor; keep medications, cleaning products, socks and other valuables out of reach; and buy a trash can that your dog can’t open or place it in a secure cabinet.
For our next case study, we will use a 5-year-old male tabby that has a bladder blockage and needs surgery, a perineal urethrostomy. He is covered under a similar plan but with a $500 annual deductible, a 90 percent reimbursement rate and no coverage cap.
The average cost of perineal urethrostomy is $1,500, again, keeping in mind that this cost can vary widely depending on several factors.
To determine your reimbursement with this plan, calculate the following way:
- Total bill, $1,500
- Subtract annual deductible, $500 and multiply remaining by reimbursement rate — $1,000 times 90 percent. You will be reimbursed for $900.
- Your total cost is $600.
There are various thoughts in veterinary circles about how to prevent blockages in male cats because the cause can be unknown. However, the most common recommendations are to increase your cat’s water intake by adding high quality wet food to their diet, clean their litter box regularly and keep your pets stress-free.
This is just a small insight into the world of pet insurance, but we hope that it will help guide you when you begin your own research.
Nicole Forsyth is president and CEO of RedRover, an organization that focuses on bringing animals out of crisis and strengthening the human-animal bond through emergency sheltering, disaster relief services, financial assistance and education. She writes Dollars and Pets for the Bay Area News Group. Send questions to petpalconnection@bayareanewsgroup.com.
