Pet Insurance Options Expand as Veterinary Costs Rise
Pet owners now have a range of options to financially protect their furry friends. From accident and illness coverage to wellness plans, pet insurance can be tailored to suit individual needs. This comes as welcome news, as the cost of veterinary care continues to rise.
Pet insurance can be purchased from various providers, including specialty companies, major insurance firms, and even retailers. Kiplinger Personal Finance Magazine offers guidance on personal finance, including pet insurance, to help owners make informed decisions.
Pet insurance typically covers dogs and cats, but specialized plans cater to a wider range of pets. In the United States, companies like Pet Assure and Embrace offer plans for reptiles, birds, and small mammals. These plans provide coverage akin to health insurance, with premiums varying based on the plan chosen.
The average monthly pet insurance premium for accident and illness coverage is $56.30 for dogs and $31.94 for cats. Premiums are determined by factors such as breed, age, deductible, co-insurance, and plan limitations. Combining pet insurance with a pet savings account can offer the best financial protection for pets, ensuring owners can provide the care their pets need without breaking the bank.
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