Pet healthcare is a top priority for every responsible owner. Going through your pet insurance alternatives is a crucial step you need to take before or shortly after you welcome a new non-human member into your family.
While it’s common and recommendable to go with accident and illness coverage, you may want to check the rest of the options in order to make a decision that meets both your pet’s needs and your budget.
If you can’t afford health insurance for your pet and hesitate over what you should choose, you’ve come to the right place.
Read on as we present you with the alternatives to pet insurance you’re offered today.
1. Pet Care Credit Cards:
The first good alternative to pet insurance you should consider is applying for a pet credit card. Financing through a credit card gives you a secure budget to use for paying vet service upfront. You can pay off your balance gradually and in reasonable increments as well.
Although a pet care credit card is one of the best pet insurance alternatives, this method comes with certain hazards. Needless to say, banks will charge you an interest rate for the card, so prepare to pay a higher price than your usual vet expenses.
Whichever vet care credit card you choose to apply for, make sure you read the terms and conditions closely.
To start with – note the interest rate, explore promotional options that credit card companies offer to new customers, and learn when the promotional interest rate expires.
You should always pay your balance timely and completely. Otherwise, you’ll be required to pay additional expenses.
2. Pet Savings Plan:
Creating a pet savings plan is a good alternative to pet insurance for owners unwilling to pay a monthly premium for a coverage policy that they may not use.
Invest a certain sum of money on a weekly and monthly basis and save it for a rainy day – like when your pet gets injured or ill.
What makes this method beneficial is the fact that even if you don’t spend the money on vet service, it’s still there – and you can repurpose it for another pet or a different cause.
However, like all pet insurance alternatives, depending entirely on a savings account comes with a certain level of risk. For example, your savings may run out or an emergency could arise when you still haven’t saved a notable amount of money.
3. Starting a Fundraiser:
Online fundraising platforms, like GoFundMe and Donorbox, are becoming a popular resource for users in need of financial aid for human as well as pet healthcare.
This method allows your family, friends, and generous strangers to give you a hand with vet expenses you can’t afford to pay.
With fundraisers, you have your pet’s health depend on other people’s goodwill, and it’s not assured that you’ll reach your target. However, crowdfunding is more helpful than other pet insurance alternatives in case of unexpected adversities, such as your pet getting ill when you’ve lost your job.
Some fundraisers have service and transaction fees, so make sure you check your chosen platform’s terms and conditions upfront.
Pet Insurance vs. Alternatives – Why Should Insurance Be Your First Choice?
Not everyone has to choose a standard accident and illness coverage policy for their pet, and that’s okay. Nevertheless, it remains a better option than pet insurance alternatives, and from several aspects.
You may fail to find a reason to invest in pet healthcare when you get a perfectly healthy puppy. However, most dogs are likely to suffer from some serious condition in their old age. In these cases, pet insurance gives you secure access to funds that can cover up to 90% of the required medical expenses.
Unlike some of the alternatives to pet insurance we mentioned, health insurance can provide much more for your non-human friend than emergency aid. For example, if your dog suffers from a chronic illness like kidney disease or epilepsy, you’ll be required to pay thousands of dollars on vet bills over the years. Pet insurance serves to alleviate this cash drain.
At the end of the day, the premiums for most pet insurance plans are reasonable. Paying around $50 a month wouldn’t be such a costly investment for most pet owners.
Most importantly, numerous pet parents confirm how valuable pet insurance is, especially for dogs with health conditions and a need for regular medical care.
