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Is Pet Insurance Worth The Cost?

graphic showing the cost of pet insurance
Dr. Rick Coufal, DVM

Dr. Rick Coufal, DVM

Dr. Rick Coufal is the founder and lead veterinarian for Ponderosa Veterinary Clinic. Coufal graduated from State University’s College of Veterinary Medicine and Biomedical Sciences in May of 2000.

When you begin the search for a new pet companion, you are likely looking for a new best friend to bring home and grow with. Throughout the search, it can be easy to get caught up in the instant connection you may feel with a potential pet. Aside from that heartwarming connection you may feel, there are many factors that need to be looked at when deciding which pet may be the best for you, especially the weight of financial responsibility that pets can bring into your life.

As a veterinary clinic in Colorado Springs, we have experienced various illnesses and injuries that not only hurt your pet, but also your wallet. After seeing how unforeseen circumstances can negatively impact pets and their families, we strongly recommend having an emergency fund set aside for your pets in case of an emergency. Unfortunately, many pet owners see their resilient, energetic pets and don’t plan for the worst since it’s hard to imagine. Not having savings or a backup plan set for your pet can take a terrible toll on your financial health and may ultimately put your pet’s well being at risk.

Fortunately, there is an option to invest in health insurance you can get for your pet. Pet insurance is something that could be in the cards for you, and because we understand how much you care about your four-legged friend, we want to make sure that you know everything there is to know about pet insurance and if it is right for you.

graphic showing the cost of pet insurance

What Is Pet Insurance?

Pet health insurance is rather similar to health insurance for humans. It offers reimbursement opportunities for any injuries, illnesses, or normal checkups that your pet may need. Pet insurance has many of the same elements as normal health insurance:

  • Deductibles
  • Co-pays
  • Maximum payouts
  • Premiums
  • Waiting periods

There are a few key differences between pet insurance programs and standard health insurance. Pet insurance is strictly a reimbursement program, so you have to pay out-of-pocket first and then receive a portion of the bill back from the policy program. It also does not run on a network system, so you will need to research which pet insurance program may work best for your preferred veterinary clinic. Pet insurance is an excellent solution to protect from high cost surgeries and treatments your pet may need.

How Does Pet Insurance Work?

Pet insurance helps cover a portion of emergency or very serious veterinary procedures. Most programs require you to pay out-of-pocket, then the program will reimburse a major portion of the cost back to you. Depending on the specific policy, pet insurance may provide financial assistance for routine visits such as wellness exams, but it’s important to look at the fine print.

Pet Insurance Reimbursement

Something to keep in mind is that since pet insurance is based on a reimbursement process, which means you pay the veterinary bill and then your pet insurance reimburses a portion of the total cost back to you. The best way to go about this is to get pet insurance that reimburses you based off your total vet bill and not on a benefit schedule or “usual and customary” charges. Benefit schedules and “usual and customary” plans cap the amount they reimburse you at a certain amount. These can be risky plans if your bill ends up being a lot more than normal or a lot more than expected for the area you live in. Total bill reimbursements are much more ideal because they consider the amount you paid for a specific procedure or treatment and give you reimbursement based on that total.

Compare Pet Insurance Companies

There are many different pet insurance companies, so it is important for you to research and compare each one to see which opportunity may the best for you and your pet. You want to make sure you look at the different coverage levels each company offers, where coverage is available, and ultimately which one will fit the most needs for you and your pet today and further in your pet’s future. Here are just a few things to look at when comparing pet insurance companies and policies:

  • Are pre-existing conditions covered?
  • Are deductibles annual or per condition?
  • Are routine exams covered? What dental work is covered?
  • Does this plan offer a trial period?
  • Which medications are covered? (Search for specifics if your pet is already prescribed medication)
Have Any Other Questions About Pet Insurance? Call Ponderosa Vet Today!

We know how important it is for you to keep your four-legged friend happy and healthy. While our mission at Ponderosa Veterinary Clinic is to provide fair costs and care much more about your pet’s well being rather than making money, there are still occasions where you may not have the ability to pay for urgent care. We know how expensive treatments and emergency procedures can be, so if you want to make sure your pet is well secured for years to come, pet insurance and their reimbursement plans may be an excellent option. Our experienced and caring team members all want to give your pet the best chance they have, and we know that you want that too. Contact us if you have any questions about pet insurance or want to schedule an appointment for any of our services.

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we are hiring vets!

Ponderosa Veterinary Clinic is seeking an enthusiastic and caring veterinarian to work relief, part-time or full-time in our general practice. PVC is a full-service, 3+ doctor, small-animal veterinary hospital. We have established an excellent reputation for developing lasting relationships with our clients and for providing compassionate and quality care to our patients.