DIY: Build your own pet insurance fund
Posted
Jul 17 2008, 09:05 PM
by
Karen Datko
Rating:
When Amanda of Value For Your Life was 12 year old, she begged and begged until her parents finally got her a dog. Enter Jasper. Eventually Shadow joined the clan. What Amanda didn't know was that when each dog moved in, her mother began automatically depositing $25 a month per dog into a do-it-yourself pet insurance fund.
That money -- growing in a high-interest savings account -- came in handy over the years, and without the limitations often attached to pet insurance policies. It was there to help Shadow as he developed back problems and, eventually, terminal cancer. (Read her remarkable account of Shadow's passing. Amanda, a veterinarian, euthanized her beloved dog at home. Warning: You may shed tears. We did.)
This savings plan sounds ideal for many pet owners, particularly as the cost and sophistication of veterinary care increases. Amanda writes, "I look at my mom's automatic-savings program as a form of basically undeniable pet insurance, with no restrictions."
Pet insurance works well for some -- particularly people with multiple dogs that are young and in good health, she says. Her case is a bit different: She now adopts dogs that have medical conditions because she's equipped to give them lifelong care. Having her own pet health savings account means she can spend the money as she sees fit, and doesn't need an insurance company's permission.
"Because of my unique position, I know I will always adopt or rescue pets requiring extra medical care so they can have a second chance at the great life they deserve," she says.
