swain Posted February 12, 2016 Share Posted February 12, 2016 So i personally (without looking into it at all) have thought Pet insurance to be a gimic. Is it worth it? Getting a new pup soon and wondered if it's something i should look into. Haven't with my other dogs but have forked out a bit over the years....especially now my old dog is receiving pelative care. Thanks Link to comment Share on other sites More sharing options...
Xyz Posted February 13, 2016 Share Posted February 13, 2016 Definitely not a gimmick (as I receive my cheque for 80% of my $4000 bill last fortnight! Look at the fine print and make up your own mind. I wouldn't have a puppy without insurance, especially until it's about 2 years old Link to comment Share on other sites More sharing options...
westiemum Posted February 13, 2016 Share Posted February 13, 2016 My philosophy on pet insurance is that its there for stuff you can't easily afford out of pocket - and that determines the cover you take. I'm with Xyz - if I had an older rescue dog without a genuinely known history or a new puppy, I'd be insuring them if at all possible. Veterinary medicine seems to follow human medicine and eventually all the advantages of human medicine are available for our dogs - but at a cost. And I think its sad to have to say no to treatment on cost grounds. So as I've said before, the pet insurance offerings have changed substantially over the past couple of years - many more players in the field. It used to be easy in my mind - Pet Plan or Pet Plan. But its not so easy now and I think they have rested on their laurels and been overtaken by some other good options. So here's a link to the Canstar pet insurance comparison and to their 2015 report download. Hope it helps. Link to comment Share on other sites More sharing options...
Cosmolo Posted February 13, 2016 Share Posted February 13, 2016 My pet insurance paid out over $7000 for my young ACD in less than 6 months..! Link to comment Share on other sites More sharing options...
kdf Posted February 13, 2016 Share Posted February 13, 2016 I insured my mum's 2 dogs for her. In August her Border Collie was diagnosed with a fungal infection (Cryptococcus) and so far I estimate her bills just for this are around $5000. Just one of her medications is $4/tablet twice daily and treatment could go on for some time yet. The insurance company has paid back 80% of her bills without any issues. Waiting to see what her premium will be when renewal is due in May though. I also insure my own dogs but haven't needed to use it for them yet. At my vet clinic money is one of the hardest conversations staff have with clients. Euthanasia of pets with treatable conditions due to finances is difficult and extremely sad for everyone. Link to comment Share on other sites More sharing options...
swain Posted February 13, 2016 Author Share Posted February 13, 2016 Thanks for responses! Definitely sounds like something to seriously consider. Thanks westiemum for the links will have a look at it. Since my original post this morning i have found out that our lil guy has a heart murmer so not sure if he would get cover. Something I'll look into Link to comment Share on other sites More sharing options...
Salukifan Posted February 13, 2016 Share Posted February 13, 2016 If meeting a four figure vet bill means the difference between life and death for your pet (as it does for some folk on restricted incomes) pet insurance is no gimmick. Link to comment Share on other sites More sharing options...
westiemum Posted February 13, 2016 Share Posted February 13, 2016 Thanks for responses! Definitely sounds like something to seriously consider. Thanks westiemum for the links will have a look at it. Since my original post this morning i have found out that our lil guy has a heart murmer so not sure if he would get cover. Something I'll look into He will likely get cover but the heart murmur will need to be declared and no doubt will be a specific exclusion on the policy. I'd still try and insure him ASAP. Link to comment Share on other sites More sharing options...
swain Posted February 13, 2016 Author Share Posted February 13, 2016 Thanks for responses! Definitely sounds like something to seriously consider. Thanks westiemum for the links will have a look at it. Since my original post this morning i have found out that our lil guy has a heart murmer so not sure if he would get cover. Something I'll look into He will likely get cover but the heart murmur will need to be declared and no doubt will be a specific exclusion on the policy. I'd still try and insure him ASAP. Cool thanks. Will do!!! Link to comment Share on other sites More sharing options...
Little Gifts Posted February 13, 2016 Share Posted February 13, 2016 I've never had pet insurance and I have also been pretty lucky in having healthy dogs and an income that enabled me to cover any large, unexpected bills that came in. I've been with the same vets since 1988 and get a loyalty discount from them. I've noticed though that costs have increased to the point that I always scrutinise my bill now with a lump in my throat (my income is not what it used to be). I don't begrudge what my vet charges - I don't even think they are expensive, but it all adds up. I think you need to make sure any policy you get covers the things you need - many don't cover things like dental for instance. It would certainly be beneficial for a major illness or accident, particularly after hours, which can cost thousands in one hit. This issue is like having private health cover for humans. I reckon if I had've started putting $25 a week into a separate account when I first started working I would've had enough money to cover every specialist, dental and allied health bill I've ever had. Instead I've been paying into a fund for decades and the two times I've had major illness I've still been out of pockets thousands of dollars (plus paying for Medicare services I am never able to access as I get slotted into the private system). I'm sure you could apply the same kind of principle to pet insurance. Part of what you pay for is that piece of mind that you (or your pet) can get the tests and treatment needed regardless of how your bank balance is looking. Link to comment Share on other sites More sharing options...
swain Posted February 13, 2016 Author Share Posted February 13, 2016 I've never had pet insurance and I have also been pretty lucky in having healthy dogs and an income that enabled me to cover any large, unexpected bills that came in. I've been with the same vets since 1988 and get a loyalty discount from them. I've noticed though that costs have increased to the point that I always scrutinise my bill now with a lump in my throat (my income is not what it used to be). I don't begrudge what my vet charges - I don't even think they are expensive, but it all adds up. I think you need to make sure any policy you get covers the things you need - many don't cover things like dental for instance. It would certainly be beneficial for a major illness or accident, particularly after hours, which can cost thousands in one hit. This issue is like having private health cover for humans. I reckon if I had've started putting $25 a week into a separate account when I first started working I would've had enough money to cover every specialist, dental and allied health bill I've ever had. Instead I've been paying into a fund for decades and the two times I've had major illness I've still been out of pockets thousands of dollars (plus paying for Medicare services I am never able to access as I get slotted into the private system). I'm sure you could apply the same kind of principle to pet insurance. Part of what you pay for is that piece of mind that you (or your pet) can get the tests and treatment needed regardless of how your bank balance is looking. Yeah I'm not a big fan of human health insurance...got rid of mine cos i too was getting charged for stuff that medicare covers...anyway back to the post...i will call a few companies and get a feel for it. We have pretty good income but have spent thousands on our other dogs over the years was hoping this would help. Hmmm....appreciate your input Little Gifts Link to comment Share on other sites More sharing options...
Ruffles Posted February 14, 2016 Share Posted February 14, 2016 Our dogs snake envenomation has cost $24,000 in the last thirteen days, and she now needs ongoing care and specialist treatment... Had she had insurance, I would have recovered $12k of that money. For most people in that situation, that would be the life saver for their pet. Definitely not a gimmick. Link to comment Share on other sites More sharing options...
swain Posted February 14, 2016 Author Share Posted February 14, 2016 Our dogs snake envenomation has cost $24,000 in the last thirteen days, and she now needs ongoing care and specialist treatment... Had she had insurance, I would have recovered $12k of that money. For most people in that situation, that would be the life saver for their pet. Definitely not a gimmick. Oh my! What an awful situation. I hope she recovers and can be comfortable going forward. $12000 back in your pocket certainly would have been helpful.I feel for you guys Link to comment Share on other sites More sharing options...
camo Posted February 18, 2016 Share Posted February 18, 2016 (edited) I also was looking into this recently. Here are some issues I found: * No upfront approval. This means firstly you need to come up with the money for the vet bill. My concern for a low income person in this situation, is how do you fund the surgery during the time you wait to be approved and reimbursed. There are examples of claims being denied when the person was sure it would be approved, so what happens when you find the funds short term and then find out that the insurance company is now refusing the claim. * Policies are only for a one year period. This means the insurance companies can make changes to the policy that you may not have anticipated when taking out the policy, this might include premium increases and also condition changes. Although you can go to their website and determine what your dog will cost to insure for the first year, there are many complaints regarding extraordinary increases in premiums as well as changes to policies (such as older dogs previously being reimbursed 85% new policies coming out changing that to 70%). My concerns are what happens when the insurer decides to increase the premium after I make a claim regarding a potentially ongoing condition. I can't change ensurers as this would then be a pre-existing condition, worst still, once my dog hits 9 years old, I only have 2 choices, continue to pay the same insurer regardless of how the policy might change each year and how much they might charge, or no longer have insurance (you can't take out insurance with any company for a dog over 9 years). * There are many companies offering insurance, but only currently 2 underwriters for pet insurance. Is this enough for healthy competition? * Waiting Periods, Exclusions and Bilateral Conditions. The Checkout did a good segment on this: They do end by saying that "pet insurance still might be the best option, because if you can't afford a massive vet bill..." you may have to put the pet down. Again I refer back to my initial point of No Upfront Approval. For me, pet insurance is about removing the financial aspect of the decision of if to treat, but realistically this remains, as a consideration, at best for short term (if the claim is later approved), and at worst for the long term (if the claim eventually gets denied). With all that said, I am still considering insurance, but I will likely take out insurance for the first 2 years (hoping any conditions present themselves in that time, but not before the waiting period ends). Although the premiums are fairly low for the first 2 years, I intend to put more aside in my home loan, after the 2 years, I intend to drop the insurance, and self fund (put funds aside every week). I don't think it is a gimic, it is serious business, doing the math, I came up with premium payments being in the vicinity of $14000, and that was based on the insurer being perhaps more reasonable with premium rises than some have mentioned as the dog ages or claims are made. There are certainly stories were this $14000 is a drop in the ocean compared to some vet bills, but there are equally a lot of stories were you would think a person's claim would have been approved and it wasn't. In my case I always have 2 dogs, so to insure means doubling that figure, if I consider the life of a dog and the likely term of my life, now your talking about multiplying that by 4 or more and add to that the effect of compound interest this is a pretty powerful sum of money, especially if it is invested wisely. Just some food for thought. Cheers, Camo Edited February 18, 2016 by camo Link to comment Share on other sites More sharing options...
jeanka Posted February 18, 2016 Share Posted February 18, 2016 I personally would take out pet insurance as soon as possible, and I learned this the hard way unfortunately in the 30 day wait period my pup had pretty much everything go wrong, including liver shunt, puppy strangles and heart murmur! Now they count as pre-existing conditions and if any of these problems arise in the future, the insurance won't cover them. Mine is definitely a strange case, but vet bills are so expensive and you never know when something is going to go wrong. Pet insurance helped massively when one of our previous setters had to undergo surgery for a cancer. Definitely worth it! Link to comment Share on other sites More sharing options...
The Spotted Devil Posted February 18, 2016 Share Posted February 18, 2016 3 dogs, 2 cats no insurance. I've done my sums and it's just not worth it. And yes I have had some hefty vet bills! Link to comment Share on other sites More sharing options...
Dame Aussie Posted February 18, 2016 Share Posted February 18, 2016 3 dogs, 2 cats no insurance. I've done my sums and it's just not worth it. And yes I have had some hefty vet bills! Same here. For animals and humans we put money away each week/month/whatever we can and keep a credit card for emergencies. Link to comment Share on other sites More sharing options...
swain Posted February 18, 2016 Author Share Posted February 18, 2016 Wow...definitely so many pro's and cons. I have found out that our pup has a heart murmer so thinking that they won't cover him for that or at least charge an arm and a leg. Maybe putting money aside and credit card may be way to go??? Nothing is simple is it ???? Link to comment Share on other sites More sharing options...
minxy Posted February 22, 2016 Share Posted February 22, 2016 With ACL surgery, patella surgery, lupus etc it's certainly been worth it for us. We spend about $100 a week just on meds for Kyojin's lupus and with only one income now, having pet insurance really helps. Cost a few grand just to diagnose him, as well as about $16k for his two surgeries. Link to comment Share on other sites More sharing options...
camo Posted February 22, 2016 Share Posted February 22, 2016 (edited) With ACL surgery, patella surgery, lupus etc it's certainly been worth it for us. We spend about $100 a week just on meds for Kyojin's lupus and with only one income now, having pet insurance really helps. Cost a few grand just to diagnose him, as well as about $16k for his two surgeries. Kyojin looks like a beautiful dog, and sounds like the insurance has helped you a lot. Could I ask, as it sounds like you are in a good position to answer some questions I had: * Have your premiums seen much of a change each year, especially in years after making large claims (how long has Kyojin's been insured for)? * With the two surgeries, how long was it before the claim was approved and you were able to recoup the funds? Cheers, Camo Edited February 22, 2016 by camo Link to comment Share on other sites More sharing options...
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