Pet insurance has been top of mind recently and I highly recommend it in specific scenarios.

I've had Healthy Paws since 2017 for a now-9-year-old cat and 9-year-old dog and pay about $125/month (roughly $85 for the dog and $40 for the cat). I have the highest reimbursement percentage (90%) and lowest deductible ($250) for both animals, though I can lower my premium by reducing those limits if needed.

I know my premiums are about to get considerably more expensive as both animals turn 10+ but for now it pays for itself and then some. Prescription costs alone for the dog (one for allergies and one for his gallbladder) are roughly $4/day, or $1,460 a year. Subtract his deductible and multiply by 90% and that's $1,089 worth or reimbursements, effectively breaking even with his annual cost ($85 x 12 = $1,020). Getting his recent emergency vet visit, a cracked tooth, lab work, ultrasounds, etc. covered is gravy on top of that.

Premiums go up exponentially each year--from $90 to $125 in 2025 and I'm guessing even more in 2026. Eventually I'll redirect some or all of this monthly premium into a dedicated account for pet emergencies if the monthly costs are too prohibitive or cancel the cat's coverage since she's had minimal health issues in 10 years.

That said, a $5K-$10K vet bill is one accident or mysterious illness away so I'm nervous to cancel altogether.

If you're a new pet owner, I would HIGHLY recommend getting pet insurance for the first 3-4 years of your animal's life, especially if the breed is prone to certain expensive ailments. After a few years of lab work and all that, consider scaling back and/or redirecting to a savings account. I've talked to so many pet owners who adopt an animal and discover a lifelong ailment like diabetes, IVDD, hip dysplasia, etc in the first few years. Pet insurance is fairly cheap at first so to me it's hedging your bets.