Pets can be a joy to have, and for many pet owners, they’re even considered part of the family.
The costs of having a pet, however, can be expensive: routine care, medication for hereditary conditions, surgeries, and more.
While Pet Insurance helps cover veterinary visits and bills, many plans have high deductibles, annual coverage limits, and restrictions on preventative health care.
If your pet is older, already has pre-existing conditions, or if you aren’t sure if Pet Insurance is right for you, there are several alternatives to Pet Insurance worth considering.
WELLNESS PLANS
Supplemental to regular pet insurance, or offered as a stand-alone plan by itself, wellness plans generally cover routine exams, checkups, vaccinations, and other preventative pet care.
Also known as “routine care” or “preventive plans,” wellness plans take care of common procedures your pet will need that aren’t necessarily emergency or medical.
Many veterinary hospitals and organizations offer wellness care, which reimburses out-of-pocket expenses of procedures for pet owners who have a membership.
Pet insurance companies that offer wellness plans within their comprehensive packages usually have a maximum payout limit.
If your pet doesn’t use all covered procedures within that wellness plan, then your reimbursement is limited, which essentially equates to you paying more for the insurance in comparison to just a wellness plan on its own, which generally only costs $20-$25 a month.
PET SAVINGS ACCOUNT
Another alternative to pet insurance is setting up a rainy day pet care fund.
The idea is to put money aside that you would be spending on pet insurance premiums into a savings account.
Once your pet has a medical emergency or is due for its next checkup at the vet, you would already have that money saved up and stored away.
Before building your savings, analyze how much money you need to save annually.
The type of animal, breed, age, and regional area are all factors in determining the type of care your pet will need and how often.
Next, review and compare the average costs of pet insurance and out-of-pocket expenses, such as grooming, preventive care, and emergency veterinary visits.
A great method to maximize savings is by opening a Personal Savings Account with a bank, which earns interest on your savings.
Another option is to apply with Pawsitive Savings, a company that offers Pet Health Savings Accounts.
Pawsitive Savings works with The Farmers Bank of Spencer Iowa, an FDIC insured bank, to set up savings accounts specifically for Pet Health Care.
Your Pawsitive savings account, just like a personal savings account, will also earn interest.
Additionally, as a new client, you will receive a personalized ATM/Debit card for your account as well as a number of discounts relating to your pet.
There is a $50 enrollment fee to sign up.
While a savings account is helpful, be careful not to rule out early, unexpected expenses.
Say you’ve saved up about $500 after a couple of months, yet soon after your pet has a serious injury or sickness and the vet bill costs $2,000?
This is why it’s best not to rely on using a savings account alone, but supplementary to another affordable alternative.
CREDIT FINANCING FOR PET CARE
A third alternative is to designate a personal credit card for any emergency pet care costs that may arise.
By financing, pet owners can pay off the costs over an extended time period.
This may be a good option for those who’ve only had their pet for a short time and haven’t had time to save or purchase a pet insurance plan.
There are financing programs such as CareCredit, Citi Health Card, and Chase Health Advance, that can be used for both people and pet health care costs.
These programs work like credit cards and require you to have a good credit score before you are approved.
Be aware that their financing plans generally start with low or no interest rates for a set time until the end of their introductory periods, then interest rates tend to increase.
Before signing up, always speak directly with your veterinarian to discuss your options.
PRESCRIPTION PLANS
Pet medication costs more than you think.
If your pet has a pre-existing or medical condition that requires ongoing prescription medications, this might be a large percentage of your pet’s medical costs.
Instead of using that money to cover the premiums for pet insurance, it may be more cost effective to invest in a prescription plan instead.
Prescription plans negotiate lower prices of pet medication in comparison to those bought from a veterinary hospital or pharmacy.
Pet prescription plans are cheaper than pet insurance and, if used in combination with a medical savings account and wellness plan, can serve as sufficient coverage without pet insurance.
VETERINARY CARE ASSISTANCE PROGRAMS
There are a number of charities and financial assistance programs that also work with pet owners to help them pay for or find low-cost pet care.
The Humane Society has a list of charitable organizations that are organized alphabetically and by state.
One of the organizations, RedRover (formerly known as The United Animal Nations), provides temporary emergency sheltering, resources, emotional support, and financial assistance for people and pets in a crisis.
RedRover also has resources available to those who would like to start their own fundraising drive.
ONLINE DONATION CAMPAIGN
Another option is to raise funds from friends, family, and peers.
With veterinary care costs rising, this has become a much more common option for pet parents in a bind.
This process, known as “crowdfunding,” has become a more common practice to digitally raise cash needed to pay for pet care.
Popular websites like Indiegogo and GoFundMe enable people to post fundraising projects that can be sent via text message and email, as well as shared across multiple social media platforms, including Facebook, LinkedIn, and Twitter.
Donation campaigns are an easy and quick way to raise funds, but only for a good cause and generally only one time.
Be sure that donors understand the purpose behind your fundraising efforts, such as emphasizing your pet’s needs for surgery or medical treatment, and that you provide evidence as to where and how their donations will be used.
Pet owners can also add the remaining money raised from their donation campaign to their pet savings account.
VETERINARY DISCOUNT PLANS
Last, but certainly not least, pet owners can opt for a veterinary discount plan: a program that offers discounts for certain veterinary services by way of discount cards.
Pet owners can easily find and purchase the veterinary discount cards at commercial outlets such as convenience stores and drug stores.
These programs are ran by a network or organization of veterinarians who agree to perform procedures at a reduction of the cost for cardholders.
Pet Assure, a popular pet discount program, provides its members with a 25% discount on veterinary bills and up to 35% off on merchandise.
In order to receive the discount on your vet bills, you will need to make sure your veterinarian is part of their network.
Pet insurance alternatives are great if the general pet insurance is beyond your budget.
Still, pet owners should always consider what’s best for their pet’s wellbeing.
If you’re still considering pet insurance as an option, visit our list of best pet insurance companies of 2019 to read reviews, compare plans, and learn more about coverage benefits.