Pet insurance vs pet savings account


NEW HAVEN, Conn. (WTNH) Just like people, healthcare gets expensive with pets but the good news is, you have options.

Just like you do for yourself, it’s important to plan out how you’ll pay for it in the event your furry family member needs medical treatment. Two popular options: Pet health insurance or a high interest savings account. Central Hospital’s Katerina Cavanagh says her client have good things to say about insurance.

“I’ve personally seen it help a lot of families,” said Central Hospital’s Katerina Cavanagh.

She says a visit to a vet can run you a couple hundred dollars  or a few thousand. A decent policy may be 3 or 4 hundred dollars a year and cover 80 to 90 percent of a visit. For people who don’t have the extra money to pay for insurance, a high-interest savings account may be better. You just have to leave it alone.

“That’s requires a great deal of self-control and if you are the type of person that can do that, I think that also makes sense. You can kind of weigh your options between a premium and a savings account and see which one makes the most sense to you,” Cavanagh said.

The downside to the savings account is only the amount you have saved is what you have to use. The upside is there’s no dealing with an insurance company. The money is yours to use as you choose.

It’s important to note you can’t get the health insurance when your pet is already sick. That’s a decision you need to make early, or else they could be denied later. There are two great websites that compare pet insurance providers and pet savings accounts.