Only 5 percent of cats are covered by health insurance, according to a survey of more than 450 cat owners conducted by the American Pet Products Association. But 100 percent of cats get sick at one point or another, just like people. That’s why we firmly believe that cat owners should seriously consider buying a health insurance policy for their pets.
The average policy costs between $250 and $500 a year, something 19 out of 20 owners scoff at even though they shell out, on average, $29 for a cat bed, $18 on decorative collars, $30 on toys (which a cat most certainly deserves), and lots more on shampoos, food treats, and vitamin supplements that may not be needed.
Interestingly, Generation Y cat owners, those born between 1977 and 1995 and corresponding roughly to “millenials,” are more likely than older cat owners to buy health insurance for their pets.
Since people spend between an average of $500 and $1,000 on sick and well veterinary visits each year, pet health insurance should be a no-brainer. It comes in especially handy if your cat needs a procedure or surgery that can cost in the thousands of dollars — you don’t want your cat’s health or life to be hanging in the balance of your checkbook.