Careful readers of this newsletter know I am a big proponent of pet insurance. So here is a fun fact: There are about 163.5 million dogs and cats in the U.S., yet fewer than 4% are insured, according to North American Pet Health Insurance Association.
“If anything, it's a peace-of-mind factor. In the majority of emergency situations, the cost ends up being less than if you have pet insurance,” says Dr. Zac Pilossoph, a consulting veterinarian at Healthy Paws pet insurance. “It's a long-term play in most situations.”
I was quite surprised when I recently received a policy renewal for my dog CJ, a 9-year-old toy poodle. The co-insurance dropped quite substantially – from 90% in our Whole Pet with Wellness plan to just 50% co-insurance.
My premiums are not cheap, either. I’ll spend almost $3,000 next year for pet insurance, which is almost more than I pay for my own corporate healthcare coverage.
There was no explanation or information why the change occurred, so I reached our insurer, Nationwide. I identified myself as a customer as well as a Reuters journalist. Through a spokesman, Nationwide says it does not comment on individual policies.
“Across the country, the cost of veterinary care continues to rise, and many pets are living longer and require more complex and ongoing medical treatment,” Nationwide said. “During renewal, we may adjust benefits or premiums to better reflect current treatment costs and the level of care pets need today and over time. … Our priority is to keep coverage affordable now while supporting pet health needs in the years ahead.”
Due to CJ’s age, it is unlikely we will be able to get a new, comprehensive policy. I considered putting the money I’d spend on premiums into a bank account and hope for the best, but my husband put the kibosh on that plan. So, we are sticking with Nationwide, for now.
Are you seeing a spike in your pet insurance premiums or a cut in what’s covered? I’d love to hear your story. Reach out at onthemoney@thomsonreuters.com.
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