Veterinary Pet Insurance & Economic Planning

The Cost of Compassion: Two options for planning for your pet's healthcare

Veterinary Pet Insurance

At Highland, we recommend a variety of veterinary medical insurance.  However, we recommend whatever No Descriptioncoverage makes your family most comfortable, and whatever coverage you consider appropriate for your particular pet's needs.  Just be sure to check their policy coverage and their company history to ensure that you are getting the most for your money.  We'll be happy to go over a potential plan with you if you bring in the benefit schedule during your wellness appointment, and help you come to a decision.  The benefits of having pet insurance are many.

The first and foremost benefit, is that pet insurance can give you the peace of mind knowing that if your dog falls ill or has an accident, you won't have to make a tough decision.  Most pet insurance carriers will reimburse you for your pet's visit to any veterinary clinic in the countryincluding emergency clinics, when your pet is covered for the particular problem that you are presenting to the doctor.

Waiting until your pet is geriatric, or until an accident finally happens is not the easiest way to save money or peace of mind.  Most veterinarians don't bill their clients for services anymore (too many small businesses have fallen victim to even well-meaning pet owners "forgetting" them).  To make certain that their expensive pharmaceuticals, equipment, and quality staff are affordable, most veterinarians, including Highland Veterinary Clinic require payment at time of service.  And while we do make financial arrangements in a few cases, we are more likely to extend credit to people who have pet insurance.No Description

With a solid pet insurance or economic plan, and an emergency credit card, your pet's health care can cost less than a half a tank of gasoline a month!  It just takes a little knowledge about your pet's health, proper preventative healthcare, and a little effort in financial planning




Do-It-Yourself Economic Planning

Pet insurance, when dealing with a trusted company is a fine tool for economic planning.  However, it's not your only option!  We recommend acquiring a credit card with a 500-1000 limit for emergencies, or putting $25.00 a month into a free savings account until you reach a similar limit. It's a good idea to set aside $10.00 a month, per pet in a special place to plan for their routine preventative medicine.  However, we aren't financial experts!  From the Financial Planning for Your Pet's Care by Bob Mecca:

Because our pets give so much to us, we should ensure they they receive proper care in return. But frequently, we don't. The proof stares at us from the eyes of the millions of animals that are abandoned to the streets or placed in shelters and euthanized each year.

Why does this happen? Often, pet owners just do not think to incorporate pets into their life planning. If you want to make sure that your pet does not end up an unfortunate statistic, here are [some simple] strategies to follow:

Set aside a pet emergency fund

If something happens to you, like suddenly losing your job or taking on a big expense, would you have money for the continued care of your pet? To make certain that your pet's short-term needs are met, you can create a separate fund to cover 3-6 months of living expenses.  

You should include all costs that you can think of, such as food, health care, and supplies. Costs are always rising and there may be expenses you haven't thought of, so it's prudent to estimate on the high side.  You might need this money without warning, so be sure to put it in an account that allows you to withdraw at any time without penalty.

Maintain adequate disability protection

Many pets face homelessness and death because their owners are disabled and can no longer care for them. It's common to think that this is unlikely to happen. We assume that the chances of our becoming disabled are low. But nothing is further from the truth. Accidents and illnesses can strike anyone at anytime. In fact, according to the US Census Bureau, you have a 1 in 5 chance of becoming disabled in your lifetime.

If you do not have sufficient savings to cover your expenses for 6 months, short-term disability insurance can provide you with income. Anyone without the means to sustain themselves indefinitely without income should have long-term disability insurance. Only with a dependable source of income can we keep our pets with us.

We'd also add, that if you are an older adult, making provisions in your will for your pet can mean the difference between life and death for the pet.  They will always love you, and it is a nice way to show them that you will always love them as well.  If you have a very young, large bird, even if you are a young adult, the chances that you will outlive a well cared for parrot are slim.  Make provisions now or when you're settled, for your peace of mind, and to make your friend's life easier during a time that will be more difficult for them than any other.