Would You Be Ready for a Pet Emergency?

Pet insurance is on the rise in the US. Should you buy it for your own furry friend? Veuer’s Matt Hoffman reports.

Transcript

00:00More and more Americans are purchasing pet insurance.

00:03According to the North American Pet Health Insurance Association,

00:06over 5 million pets were insured in North America in 2022,

00:09a 22% increase from the year before.

00:12What's behind the rise? It may be driven by rising veterinary costs.

00:16Embrace Pet Insurance President Brian Masseus told Forbes,

00:19several dynamics are driving the increase of vet costs,

00:22including inflation and the pet boom in adoption, which we saw during the pandemic.

00:26So should you buy insurance for your own furry friend?

00:28That depends.

00:30A 2011 Consumer Reports article claimed that in most cases,

00:33insurance would cost more than it paid out.

00:36But some services could save purchasers money in the event of unusually serious veterinary issues.

00:41So, as with basically all insurance,

00:43pet insurance is a gamble on whether or not you'll end up really needing it.

00:47And as with human health insurance,

00:48choosing the right plan is a complicated mess of premiums, deductibles, and payment caps.

00:53But there are some differences.

00:55Pet insurance reimburses you for payments made up front

00:57rather than handling the bills themselves.

01:00And while Obamacare may have made pre-existing conditions a non-issue for humans,

01:04such conditions can still get pets denied for coverage.

01:07So if you're considering signing up,

01:09it might be best to do so when your pet is young and healthy.