“Head to Tail” blogger Loella Springmann posted about cutting out insurance for her three dogs and instead putting the premium money into a separate savings account earmarked for dog care.
“If you truly view you pet as a family member, shouldn’t he be budgeted for just as any other?” -Head to Tail
Thank you for bringing financial planning into the discussion of our pets! She suggests a combination of savings account and pet insurance, which I agree is ideal. I recommend ING Direct for easy, no-cost savings accounts online that link to your checking account.
"Out there things can happen, and frequently do, to people as brainy and footsy as you." -Dr. Seuss
C-Biscuit has highly-rated Pet Plan insurance, which costs $335 per year for $12,000 of coverage at 80%90%, with a $200 per incident deductible. She’s young and healthy, and unlikely to need major illness care any time soon, but whippets are thin-skinned and we do hike a lot, plus we live in a crowded urban environment (Manhattan) – accidents can happen. Routine care isn’t covered, but anything major would be, and I’d rather pay for the insurance, have the peace of mind, and hope not to use it.
With Sesame coming, though, let alone a third (it could happen!), I’ll have to re-evaluate. I could play the odds and set aside the premium money, as Springmann is doing for her three.
The bottom line is, pet medical care has gotten increasingly sophisticated and expensive, and our dogs (and cats) need to figure into our financial planning, whether it means buying insurance or saving up or both.
73% of pet owners would go in to debt
to pay for their pet’s veterinary care. -Pet Plan website
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