Is Pet Insurance Worth It for Cats?
Pet insurance is favored by veterinarians and pet owners alike, because it helps pay for vet bills when pet owners don’t have that money to spare. But is it really that simple? Is it worth it?
That depends.
How most pet insurance companies work
Pet insurance is not like human health insurance. Some pet insurance companies and vet officers will first pass the vet bill through your pet’s insurance, but most of the time you need the bill amount first.
In other words, you have to foot the vet bill first, then file a claim with your insurance company in hopes they’ll cover it.
Reasons why pet insurance ISN’T worth it
1. Pre-existing conditions aren’t covered
Pre-existing conditions aren’t usually covered by pet insurance, and you usually need to upload your pet’s medical history before your plan begins.
This means that an older cat will need a checkup before their insurance is active, which means any health issues they have are unlikely to be covered by the pet insurance.
2. Best sign-up period is kittenhood
Since pre-existing conditions are rarely covered by pet insurance companies, the best time to buy pet insurance is when your cat is a kitten.
However, few cat owners sign up for pet insurance during this time because they don’t expect anything to happen. They don’t expect to need it — and maybe they won’t, either.
Cats need more medical attention as they grow older.
3. It’s not what it seems
Again, most insurance companies require you to foot the bill first. That means that a $300-20,000+ vet bill comes out of your wallet first. It means you need to have the money to pay the vet bills before you can file for claims.
The people who need pet insurance for their cats the most fall prey to this “scam”.
I bought pet insurance for my cat when she was a kitten, but ultimately canceled the plan before I realized it wasn’t worth it for me since the entire reason I needed it was because I couldn’t afford to pay for emergencies should they happen.
Pet insurance companies don’t want you to need to actually utilize the benefits on your pet’s care plan “too much”, either, so if your cat needs a lot of care, their insurance company may cut them.
Not all vet visits will be covered, and it’ll be up to your pet’s insurance company to determine which procedures and treatments were necessary, regardless of what you and your veterinarian decided. Few insurance companies cover dental surgery and check-ups, but cats’ dental health can greatly affect the rest of their health.
4. The DIY approach is cheaper
Rather than buying pet insurance for your kitten, saving a couple hundred to a thousand dollars per every year of their life may be the better solution. Put it into a high-interest savings account and add onto it as you can.
A $20/mo. pet insurance plan is $240 per year that you may never see again, and you might never actually need your pet insurance.
If you save $100/mo., you’ll have at least $1200 by the end of the year.
Some veterinary offices have special customer plans where you can get free vet visits. The Petco Vital Care Membership pays for itself each month even if you don’t need a vet visit — but if you do, the vet visits ($50 value) are free and you need only to pay for the treatment (medication, surgery, etc.).
5. Different pet insurance companies utilize the same structure
Even when it seems like they don’t, different pet insurance companies use the same contract/information. The sample is always the same, except slightly different. The policy copy you receive in the mail is eerily similar to other people’s policies through different companies.
The only difference is in the customer support, plan coverage, benefits and what you pay.
6. They limit what they reimburse
You could have a $10,000 vet bill, but the check you receive might barely cover half of that. Sometimes, you can fight it and receive a higher payout.
Many surgeries and treatments for cats are perceived as “elective”, including spaying and neutering, unlike for dogs. In all my research, I’ve found that pet insurance companies favor dogs more than cats — though they do offer special coverage for cats that you can opt-in to: swallowed objects.
The best coverage, with the best benefits and customer service, that saves you more than it costs, is going to be more expensive.
Is pet insurance right for you?
The only person who can decide and tell you whether pet insurance for your cat is the right choice for you and your cat is yourself. Look at your family’s needs and assess your cat’s vet bills the past year — or what’s to come.
Cat insurance companies usually offer special packages for kittens, where you are reimbursed for all or most of their early kittenhood medical needs because the insurance companies want your cats to live well. They don’t want you to need to use all of your insurance reimbursements, because that’s how they make money.
I found having insurance for my cat’s first year especially helpful since she had so many medical needs — kittens put everything in their mouths. After that, I found Vital Care by Petco and setting money aside in savings to be all I needed.
Pet insurance ISN’T forever
Companies will tell you that you’re locked in for a year, when you’re not always obligated to stay a customer for a year. The ones that don’t run your credit don’t enforce you staying on for a year. It doesn’t affect your credit, because they never ran your credit.
If you need to back out of your cat’s insurance for whatever reason, customer support is usually accepting and willing to cancel you plan despite your one-year policy plan.