Pet insurance 101: What you should consider before buying

The pet insurance business is booming, but it can be very confusing to figure out whether it makes sense for you. NBC’s Vicky Nguyen shares what to consider before you buy.
» Subscribe to TODAY: on.today.com/SubscribeToTODAY
» Watch the latest from TODAY: bit.ly/LatestTODAY
About: TODAY brings you the latest headlines and expert tips on money, health and parenting. We wake up every morning to give you and your family all you need to start your day. If it matters to you, it matters to us. We are in the people business. Subscribe to our channel for exclusive TODAY archival footage & our original web series.
Connect with TODAY Online!
Visit TODAY's Website: on.today.com/ReadTODAY
Find TODAY on Facebook: on.today.com/LikeTODAY
Follow TODAY on Twitter: on.today.com/FollowTODAY
Follow TODAY on Instagram: on.today.com/InstaTODAY
» Stream TODAY All Day: www.today.com/allday
About: TODAY All Day is a 24/7 streaming channel bringing you the top stories in news and pop culture, celebrity interviews, cooking, and more. All in one place.
#pet #animals #vet

[@RotGodKing]

I just cannot decide if I should get pet insurance. Half the people say it's worth it and half the people say it's a waste of money. Half the people who regret getting it haven't had any real issues with their dogs and half the people who regret NOT getting it have had major issues with their dogs.

[@Jessemontea]

In the same boat right now. I’m lost

[@oGxiDarKnezZ]

Better to have it n not need it than to need it n not have it

[@magnumpi28]

Insurance companies would go broke if they paid more claims than premiums they took in, in other words, the odds are you will spend more money on premiums than you ever get back.

[@MyDogLovesBlueberries]

You missed the mark on this, Today. It’s true that if you have a healthy dog free of illness and injuries, then you’ll lose on pet insurance. But, what happens when your pet has a cancer diagnosis or requires very expensive orthopedic or life saving surgeries? You pay thousands and thousands of dollars. If you are fortunate enough to have saved $25K just for vet expenses, that’s money totally lost if you depend on a pet savings account. With pet insurance (at least mine), I get 90% of that back into my bank account. My dog recently had two major orthopedic surgeries. The 90% I received back on that (along with the 90% back on all of the x-rays, bloodwork, and rehab) went right back into my bank account and it covered her entire premiums that I had paid for her, to date. You don’t purchase pet insurance hoping to use it all of the time; you purchase it so that the decision to go with incredibly expensive treatment is not a factor in deciding if you should put your dog or cat down because you can’t afford treatment. My dog was recently at the ER and during that time, three dogs came in and were put down simply because their owners couldn’t afford treatment.

[@numbone]

Yet you probably feed you dog crap and give them water from a garden hose.,

[@MyDogLovesBlueberries]

@@numbone Haha! You’re so clueless!

[@DanielTorres-rw2rz]

Good point. What insurance did you get?

[@erlxve]

​@@numbone if they are paying for pet insurance, they care about their pet more than the people who never thought about getting one! A pet that is well looked after, trust me that animals are eating better than me & you.

[@anitalishneva4318]

Would I have had insurance my cat Lance would've been here. 😢 but instead he died of Lymphoma. He will forever be missed

[@lannebromwell]

People can get a medical credit card that also covers vet bills. Check with your provider to see if they take it. To get one you must apply through a provider who takes the card. This type of card allows you to pay off your bill in monthly installments with no interest payments if the entire balance is paid off within the promotional period. If that doesn't happen, the interest rate is rather high and you will owe all of it, including the promotional part. But I've always managed to pay off my bill within the promotional period so it works well for me.

[@Nemogotyou]

Can you tell me more about this

[@olliethetripodcorgi]

@@Nemogotyou this is called Care Credit. You can use it for your family members and pets.

[@Perpertua35]

Better investing a little more time to keep them healthy. When I first got pet insurance for our Beagles in 2018, for 2 i think it was 100$/month. It did work for us because one was sickly and almost died but was able to go to the vet with all her needs. Then the other one had a fox tail embedded in his eye and we rushed him to the vet again. After that, we continued the coverage for maybe 1 more year then finally dropped it as it was pricey. My friend recommended a local SPCA and they get all their vaccines there now including the annual flu. They also get walked 2-3 x a week. They have each other and a mid size back yard. I make sure they have clean water all the time, they sleep in their crates at night time, and we bring them in when it is too hot. Maybe 2x a month bath. Since the early days, they have been pretty healthy. I think mostly because they have each other. They play a lot together.

[@Big_Impact_Historics]

is no one gonna talk about 0:15? How everyone except the talking lady adjusted their position on the couch, at *exactly* the same time?!!!

[@folk3714]

frrr like some npcs

[@pcrealty]

In order for pet insurance to be affordable is to avoid the insurance companies that includes unlimited coverages, often unnecessary unless you have a show quality dog. Average pet owner can be comfortable with 10k annual coverage or less, even humans rarely encounter 10k medical coverages annually. Paying annually also offers a discount along with finding a competitive pet insurance company. Selecting a pet insurance company requires a good analyzation of costs, older pets coverages are the most expensive which are the times to select lower percent coverages and deductibles for affordability. Mostly, the bottom line is that pet insurance is a luxury, and not mandatory, it is a consumer gimmick. Highest costs pet insurance companies should be avoided, good luck!

[@magnumpi28]

Insurance companies would go broke if they paid more claims than premiums they took in, in other words, the odds are you will spend more money on premiums than you ever get back.

[@amberstephens6167]

Word of advice find a good vet that will let you make payments if you can.

[@harux9683]

That’s what we always look for but unfortunately there’s none in our local area in which it stresses us out.

[@FloppityFlopFlop777]

There's also Care Credit, which let's you pay in installments. I'll be using that and canceling my pet insurance this year. For emergencies, I'm just going to open a credit card and set it aside for that purpose only. Just in case, God forbid.

[@numbone]

Except credit cards charge high interest rates

[@jjkdan12345]

I think it depends, how much are you willing to spend if it comes down to life or death? 5-10-20k? Then get insurance, if not don’t get it

[@badgerkingtv3809]

Ya that's great until you spend $8000 out of pocket because your dog ate a piece of a toy...... get pet insurance...

[@magnumpi28]

Insurance companies would go broke if they paid more claims than premiums they took in, in other words, the odds are you will spend more money on premiums than you ever get back.

[@jerseycaptive]

I was hoping this segment had even a brief mentioning about pet insurance for small or exotic pets. Oh well.

[@chriswalls5831]

My new idea is to offer pet insurance for not only dogs and cats but birds, reptiles

[@rinas6550]

The thing is you never know when your pet could develop a health issue and it might be at a time when you don’t have the funds required. Paying $5000 over 10 years and then using it is a lot more feasible than coming up with that $5000 having never invested into it

[@williamchandler2558]

One of my friends dog spent 2 days ,cost 10,000 for 2days,never found out what was wrong with dog ,and paid 1000 $ deductible.

[@magnumpi28]

did he die?

[@ien2023]

Yeah trupanion is horrible. They are 3x as other insurance and it does not justify the high price.

[@ericdean4397]

GLAD I watched this. I have been strongly considering getting some insurance on my 8 year old dog. Maybe I better stash 50 or so dollars a month.

[@Tykami1]

I would do it every week until you have at least 2k saved.

[@magnumpi28]

Insurance companies would go broke if they paid more claims than premiums they took in, in other words, the odds are you will spend more money on premiums than you ever get back.

[@bobsmith1405]

I’m with embrace for my Border collie. Got her at 8 weeks and started $25 a month. Now she’s 4 it just jumped up to $73 a month from $42 last year. I guess pet insurance is for the Rich. I never used it and this a bait and switch. Here’s part of the email Your Embrace Pet Insurance policy will automatically renew on 7/21/2024. Your monthly premium for the new policy term will be $73.16. Please take a moment to review the attached summary of your coverage

[@couz96797]

I had embrace and they doubled my premiums for my 2 cats from 30 bucks to 60 bucks a month with no pre existing conditions. I switched to figo and with the Costco discount I’m paying around 25 bucks for 2 cats combined.

[@Avarcirith]

Woooow Margie Tooth is one of those crazy out of touch “Let’s blame the consumer for not being rich ie not wanting to buy our crazy expensive products” corporate duds. Have you ever been middle class or poorer Margie dear? We have pet insurance (Nationwide) for our little ones, but we didn’t go with Trupanion because they were so expensive and actually offered less coverage. A friend of ours had Trupanion but canceled last year because they kept raising her rates even though she hardly ever used her coverage!! It’s like they just don’t understand that it will always come down to cost for 99% of people. They don’t really give you any options or flexibility from what we saw anyway. You can’t get just accident-only or wellness for example. They charge more because they can pay vets directly I guess but who really cares about that?? I’d rather just pay less and file a claim like normal.

[@Urm0mz]

Banfield has a wellness membership. It does cover emergencies with discounted prices for those services. Literally, everyone thinks it's a scam but it is one of the only memberships that does what it is supposed to do

[@adelainamercado3333]

I called the other day and the rep said there price DOES NOT CHANGE DISAPPOINTED TRUPANION

[@kentkruse8806]

This advertisement is misleading in that pet the pet insurance business is NOT booming. During the past two years, the percentage of insured pets in the US has not budged. In fact, never in the 41 years of existence has the pet insurance industry "boomed". The reason is simple...unlike any other kind of property insurance, the pet owner must pay the entire veterinary bill before submitting a claim. Unless the pet owner can afford that, the insurance is useless. Further, only one of thirty-three pet insurance companies provides 24/7 emergency claims pre-authorization services. All emergency veterinary hospitals will require the pet owner to pay 50% of the estimated bill before treatment can begin. If a pet owner's insurance company doesn't answer the phone, economic euthanasia often results.

[@ctaffy919]

Is that company Trupanion that only offers 24-7 emergency claims?

[@kentkruse8806]

Yes, Trupanion is the only company providing 24/7 emergency claims pre-authorization services. I'm amazed that veterinary emergency services across the country have not been complaining loudly to the pet insurance industry. The American Veterinary Medical Association is silent as well.

[@magnumpi28]

@@kentkruse8806 Insurance companies would go broke if they paid more claims than premiums they took in, in other words, the odds are you will spend more money on premiums than you ever get back.

[@captalex1]

Facts Pet Insurance is a waste of money.

[@linalie3224]

Dog has no medicare so yeah i wont risk it. It is considered as “health cost” and u know right how expensive it is

[@Urm0mz]

LOL Banfield Pet Hospital membership. It's worth it if your pet is worth it and you can afford the membership fee. Even the top tier of that membership is under 100 dollars a month. My dog was healthy for 12 years. The last 2 years of his life were awful. We went to the vet every 3 to 6 weeks because he was neurologically declining. My membership covered labs, medicine etc.........my out of pocket was never too much, whatever tests needed to be done, vaccinations, worm pills etc. I was shocked I was affording it all...but that membership has one of the most affordable itemization lists around. We just put him down after his legs stopped communicating with his brain. I paid 200 dollars for that service. I saved so much I was able to take him to a third party and had him aquacremated and skull preserved. I paid more for THAT than I did his dental work😂 at least now i can see all the extractions 😅 Over all, I saved thousands by paying 48 dollars a month. I had a month where he needed labs, x rays and SEVEN teeth extracted.....i didnt go over 1k for it all thanks to that membership.

[@numbone]

But that $600 for 12 years cost $7,200! So did you really save thousands?

[@thefirsttrillionaire2925]

⁠@@numboneyeah with all the stuff he did that would be upwards of 50k worth of bills no joke.

[@cosmeticsandpurseswithevelyn]

There should be lawsuits for false advertisment imagine lying about their polocies! Until there are laws against this I insurance will continue to steal from their victims!

[@willieverusethis]

No one should pay for pet insurance. It's driving up the costs of medical care for pets.