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Pet fund or pet insurance?
June 2, 2020

pet fund or pet insurance

When we welcome a new furry member into our families, we’re also making a commitment to give them the healthy and happy lives they deserve. That includes being financially prepared when emergencies happen. 

One way is to create a fund dedicated to paying vet bills and put some money in it every month. It could be a separate savings account or however you want to manage that fund. The other option is pet insurance, which we believe is more reliable and cost effective in the long run.  

 

Accidents and illnesses can strike anytime  

It can take quite a long time to accumulate savings. But unlike saving to buy a house or for your kid’s education, you don’t know when your pet will fall sick or get into an accident.

Let’s say you decided to put $500 each month into a pet fund. After 2 years, you’ll have set aside $6,000 for your pet’s medical expenses. But that could all be wiped out with one nasty fall or a curious nibble of a toxic plant, and you’ll have to start from scratch again. You may even have to dip into your other savings to pay for your pet’s treatments.

The good thing about pet insurance is that you don’t have to wait for your savings to build up. By paying an affordable premium every month, you get a peace of mind knowing that you’ll have a financial back-up if anything happens to your four-legged friend.

With Pawfect Care, you can claim up to HKD 35,000 a year, plus an extra HKD 10,000 cash benefit* if your pet is unfortunately diagnosed with cancer. Learn more about cancer coverage for your dog or cat.

Chronic conditions or major illnesses

It’s easy to underestimate medical costs, especially when you have a young furry friend with boundless energy. While it’s true that older pets tend to have more health problems, our kittens and puppies can also develop chronic or serious illnesses that are very expensive to treat.

With complicated illnesses, vets may have to perform a serious of lab tests and imaging, not to mention the actual treatment itself. And if your pet has a chronic condition, he or she may need a long period of treatment or medication. All that can add up to be more of a financial burden than expected. For example, diabetes in cats costs on average $16,500 in medical costs. That’s more than $1,000 a month!

Savings vs pet insurance?

So how should you protect your pet’s health - savings or pet insurance? To be clear, we’re not saying do one and not the other. It’s not 100% guaranteed pet insurance can cover all vet expenses for life and sometimes you might need to use those back-up savings. But pet insurance can play a critical role in making sure you’ve always got your beloved pet’s back.

If you’re interested in Pawfect Care’s coverage, check out our Pet Insurance for more details.

*It doesn't apply to Starer Plan.