Protect your wallet and your pet with insurance that guards against the unthinkable

Protect your wallet and your pet with insurance that guards against the unthinkable

They say that hindsight is 20/20 vision.  New years’ day 2022 proved to be the poster child of that 20/20 vision for the Kok family and personified why pet insurance is a crucial cover for every animal lover and pet owner. 

“Dashy Darling is our beloved chocolate dachshund and member of our family. On New Year’s Day 2022 she suffered a severe slipped disc (IVDD) - a known risk for long-backed breeds. Despite us taking every precaution, I heard Dash yelp and found her unable to use her back legs and in severe distress and pain. We rushed her to an emergency vet, where an MRI confirmed she needed urgent spinal surgery to relieve pressure on her spinal cord and avoid the permanent loss of use of her hind legs. Recovery meant major spinal surgery, a week in hospital, eight weeks of strict cage rest, and physiotherapy three times per week. We would do anything to give her the best chance – what we did not expect was the R40,000 bill,” says Teresa Kok, human mom to Dash.

After paying a R20,000 deposit, the final cost came in at just under R39,000 for the MRI, surgery and hospital stay. Savings were pulled and credit cards were stretched.

“Was it worth it? Absolutely - Dash has fully recovered and is still Queen of our home. But I wish we’d had pet insurance in place. It was a big financial hit, and if we hadn’t had access to the money in our savings, we might have faced an unthinkable decision. Needless to say, pet insurance is now firmly in place for both Dash and her sibling, George the Jack Russell,” adds Teresa.

Pet health insurance essential as costs of veterinary care rival private healthcare costs

Pet ownership always carries baseline healthcare expenses - think vaccinations, deworming, flea/tick prevention, sterilisation, routine checkups.  But what used to be manageable costs are rising exponentially. “These routine pet healthcare costs by themselves are not trivial, especially for households under pressure from inflation, rising cost of living, or unpredictable income. But these costs explode when it comes to major treatment and emergencies - trauma, disease, serious surgery – where bills can skyrocket into the tens of thousands of rand, and often unexpectedly,” explains Alfred Wilsenach, Divisional Manager Underwriting at GENRIC Insurance Company. 

Some of the claims paid by GENRIC Pet Insurance demonstrates that the claims costs for veterinary treatment are well within the realm of private healthcare costs for people:

• R43 400 for a Tibial Plateau Levelling Osteotomy surgery.
• R16 725 to treat a severe ear infection which eventually required surgery.
• R39 200 for a shoulder surgery.
• R37 866 for cruciate ligament surgery.
• R40 682 for joint-related surgery.
• R39 000 for IVDD back surgery.
• R35 821 for surgery following a dog attack. ¹

“These are not isolated, rare cases and are increasingly common claims paid by GENRIC Pet, warranting a closer look at insurance solutions to ensure access to essential pet healthcare for your furry family members, in much the same way as you would for your private healthcare,” explains Alfred. 

“Pet veterinary care is similar to human health care in terms of diagnostics such as MRI, ultrasound, advanced imaging, surgical techniques, and specialist care, all of which require expensive equipment, training, consumables. Many drugs, specialised equipment and consumables are also imported, so global supply chain pressures, import duties and exchange rates have a direct impact on the operating and overhead costs of veterinary clinics. There’s also cost pressures that come with veterinary skills shortages, salaries, and specialised training. All of these factors are driving up the costs of veterinary care,” he adds.

Based on Dash’s case with the IVDD surgery and treatment, GENRIC Pet’s ‘Comprehensive Medical Expenses Only’ plan would have settled Dash’s vet bill of R38968 with a payment of R35071 after the deduction of the 10% excess on the claimed amount.  If you consider that this claim settled at R35k, this would be equivalent to almost 9 years of premiums at R386pm for the ‘Comprehensive Medical Expenses Only’ plan, the case for pet insurance is very clear. 

What to look out for when evaluating pet insurance options

Not all pet insurance benefits are the same, and there are many important terms and conditions that you need to consider before you take up the cover.  “Ideally you want a comprehensive and affordable pet insurance product that is simple to understand with minimum fine print and exclusions. Be especially wary of options that might seem to save you R100 in premiums in the short term but sacrifices 70% of the benefits and cover,” explains Alfred.

GENRIC provides some important factors to consider when evaluating your pet insurance options: 

• Check for payment caps and limits – Check if the policy places a cap on what they will pay for in respect of specific treatments and what the total cap is that they’ll pay in a year, per pet.
• Can you choose your vet – Check if the policy allows you to choose to take your pet to any registered veterinarian – that way you can take your pet to your usual trusted vet, or if necessary, any specialist or emergency after hours practice if needed.   
• Check if you get discounted premium rates for multiple pets which really helps with those many vet visits, vaccinations and any unexpected treatment costs. 
• Check for age limits on the policies – With GENRIC Pet Insurance, there’s no age limit to the cover provided as long as cover is incepted before the maximum entry pet age of 9 years. Your pet gets to enjoy the best treatment and care, even in their golden years. 
• Check if the policy contains a specific exclusion for pre-existing conditions - a pre-existing condition means that it was a condition apparent in your pet before you took out the policy. In most instances policies will exclude pre-existing conditions from cover which is why it is so important to have cover in place while your pet is healthy.
• Hereditary, breed, size or condition restrictions - check if the policy excludes hereditary conditions, breed, size or condition restrictions. For example, a policy may exclude cover for a back condition typical of Great Danes – which really defeats the point of having the cover. GENRIC Pet Insurance does not apply exclusions to any hereditary or breed-specific conditions, as long as these conditions do not exist at the time of the inception of the policy.    
• Understand exactly what you are covered for – for example, an accident-only plan will cover treatment of injuries after a mishap, such as a car accident or poisoning, but won’t provide any cover if your best pal takes ill or suffers an injury unrelated to an accident. 

For more information visit https://genricpet.co.za/

PHOTO Captions:

1 - Dash at a physiotherapy session following IVDD surgery.

2 - Dash in recovery following IVDD surgery – which came with a R40k bill.

References:

[1] Actual claims paid by GENRIC Insurance Company.

GENRIC Pet Insurance is not a pet medical aid. Premiums may be reviewed and escalated on an annual basis.

GENRIC Pet Insurance is underwritten and administered by GENRIC Insurance Company Limited (FSP: 43638). 

GENRIC Insurance Company Limited (FSP: 43638) is an authorised Financial Services Provider and a licensed non-life Insurer.

The content of this article does not constitute financial advice. Settlement of claims are subject to a validation process.