Pet insurance company releases savings calculator

Svetlana Rey / stock.adobe.com

In recognition of Financial Literacy Month, MetLife Pet Insurance has released a new resource for pet owners to evaluate how much they can save on both preventative care and unexpected illnesses and accidents with pet health insurance. The new savings calculator shows which veterinary charges could be eligible for insurance reimbursement and, specifically, more information about what MetLife’s customizable insurance plans can cover.¹

A recent survey² conducted by MetLife Pet and OnePoll discovered that the primary financial burden faced by pet owners in 2023 was related to their pets' health needs, with an average expenditure of $1,242 on veterinary visits. Additionally, 45% of respondents reported that their pets experienced a major health issue in the previous year, yet a staggering 82% admitted to not being financially ready to handle the associated costs. Considering that only 58% of pet owners reported having pet insurance, those lacking this coverage experienced substantial financial strain when attempting to cover unforeseen expenses for their pets' health issues.The survey also found that most pet owners (83%) feel that there is no spending limit to ensure their pet is happy and healthy.²

“To make sure 2024 is filled with happiness with their pets, pet parents should consider how pet health insurance might be able to support their furry family member,” said Brian Jorgensen, CEO of Pet Insurance at MetLife.²

The new insurance calculator from MetLife breaks down what can be covered with pet insurance including:¹

• Accidents such as a broken bone, toxicosis, or other unexpected emergencies.
• Preventive care including dental cleaning, spaying/neutering, vaccination, and parasite prevention.
• Illnesses like skin allergies, heart disease, growth or tumor, or diabetes. MetLife Pet Insurance has short- and long-term illnesses covered.

“Every pet parent should have the opportunity to make important decisions about their pet’s health without cost being the deciding factor,” said Jorgensen. “Particularly during Financial Literacy Month, we can’t overlook the significance of pet health insurance when it comes to ensuring the financial wellness of pet parents. Just as we take steps to protect our physical health, pet insurance can help protect pet parents’ financial health when it comes to routine and emergency care for our pets.”¹

MetLife Pet Insurance also provides its members with live 24/7 “vet chat” in its mobile app, along with lost pet coverage, and grief counseling support. According to MetLife, the virtual veterinary services are available through AskVet, a third-party partner; MetLife is not responsible for any pet guidance or advice provided or taken.¹ This feature will soon extend to exotic pets.

The grief counseling services are provided through an agreement with TELUS Health, an unaffiliated third-party service provider. Grief counseling services provided by TELUS Health are separate and apart from the insurance provided by MetLife. This service is not available to New York residents.¹

References

1. MetLife Pet Insurance unleashes new savings calculator to help pet parents understand the financial benefits of insuring their furry loved ones. News release. MetLife Pet Insurance. April 16, 2024. Accessed April 17, 2024. https://metlife-prod.adobecqms.net/about-us/newsroom/2024/april/metlife-pet-insurance-unleashes-new-savings-calculator-to-help-pet-parents-understand-the-financial-benefits-of-insuring-their-furry-loved-ones/
2. New MetLife Pet Insurance survey reveals how much pet parents spend yearly on their pets. MetLife Pet Insurance. January 11, 2024. Accessed April 17, 2024. https://www.metlifepetinsurance.com/how-much-pet-parents-spend-on-their-pets/