Take charge of your money

#MoneyMonday – Is pet medical aid worth it?

Money Monday

#MoneyMonday with Take Charge of Your Money

Short to-the-point money thought every Monday to give you motivation, perspective or action for the week. Get these straight in your inbox.

Pet insurance for your dogs & cats

Being a pet owner I’m often wondering whether pet insurance is really worth it. There’s certainly a great case to be made for it, but it’s also an extra expense and as with human medical aid, there are always exclusions, limits and special clauses.

I’ve written about it before in the post Finding the best pet medical aid in South Africa but to be honest I haven’t taken out any insurance for my cat yet. Am I being silly?

What are the pros and cons of pet medical aid?

So here’s Xena, the kitty of the family who doesn’t have medical aid. The rest of us do though so what makes us more special than her and what should I be consider whenever I reconsider my options?

Pros of pet medical aid

Cons of pet medical aid

The actual calculations

I’ve had my cat for just over 2 years now so let’s do the calculations for 24 months.

Firstly, I have a set budget of R360 per month for Xena which covers food, cat litter, vet visits and flea control measures.

That’s R4,320 per year and my approximate annual costs are:

Total: R3,100 which leaves about R1,200 left for other incidents.

I haven’t yet encountered any pet medical emergencies for my cat but I do have over R2,500 saved so long and I do have a sufficiently large emergency fund to cover things if something should happen.

After doing some research on costs though I’ve decided to increase my monthly pet budget to R450. This will boost my savings and help me cover most emergencies.

I would struggle if we encountered something that required multiple operations or a prolonged illness. That is currently a risk I’m willing to take but I do reevaluate such decisions every year or so and may change my mind.

So in closing

It’s all about the risk you’re willing to take and how much you have available should something suddenly happen.

Pet medical aid is probably a good thing and certainly something to be considered!

What do you think? Please leave a comment…

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