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I’m trying the “self-insurance” route. Instead of paying a $50 a month premium, I put that money into a dedicated dog fund. Over a year, that’s $600. My hope is that this fund will grow over time to cover any unexpected vet bills. However, I acknowledge that if a $800 x-ray is needed early on, my fund might not have enough yet.
One of the biggest reasons I got pet insurance for my puppy is that pre-existing conditions are almost never covered. By getting insurance early, before any potential health issues arise, I ensure that if my puppy develops a chronic condition later in life, the treatment costs will be covered, unlike if I waited until symptoms appeared.
I looked closely at wellness plans that cover routine care like vaccines and flea/tick medication. Often, these add-ons cost roughly the same as what you’d pay out of pocket for those services anyway. For example, if my puppy’s first year of vaccines and preventative meds costs around $700, and the wellness plan adds $600 a year to my premium, it seems more economical to just pay the $700 directly.
For me, pet insurance is all about peace of mind. I pay around $100 a month, and when my older dog got pneumonia and the bill was $3000, my insurance covered 90%. Knowing that I won’t have to hesitate about getting my puppy the best care, regardless of the cost, is worth the monthly premium to me.
I decided against pet insurance for my puppy because I can afford an expensive emergency. My vet told me that if you can comfortably pay for a $5,000 or $10,000 vet bill if something major happens, then insurance might not make the most financial sense. Instead, I’m putting the $100 a month premium I was quoted into a high-yield savings account.
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