Skin allergies and kidney failure top the list of most paid out dog and cat claims
Pets Best Insurance Services, LLC, (Pets Best) reached a landmark this week, distributing $100 million in pet insurance claim payouts to policy holders.
The number is symbolic of the strong emphasis Pets Best puts on its mission: To save pets and end economic euthanasia by helping to ensure pet owners are financially prepared when their pets need unexpected veterinary care.
In 2012, the economic euthanasia level, also called the stop treatment point, was $1,704, meaning when the veterinary bill reaches that amount or more, most pet owners will choose to have their pet euthanized rather than pay for veterinary care. The $100 million in paid claims covers the stop treatment point 58,685 times.
“The reason I started the pet insurance industry was to end economic euthanasia,” said Dr. Jack L. Stephens, founder of Pets Best and creator of the pet insurance industry in North America in 1981. “In paying out over $100 million in pet insurance claims, we have reached a major milestone in helping save pets’ lives. After 33 years, the industry has helped hundreds of thousands of pet owners and saved millions of pets. I am proud of Pets Best and the entire industry for each and every life that has been, and will continue to be, saved.”
While the rise of the pet insurance industry has been instrumental in lowering the rates of economic euthanasia, the practice is still a constant specter in veterinary care. According to an Associated Press survey, 41 percent of pet owners are extremely or somewhat worried about their ability to pay medical bills in the event of a sick cat or dog.**Read More…