Pet insurance

TODAY vet Dr Chris Brown explains the benefits of pet insurance.

Nowadays, the medical treatment our pets receive is pretty much on par with what people receive. And while that's great news for their health, it can leave your wallet in a state of shock, especially if there is that unforeseen encounter with a car, a serious illness or a dose of tick paralysis.

After all, in the world of pets, there is no Medicare and no safety net. If there is a bill, you have to foot it. All of it. Unless you have pet insurance.

Lots of people think it's just not necessary and even over the top. But it can provide:

• Huge savings if your pet requires major surgery
• Huge savings if your pet needs an extended stay in hospital
• Opens up a range of previously unaffordable treatment options
• Assurance that your pet will get the best possible care
• Savings on preventative treatments (fleas, ticks, heartworm)
• Peace of mind if away on holidays
• The knowledge you will never have to choose between money and the life of your pet.

We all seem very accepting of the idea of health insurance for humans yet much less so for pets. But why is this?

• Australians are big spenders on pets: We spend, on average $4 billion a year keeping our pets happy and healthy. Making us amongst the world leaders in pet spending.
• Australians are not big insurers of pets: Its estimated only about 2 percent of our pets are insured compared with over 20 percent of pets in the UK.

Sadly this lack of insurance, has its consequences.

It is estimated that as many as 6000 pets that could otherwise be saved are put down each year because their owners simply can’t pay the fees and almost 10 percent of all patients treatments are discontinued because of a lack of money.

What could break the bank: The most costly veterinary procedures costing more than $3000

• Emergency care after being hit by a car $500-$5000
• Tick paralysis
• Knee surgery (cruciate ligament)
• Eye surgery for cataract removal
• Fractured leg repair
• Heart surgery
• Spinal Surgery (bulging disc)
• Brain surgery

Your options for pet insurance:

You can include your pet in your home and contents insurance

• Available through RACQ, Australian Unity and GIO. Although more companies are now doing it.
• This is general cover
• Usually only covers you up to $500 a year
• But is CHEAP at around $50 a year.

Or get specialist cover.

• Now at least 6 companies offering it
• AFS Pet Med, Perfect Partners Petcover, Petsecure, RSPCA Pet Insurance, Vets Own, Insuranceline Pet Health Plan. They offer 4 types of cover:
  Accident (eg. hit by car)
  Illness (eg. virus)
  Comprehensive (Accident and Illness)
  Comprehensive Plus (Comprehensive Insurance as well as rebates for routine vet trips for desexing and vaccinations as well as flea, tick and heartworm control.
• Monthly premiums range from $17-$42 depending on the level of cover you require

What to look for:

Think in exactly the same way as if you’re buying private health insurance for yourself.

• Cost of monthly premium
• Type of cover it provides (accident, illness, comprehensive, comprehensive plus)
• What the annual limit is on claims
• What the excess is. ie. How much you will pay out of your own pocket per visit to the vet.
• What are the exclusions (if you live in a tick prone area, make sure tick paralysis is NOT excluded from your cover)
• What extra’s are included (eg. boarding fees, flea, tick, heartworm control)
• The age limit on joining. Insurance companies realise that old pets get more problems. That’s why most companies won’t insure pets over the age of 8 or 9.

Pet insurance is almost a ‘must’ for:

• High maintenance ‘pure-breeds’ (eg. Basset Hounds, Boxers, Dalmatian, Great Danes, Keeshond, Newfoundland, Pug, Samoyed, Weimeraner and Bengal Cats, Persians, Sphynx and Maine Coon cats)
• Big pets. Vet bills for big animals are always more expensive. Yet you don’t pay more for big animals.
• Accident prone pets
• “Sensitive” pets
• Pets owned by people that spend a lot of time away
• People that could not afford a major catastrophe if it occurred.

Why are vet bills are so expensive?

• Equipment costs: often human hospital grade equipment is used at vet clinics and no government funding or subsidies are available for vet clinics which means vets must cover medical and surgical equipment themselves.
• Medication costs: drugs are expensive, are often human medications and there is no PBS. The bigger the animal, more expensive it will be.
• Cost of specialists: Many procedures now are performed by specialists that have had to train for up to 10-15 years to become proficient in what they do.
• Staff costs: Need receptionists, nurses, theatre nurses, kennel hands, cleaners and vets.
• Insurance: Liabilities are increasing and must cover equipment also.