For you Finance Geeks; Numbers and Insurance

Via PR Web in UK….Sansburry Finance crunched some numbers and released some great data with regard to pet insurance and the costs of not acquiring a policy.

Here is a good excerpt from the article

Medical conditions in the first three years are more common amongst dogs, an estimated 22% of which suffer from a condition in their first three years. Sainsbury’s Finance estimates that more than 140,000 dogs under the age of three suffer from dermatitis every year for example, and over 170,000 suffer from lameness, 73,000 of which are under the age of one. The average medical cost for treating lameness in a dog during the first three years of its life is more than £322(1).

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UK Pet Insurance News; and Good Facts

I usually like the pet insurance news that comes from the UK.

Specially when they further my belief that pet parents take better care of their pets than themselves… on the question of insurance that is. 

MSN Money UK provided an article two days ago with some helpful comparisons and stats to keep in mind concerning pet health… like…

“According to research by MRL Insurance, pet insurance policies have been more popular in the past 12 months than life insurance cover - for every life insurance policy taken out, ten pet policies have been paid for.”

So why the growth in the last few years? Plans are getting better, pet awareness is growing rapidly, and like we’re mentioned in previous posts, we are seeing strategic partnerships with pet insurance and general pet health companies to get consumers to notice them. 

So people will at times take better care of their pets than themselves… but really, having pet insurance is like having a rich uncle. And more and more people are beginning to realize it.

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Pets Covered With Auto Insurance

Some surprisingly good news out of Detroit, some of the top in auto insurance companies in Michigan are offering coverage for pets injured or killed in car accidents at no extra cost.

“So if Shadow or Rocky slams into the dashboard in a quick stop, the companies provide from $500 to $1,000 of coverage to treat or replace the pet.”

Pet’s are irreplaceable, but this comes awful close. I’d expect however, in the event that your pet is injured or killed in an accident, to expect for insurance companies to ask questions like, where the pet was seated, if it was tied to anything… expect it. $1000.00 for a pet doesn’t sound like it’s something they would easily hand out.

Here is a more detailed article. Overall, this is good news.

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Fat Cat and High Vet Bills

2697740670_b544c6100fAccording to the Association for Pet Obesity Prevention, which I didn’t even know existed, 15.7 million cats are obese and 35 million are overweight. 

“Veterinary industry estimates calculate that pet obesity costs pet owners almost $20 million per year,” said Dr. Ernie Ward, president of APOP, in an online discussion on weight control for pets.

While the aforementioned is true and similar studies have been released by pet insurance companies like VPI, I think it’s important to recognize that even in a down economy caring for your pet doesn’t have to always cost you. Preventative methods go a long way, like watching how many of reward treats for good behavior and obedience one gives their pet.

In a piece released by The Ticker, detailing the relation of heavy pets and owner costs, of the information released by the APOP the one that stood out most was the following; it only takes an extra two or so pounds for your cat to begin developing type 2 diabetes, cancer, pancreatitis, lower urinary tract problems, musculoskeletal disorders, respiratory issues and delayed wound healing. To which I am a bit skeptical because that extra pound or two would almost certainly need to be associated with some other deficiency or ailment in order to develop some of the previously mentioned conditions. 

With the above in mind, it’s important to never take drastic steps to improving a pets health that may hurt it. Like a drastic shift in diet, and incorporating cheap foods and treats to help; these can often lead to worsening of a condition. So if your pet does appear to have weight problem, besides incorporating exercise into its daily regiment, consult a veterinarian to get at the root of the problem for a proper diagnosis. And again, drastic diet changes aren’t always the best bet.

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Pet Health Care Double Team in Asia

Two pet health companies are teaming up two provide consumers with what they believe are the best of both worlds. Eukanuba dog food samples will be provided to new Asian Alliance Pet Health Insurance clients. This is set to be the initial step in a number of strategic campaigns the two companies plan on providing in Sri Lanka.

I think it’s a great idea. First, it’s another example of the commercial power of the pet insurance industry. It’s also, obviously, good for consumers. 

“Ms. Nadi Dharmasiri, Asst. General Manager - Marketing, Asian Alliance Insurance, stated that “this strategic tie-up will no doubt add value to our offerings; as the only pet insurance provider in the Sri Lankan insurance industry…”

I don’t know of anything resembling these types of partnerships here in the states. I’ll look for some and update if do. But that sounds like a great marketing idea.

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Tips for Seniors to Care for Their Pets

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spaceballspaceball1I visited my local Animal Shelter here in Seattle today. On the information  sheet for each available cat it stated which age demographic they were best suited for; seniors, teens, or any. I thought that was a great idea and soon found myself considering which conditions are taken into effect when determining a suitable age demographic and the condition in general which seniors are in with relation to their pets health.

Seniors have normal concerns for their pets like subsequent costs associated with caring for their health, while also trying to balance their own. Today I read an article from the Richmond Times Dispatch detailing some basic tips for seniors on a budget considering pet insurance. Of the tips provided I though this was the best….

“Get a second opinion: Before committing to expensive treatments or drugs, get a second opinion from another vet. Another option is to consult the Merck Veterinary Manual (http://www.merckvetmanual.com) for a rundown on her pet’s condition and recommended treatments.”

The article had other links for helpful pet insurance comparison shopping. Most of which you can find here.

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Why You Need Pet Insurance

We get substantial literature from research and affiliate work and recently some reasons as to why pet insurance is necessary came to my attention. 

  • Why do I need Pet Insurance? Advances in the field of animal medicine have been exponential in past decades allowing veterinarians to successfully treat conditions that were previously considered untreatable. However with these advances comes an escalating cost of veterinary care. It is estimated that North American pet guardians now spend over $10 billion a year on healthcare for their pets.
  • Consider these facts: One in three pets will need emergency veterinary treatment every year.
    Two out of every three pets experience a significant health problem during their lifetime.

I think we could say with certainty that pet health problems will occur over a pets lifetime, but the “one in three pets needing emergency care every year” bullet point is a lesser known fact.

 

*some content borrowed from QuickCare Pet Insurance

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Some Figures on How Much an Owner Will Spend on a Pet Before Considering Euthanasia

Interesting figures out of the Detroit News.

I’ll share this one with you and if you’d like you can head over to the site for the rest of the article. …”studies showing pet owners were able to spend $500 to $1,000 until the question of economic euthanasia came into play…” 

So how much are you willing to spend? 

The Article is here

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Alternative Therapy for Pets

Most pet insurance companies are now covering alternative med treatments like massage therapy and other non traditional forms of medical care.

Sounds  a little like the steady progression in human health care. What is a little astounding is that less than 1% of pet parents even use alternative care practices for their pets health. Perhaps the insurance providers are just trying to get ahead of the game… they see trends.

Here is a more thorough article on the matter.

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Joint Prescription Drug Program for Pets

News out of Maine; a new prescription drug program just launched that can also be used for discounts on pet drugs.

Augusta is the first city to join the program for discount drugs to it’s residents. Mayor  Katz of Augusta also added that “here are no enrollment fees and no membership fees.”

Residents of Augusta will start receiving a discount card, which is said to provide an estimated 20% savings costs for it’s users. There are also no age restrictions for whom can use it. 

I smell a trend.

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