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S P I R I T O F W O M E N S P R I N G 2 016 w w w. s p i r i t o f w o m e n . c o m
F I N A N C I A L F I T N E S S
SHUTTERSTOCK
for future medical bills rather than spending that money
on pet insurance premiums.
But Americans are not known for their ability to save
for a rainy day: Eighteen percent have no savings at all,
according to Bankrate.com. If you're an exception, you
might be able to sock away what Fido would need.
What's covered: Just like people, as pets age they have
a higher likelihood of illnesses and injuries. Pet policies
may exclude pre-existing conditions and have waiting
periods for policies to kick in, so make sure you compare
what your out-of-pocket costs will be.
How it works: In most cases, you'll pay for your pet's
care at the vet and then file a claim to be reimbursed.
This doesn't necessarily mean a pile of paperwork. Figo,
for example, allows you to upload a photo of your vet
bill from your smartphone, rather than requiring your
veterinarian to sign a stack of forms.
•
I
f you've dismissed the idea of pet insurance in the
past, it may be time for a second look.
Pet health insurance has been around for decades,
but it has become increasingly popular in recent
years as a way to help take the sting out of big bills.
Whether pet insurance makes sense for you depends on
your animal, your family and your financial situation, so
here are some considerations to take into account.
Your animals: Most pet insurance policies cover cats
and dogs, although there are the outliers who might also
cover a reptile or a bird. Rusty Sproat, founder and chief
executive officer of Chicago-based Figo Pet Insurance,
says 85 percent of pet insurance policies are for dogs,
who are more likely to get out of the house (or eat a pair
of socks in the house), and therefore more likely to have
unexpected medical expenses.
Your ZIP code: Where you live makes a difference,
Sproat says. A 2-year-old chihuahua in Beverly Hills will
cost more than the same dog in Little Rock.
Your bank account: A 2011 study from Consumer
Reports magazine found that for most pets, having
insurance didn't pay off. Except in extreme cases, policy
limitations made it wiser to simply stash away cash to pay
Pet insurance providers
Pet policies may exclude pre-
existing conditions and have waiting
periods for policies to kick in.
Is pet insurance c
worth it?
By Margaret
Littman
The leading organizations offering pet health
insurance include:
• Figo Pet Insurance: fgopetinsurance.com
• ASPCA Pet Health Insurance:
www.aspcapetinsurance.com
• 24PetWatch QuickCare: www.24petwatch.com
• VPI/Nationwide: www.petinsurance.com