5 Surprising Facts About Pet Insurance in 2022

Pet insurance can help offset the costs of paying a veterinarian to diagnose, treat, and manage a pet’s illness or injury. An unexpected illness or injury can happen at any time. Pet owners will probably incur at least one $2,000 to $4,000 bill for emergency pet care at some point during their pet’s lifetime, says Louise Murray, D.V.M., a veterinarian and vice president of the ASPCA’s Bergh Memorial Animal Hospital in New York City.

When we investigated this coverage, we found deciding whether or not to buy the insurance can be a tough call. Many policies may not be worth the cost over many years for a generally healthy animal. But if you’re unlucky enough to have a pet with a costly chronic condition or illness, or a young animal in need of major care, we found you could get a positive payout from pet insurance if your pet develops the condition while covered.

If you’re considering a policy, look for free quotes, terms and conditions, and a sample policy on insurers’ websites. Consider coverage with simple, percentage-based payouts and no reliance on judgments of what’s “reasonable,” to avoid your own future headaches. Find out how your premiums might increase as your pet ages.

Here are some other surprising tidbits about pet insurance to consider:

5. Your Employer Might Offer Pet Insurance as a Benefit

As one of the fastest-growing voluntary employee benefits, one in three Fortune 500 companies now offer as pet insurance. More than 3,800 companies and organizations have added Veterinary Pet Insurance (a Nationwide Insurance company) to their benefits portfolio, including Chipotle Mexican Grill, Deloitte LLP, Delta Airlines, Hewlett-Packard, Microsoft, T-Mobile, UPS, and Xerox, according to VPI.

Some companies are subsidizing a percentage of their employee’s cost, with several companies now paying as much as 100 percent of their employee’s pet insurance premiums (you’ll still owe additional costs, like co-pays).

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