Costco Connection - June 2013

• Only 2 percent of pet owners in the U.S. have pet insurance.

• More than 1 million pets are insured in North America.

• In North America, 91 percent of policies cover accidents and illnesses, 7 percent cover preven-tive/routine care (wellness) and 3 percent cover accidents only.

• 85 percent of policies are for dogs, 15 percent are for cats and less than 1 percent are for exotic pets like birds and reptiles.

• Average annual household spending on veterinary services rose from $60 to $207 between 1998 and 2008.

The Costco Connection Costco members can get many of their pet prescriptions filled at Costco pharmacies.

“It is expensive,” says Hollow, a Costco
member. “Over the years, what we paid [out-
of-pocket for pet healthcare] was less money
than what we would have paid if we had
insurance.”
While she strongly believes pet insurance
is worth it, Lori Griffin McPherson, a Costco
member from Dallas with a rescued Shih Tzu
mix named Presley, says she wishes she had
secured coverage on day one instead of a year
after getting her pet, which resulted in denial
of coverage for several preexisting conditions.

“But we’ve had a couple of emergencies [since adopting Presley] where I didn’t have to worry because I knew it would be covered,” says McPherson. “Accidents and sudden illness is where [insurance] helps out the most. I have been very happy with our policy.”

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The best candidates

The best candidates for pet insurance may be owners with a pet that has a higher risk of getting sick or hurt and owners with less disposable income who might be less able to afford expensive surgery and treatment. Others who should contemplate coverage include “those who consider their pet as part of the family, because they can’t imagine having to make a financial decision about their pet’s health,” Lynch says.

pets for your

PHOTODISC

The bottom line, says Sheri G. Morris, a veterinarian from Keizer, Oregon, “is that pet insurance is not about recouping veterinary costs. It’s about risk management against serious accidents and illnesses, and wise pet owners should understand that.” C

Costco member Erik J. Martin is a Chicago-based writer.

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