As a pet owner, it can be heart-wrenching to have to make a decision about your pet’s health, or even his life, based upon finances. Sudden illness or injury can trigger thousands of dollars in veterinary bills, and some pet owners simply do not have that kind of money lying around, regardless of how deeply they cherish their fur-baby.

As far back as 1980, with the founding of Veterinary Pet Insurance, by Jack Stephens, DVM, pet owners have had the option of insuring their pets against medical bills just as they insure themselves. Pet insurance companies have multiplied in droves since that time and now pet parents have a bevy of options from which to choose.

Things to Consider

Pet insurance is like people insurance in some ways; there are often deductibles, payout limits and networks of approved veterinarians and animal hospitals. You can also choose to get wellness/preventative care coverage if you wish. There are some key differences, however. Here are some things to take into consideration when shopping for medical insurance for your beloved companion:

• You are usually required to pay your vet bill up front and file for reimbursement.
• It’s common for pet insurance plans to restrict or exclude coverage for hereditary or congenital conditions like hip dysplasia.
• If your pet goes through a particular illness or diagnosis, it may be excluded the next time you renew the insurance plan, or you may be charged extra for that condition.
• There are often limits on annual and lifetime benefits, as well as individual limits for certain injuries or conditions.
• Rover or Fluffy may be denied coverage if they’ve advanced past a certain age.

Along with these considerations, it can also be confusing to compare each company’s plans to each other, as benefits and limitations vary widely, so it can be like comparing apples to lawnmowers.

ConsumerAdvocate.org, which ranks the best companies and products based on real consumer ratings, lists the following pet insurance companies as the highest rated among customers:

1. Healthy Paws – offers unlimited lifetime benefits with no claim caps, comprehensive accident and illness coverage, a free mobile app, no claims forms requirement, and you can choose to have an annual deductible
2. Petplan – Philadelphia-based pet insurance company that has been in business since 1976, offers coverage for hereditary conditions like hip dysplasia, has benefits up to a $22,000 yearly limit, operates on the basis of a per condition per year deductible
3. Trupanion – offers one plan that they claim covers 90% of veterinary bills, no accident and illness payout limits, renowned customer service, offers per condition deductibles (this works well if your pet has a chronic condition)

One thing you can do is to create a spreadsheet to help you compare costs and benefit amounts side-by-side. You should also read pet insurance reviews at sites like PetInsuranceReview.com, which also offers you the ability to pull quotes.

It’s also a good idea to consult your veterinarian on their recommendations, as well as ask family and friends about their experiences. Once you narrow it down, clear your choices with a quick Better Business Bureau check. Websites like Angie’s List can also be a boon to your research, as they offer customer ratings and a venue for complaints. Don’t forget to inquire whether your employer offers a discount on pet insurance as part of their benefits package – some do these days.

Whether or not you decide medical insurance for your pet is the right choice for you, remember that the most important thing you can do for your dog’s or cat’s health is to take them for regular vet visits. An ounce of prevention really is worth a pound of cure!