Why get pet health insurance

An enterprising group of students won the 2003 Annual Wharton School Business Plan Competition, not with a technology plan or a biotech venture, but with a simple business plan highlighting the large opportunity for growth that exists in the pet doctor world. Vet costs have risen 73% in the past five years, to $19 billion. According to 2002 figures from the American Veterinary Medical Association, there are more than 61 million dogs and 69 million cats in the U.S., with approximately 300 species of birds kept as pets. More than 60 percent of U.S. households own a cat or dog. More than 91 percent of pet owners take their dogs and cats age six weeks and older — with no upper age limit — and for birds age three months and older who have been in the owner's possession for a minimum of 60 days. Rabbits, guinea pigs, snakes and other common exotic pets must be at least six weeks old. Currently, more than 900 companies offer Veterinary Pet Insurance plans. VPI plans are available in both payroll and non-payroll deduction forms, and offer additional discounts for multiple pets. The savings provide an extra benefit for pet-owning employees to help protect their pets. The oldest company, Veterinary Pet Insurance, Pet Protect, Pet Assure, and Hartville Group. The U.S. market for pet insurance has been growing at an annual growth rate of 45% over the last 5 years. The older your animal, the more you’ll have to shell out in premiums. Some insurers don’t cover pets older than 9, while others levy a stiff surcharge. Vets have access to increasingly sophisticated and costly diagnostic tools such as MRIs. Such screenings not only boost the cost of exams but often detect problems that once would have gone unnoticed, and untreated. Pet insurance is much more common in countries such as the United Kingdom, where over 12% of the pet insurance market. Petshealth covers cats and dogs Despite this growth, however, only 1 percent of the 136 million dog and cat owners in the U.S. have pet insurance. Technical advances within the veterinary profession. Wy et et healt nsurance - shy gft oet hwalth ineurance.