Thinking About Cancelling Insurance

[Guest K9Cookies]

We currently are paying $200 each month to cover Fixer, Gracey and Meana through Trupanion. We didn't get around to adding Uri, but that would add extra costs as well. For the first several months, we were probably ahead of what we were paying out. The last 6 months or so though (knock on wood!), we haven't had a single issue and haven't had to use the insurance.

 

So, part of me thinks we should cancel Trupanion and start a direct debit of $200 into a savings account for pet expenses. We went with Trupanion after we lost Bonnie to lymphoma. We spent a fortune and drained our savings account paying for her chemo treatments and all. I don't want that to happen again, so I know we are pushing our luck if we cancel. If we build a savings account, that would give us a good cushion for the unexpected.

 

I know I'm rambling here. Anyone have any thoughts?

Edited August 23, 2011 by K9Cookies

[Wonder]

I've never had insurance for any of my hounds and keep a vet bill savings account.

Last year with Sparks, I was averaging $500 a month, every month. The previous year, I spent about $1000 a month in Oct, Nov, Dec for Sparks. I haven't had a vet bill since I sent him to the bridge in Feb.

Last summer Passion was my problem child and her vetting was around $2000 for a bone infection, pancreatitis and a dental.

I've had hounds since 2002 and the last 2 years were the only years that I really had any vet bills other than annual exams, shots.

Edited August 23, 2011 by Wonder

[Guest Greytluv]

It's a good idea if you're confident you'll do it. I know I wouldn't My company takes out $200 a month to buy company stock. That's my dog medical account.

[racindog]

With me I wouldn't risk it. I don't knwo that I could be claim free long enough to save up enough to matter and vet care is sooo high. One incident requiring e-care and hospitalization easily runs into the thousands. In fact I just cancelled Per First and signed up for Healthy Paws because the per incident, per year, and per lifetime limits at Pet First were just too too small. Healthy Paws has no limits. Insurance has been really wonderfull to me and has saved me a lot of money. Slim's bill for one night was over $3k and Minny's for just a few days was almost 2k and would have been more if I hadn't taken him home. Bobber's kidney infection 2 years ago was another one over 1k. I HOPE this year I don't haev to use it but its sure nice to know its there becaseu for me it makes a big difference. I know I had to charge Ivy, my first greyt's, chemo etc. and it was after that that I started looking at insurance and I'm mighty glad I did.

[Guest snakes]

I have done both, we had insurance for two years (only way i could justify to myself getting a dog while in school again), one dog never claimed, one did for minor things and it was helpfull. Then came along all sorts of situations that became "pre-existing conditions" including legs and lungs, not to mention they didn't cover cancer (which unknown to us then we would be dealing with in a couple years).

When I stopped insurance I started a savings account. Even despite some health problems since the savings account is still there since i don't touch it if my regular bank account can cover expenses. I personally think it was the much better option long term. I saved up $3000 for each dog figuring that if the costs were beyond that in one go then it would be a situation where i would most likely end their suffering or get care credit.

I would still suggest to have insurance the first year you have a dog of any breed or age because you have no idea what that dog has in terms of habits (eating things), worms, conditions, allergies, ect.

In the end you just have to do what feels right to you.

[gracegirl]

I've never had insurance for either of my dogs. There are times I wish I had it, and there are times I'm glad I'm not paying out every month. I have money in savings (not dog specific savings, just general savings) and I use that if necessary. I've thought about care credit, but have not used it yet.

 

Insurance companies bank on the fact that you will pay more than they pay out. That might mean one person pays for the super-duper premo plan to have their dog live a long and healthy life when another person is submitting claims left and right.

 

I guess it depends on your overall outlook on the cost of care. Some people will do anything it takes to save their dog. If they cannot afford to spend $10,000 all at once to do so, insurance is a great idea. Others might have a cost in mind, and once that cost is reached they might decide it's time to say goodbye. I'm somewhere in the middle....in that I'll use care credit but I also know I might need to make a tough decision regarding saying goodbye because in reality money is a factor.

 

I will never, ever add up all vet bills for my dogs because I just don't care to know exactly how much I spend on them. I'd have a stroke myself. Bottom line: dogs are expensive.

 

Good luck with your decision. if you do opt out of insurance, in just one year you will have over $2400 saved. I hope you never have to use a dime of that!

 

When I stopped insurance I started a savings account. Even despite some health problems since the savings account is still there since i don't touch it if my regular bank account can cover expenses. I personally think it was the much better option long term. I saved up $3000 for each dog figuring that if the costs were beyond that in one go then it would be a situation where i would most likely end their suffering or get care credit.

Yep....this is a great idea. We think along the same lines.

[winnie]

DH and I don't have insurance for our dogs or cats. Frankly, the cost outweighed the benefit. We do have a care credit card though if we need it. That being said, I do have an equine insurance policy. I find that policy much better than any of those available for small animals and well worth the $591 annual premium.

Edited August 23, 2011 by winnie

[Guest iLoveLucie]

A fellow dog owner suggested insurance when I adopted my first hound. We just adopted our second and I immediately got a policy for him, although now I'm noticing the expense more and realizing we might not be coming out ahead since they are both young and healthy dogs right now. I'm thinking a savings account might be a better way to go. I have Care Credit and that worked out well when Lucie had to have an expensive surgery to correct a hernia - the insurance said it was a pre-exisiting condition and did not cover anything.

 

Thinking back, my friend who suggested insurance had a yellow lab puppy - so she had to cover all his vaccinations, neuter surgery, etc. etc. which we never had to worry about with a Greyhound. Her puppy also used to chew/eat anything and had to have a couple emergency surgeries after eating strange things - like his bed, a sock, a toy - and the insurance helped her a lot with that. My dogs are pretty low key and don't eat socks, so I think we may be OK

[KF_in_Georgia]

Jacey never had much beyond basic issues: bad teeth, vaccinations, a mild sinus infection.

 

I just spent $4100+ in four days. Her bill was averaging $1000+ every day, and it was days before we knew whether she'd make it. (She didn't.)

 

In the five and a half years I had her, I've spent much less than $3000 on her insurance (her current premium--at age 8--was $48/month; it was much lower when she was younger)--and she had VPI's coverage that pays most of routine annual costs: vaccinations, heartworm, annual lab work, etc., so her other expenses have been pretty low and she was a very healthy girl.

 

Whether her insurance turns out to be worth what I've paid VPI depends on how much VPI will pay on this claim. But if this had happened the first year I got her, or the second or third, there's no question that the insurance would have been worthwhile.

 

Maybe...insure younger dogs the first few years you own them; estimate what their premiums would be in their older years, and start banking the difference. By the time you've had the dogs a few years and are in danger of paying more than the insurance company will ever have to pay out, you'll have some savings built up for them and can then cancel the insurance and bank the entire amount of a monthly premium. And get the insurance that covers vaccines; every time the insurance company pays you back for a covered routine item, stick that amount in the savings account, too. (What you'll pay for the preventive coverage is less than you'll pay for the services themselves; instead of paying the whole cost of routine coverage to your vet, let the insurance company reimburse you some for the savings account.)

[XTRAWLD]

We signed up to put Kasey on a plan for $30 a month or so, about 6 years ago and after reading ALL of the fine print and calling and asking questions, I determined that I'm too unsure if they would cover me for anything in the future and thought I'll just save the $30 a month on my own, so I cancelled within 30 days.

 

You really need to be diligent and maybe have a totally separate account just for them to do it. I didn't put $30 away a month, and just pay as problems come up.... the wrong way to do it, but that's how we go. Looking back over Kasey's trials and tribulations, I don't think the ins company would have paid a cent towards what we needed to have done.

 

If you can stick with saving $200 on your own a month dedicated to dog care only, go for it. I think that's the best insurance policy for sure.

[45MPHK9]

$2,400/year would barely cover one medical emergency for a single dog.

 

FWIW, I also have Trupanion coverage for both of our dogs.

[Guest Swifthounds]

Never had insurance for a dog and wouldn't consider it. It's probably a more feasible if you only have a dog or two, but in a multiple dog household, it really adds up. I have savings for extraordinary medical expenses and a credit card available as well.

 

I have spent more in the last 12 months than in the 15 years preceding combined, but that was for hounds that were 14, 13, and almost 12 - and two of those were also bridge send offs.

 

It also makes a difference if you're the type of person who would want to drop thousands on chemo to buy time for yourself. I decided long ago that if length of time didn't matter to the dog, it wouldn't matter to me.

[Remolacha]

I had insurance for the cats and added my first dog when I adopted her. When I went to try and add the second dog, ran into all the "pre-existing condition" stuff, plus I realized how the premiums had jumped once they all became seniors. I dropped the insurance and went the savings account route. That works better for me, since I usually have seniors.

[KF_in_Georgia]

I long ago decided I wouldn't do chemo to extend the life of any of my dogs. But in Jacey's case, if we spent the money and turned the IMT around, it wasn't just buying time--it would be buying her life. After all, if IMT has a mortality rate approaching 50 percent (according to one web site), then it has a survival rate exceeding 50 percent.

 

And she was just 8--not really a senior dog. And we caught it right away.

 

But that's the kicker: it doesn't matter what you plan for. Life is going to serve up something else.

[gracegirl]

 

It also makes a difference if you're the type of person who would want to drop thousands on chemo to buy time for yourself. I decided long ago that if length of time didn't matter to the dog, it wouldn't matter to me.

 

[PatricksMom]

I don't have insurance. A decent chunk of our unpredictable bills can come from one of our littles (until recently we had 4), and I can't see insuring them. We've always done fine just saving the money. That way, it's there and I'm not fighting with the insurance company to actually cover the medical bills.

[Guest zoolaine]

I like to think of it as a long term investment - yes you may lose money if you look at it on a month to month basis but I think in the long run you come out ahead. If you look at the $200 a month - that is about $70 a month per dog or $840 a year. With the cost of vet care $840 is really not that much - a trip to the ER vet, some tests and follow up care.

 

If they don't have preexisting conditions you may be able to switch them to PetPlan with a cheaper monthly premium. I know Danica (6 years old) is $71/month at Trupanion but would only be $51 at PetPlan with a $200 deductible and 100% reimbursement (Petplan pays the vets exam fee so the $200 deductible isn't as bad as it seems when compared to Trupanion, but any specialist coverage is only 80%) or 80% reimbursement for $41 a month

[Hawthorn]

I've always had insurance, but at the last renewal the premiums increased dramatically, to about £1000 per year per dog so for the two dogs it would have been £2000 (about $3200) per year, and my dogs are only 6 years old.

 

So, after much thought, I cancelled the insurance and set up a savings account. The biggest concern for me was what would I do if I had a major veterinary expense before enough money had accrued in the savings account. So, I transferred a substantial sum of money into the account to start it off plus set up a monthly standing order into it from my bank account.

 

My decision to cancel wasn't just based on the cost of the insurance though. I was becoming increasingly frustrated by the insurance company's complex terms and conditions and it will be nice not to have the stress of dealing with them anymore.

 

The key, though, for me was knowing that I have enough savings to cope with any veterinary emergency that might crop up in the short to medium term. Without that, I would have kept the insurance. I couldn't bear to be in the position of my dog needing expensive treatment and not being able to afford it.