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What Is Pet Insurance?
Pet insurance is like a health insurance policy for your pet. It pays for medical expenses and some plans reimburse you for other expenses such as microchipping and end-of-life expenses.
As with any insurance, you’ll want to weigh the cost of the insurance over time against potential payouts. But pet insurance doesn’t have to break the bank like human health insurance does. Pet Insurance is not expensive and typically it includes different coverage plans suitable for various pet animals
For example, for a pet insurance plan with a $5,000 maximum yearly payout for a Chihuahua puppy, we saw prices as low as $21 a month from Lemonade and Pets Best.
Note: The pet insurance price you pay when your pet is a puppy or kitten will generally increase each year when you renew the policy.
Pet insurance is tax deductible.
Pet Insurance is not deductible, you may be able to deduct certain expenses for a guide dog or service animal, including costs of buying, training, and maintaining the animal, according to IRS publication. This includes costs such as food, grooming, and veterinary care.
Pet insurance is not limited to cats and dogs. Some insurers sell pet insurance for birds and exotic pets like water dragons, turtles, potbellied pigs, rabbits, frogs, and hedgehogs.
Nationwide offers an avian and exotic pet health insurance plan. This plan covers pets for problems like upper respiratory infections, eye infections, arthritis, and internal parasites.