As our country starts increasingly affluent, pet owners are increasingly spending more money on their own pets. Gone are the days where owning a dog simply meant giving them food and taking them for walks. These days, looking after the requirements of your dog includes providing them with treats, sending them for grooming services and the occassional stayactions when owners are overseas.
You can also add insurance plan to that list too.
Pet insurance coverage is relatively recent in Singpaore. Even among owners, not everybody knows about it and just how they work.
Covering Unexpected Medical Expenses
Pet insurance coverage is mainly a type of medical health insurance. The insurance allows you to defray the potentially high cost of medical expenses that may be incurred if your dog falls ill.
Some of the medical expenses you might incur range from the following
# 1 Clinical And Surgical Cost
If your pet falls ill or get into any sort of accident or injury, the price of treatment might be quite costly. Such an incident, owners have to fork out money for the treatment, including any possible surgical cost.
These range from the possible cost of room and board expenses, in case your pet is needed to stay overnight at the vet, and any post-surgical treatment, if required.
# 2 Chemotherapy Cost
Dogs, like human, can be diagnosed with cancer too. Similarly to human, chemotherapy treatment methods are one way to manage the condition. But that is additionally a cost that owners will have to bear.
# 3 Final Expense Cost
Your dog will eventually leave you eventually and a simple cremation is something most people want. Which will have a price.
For many of these expenses, a co-insurance component is generally included. For instance, you might be expected to pay between 20% to 40% of the total medical cost.
The logic for co-insurance is simple. To make sure that owners continue to be responsible for the well-being of the dogs despite the knowledge that they have medical coverage.
In accessory for the co-insurance element of the insurance policy, you could also be anticipated to deal with a set cost for the treatment by means of the deductibles, before the co-insurance component kicks in.
Third Party Legal Liability
Let's say your dog is out there and make a move stupid, like have a nice chunk of meat off someone's leg. You are asked to pay for the medical bills. In such instances, your insurance plan will cover your liability as a result of what your dog did.
If your pet dies due to any sudden circumstance (e.g. accident), the insurance policy may also pay out what we should call a death benefit. Unlike humans, this is usually a bit, since we don't expect your dog to become buying income for the family.
Should I recieve A Policy For My Dog?
Actual premium per year differs depending on the kind of breed and also the chronilogical age of your dog. In general, you can expect to pay about $365 (or $1 per day) for basic insurance coverage for your dog.
If we assume you pay for coverage of Ten years, you might be paying about $3,650 on the 10-year period.
Say you make two claims throughout the 10 years period, and the price of treatment was $2,000 per treatment, this is how the benefit illustration would pan out.
|Co-Insurance Cost (20%)||$350|
|Cost Of 2 Treatments||$1,200|
From the table above, despite an insurance plan, owners are expected to pay part of the medical bills.
|With Insurance||Without Insurance|
|Treatment Cost X 2||$1,200||$4,000|
Even having a couple of medical claims, the cost of insurance could still be higher than simply spending money on the treatment with no insurance plans.
That being said, the objective of insurance is to hedge yourself against adverse circumstances, and also to have some peace of mind. So if you're the sort that would send your pet for treatment and be concerned about the medical cost that follows, your dog insurance might help ease your worries.