Metlife pet insurance. Worth it?

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Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Metlife pet insurance. Worth it?

Post by Wannaretireearly »

Folks,

A pet newbie here. Just adopted a poodle terrier mix (Terri Poo?). Adult Female, likely 2 to 4 years old.
First vet visit next week. she has been vaxxed and spayed etc. Expecting heartworm type tests from Vet & Frontline for flea/tick prevention.

Anyway, I'd love Vet advice for our first visit next week. What questions to ask, things to be careful of etc.
However, the main impetus for this thread is whether i should sign up for Metlife pet insurance. I haven't called yet, or got a quote. I'm supposed to get some group discount thru my employer. I pay 100% of the premiums. I'm guessing these discounts are pretty standard are across employers that offer pet insurance (like the Metlife Hyatt Legal policy).

So, anyone have this pet insurance and can tell me whether it was worth their while? I know it will be subjective/experience based.
Also, I believe the policy will not cover regular/annual exams for the pet.

Cheers!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

Bump!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
shipbuilder
Posts: 89
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Re: Metlife pet insurance. Worth it?

Post by shipbuilder »

Pet insurance plans vary widely in coverage exclusions, deductibles, and coverage limits. If you are a typical Boglehead, you likely prefer to cover small expenses out of pocket and use insurance only for larger expenses -- and this goes for pet insurance just as much as for homeowners or auto insurance. That is, you're happy to pay for your dog's annual exams and minor illnesses, but you want insurance in case she requires treatment costing thousands of dollars, such as major surgery or chemotherapy. In this case, you want to find a plan with a high deductible (perhaps $1,000), no lifetime benefit maximum, and minimal exclusions.

I'm not familiar with the MetLife plan. Your employer's discount may be valuable, but only if the plan suits you overall, so I recommend you shop around before going with the employer plan.

We have Trupanion and have been satisfied with their premiums, benefits structure, and claims service. (Unfortunately for our pet, we've had some claims.)

Trupanion offers a range of deductibles, including high ones, and pays 90% of claims above the deductible with no lifetime limit. The deductible is calculated per condition. This means that if your pet is diagnosed with some condition at a young age and requires lifelong treatment, you have to meet the deductible for that condition only once for your pet's entire life. If your pet develops a new problem, you have to meet the deductible again. Some other insurers have an annual deductible. An annual deductible is better if your pet is likely to have multiple problems in one year but no conditions requiring treatment that lasts multiple years; a lifetime deductible per condition is better if your pet is likely to have a small number of chronic conditions.

Trupanion also bases your pet's premium on age at enrollment rather than current age. This is akin to term life insurance: you're paying more in the early years than is necessary to cover expected losses at that time, but you don't have to pay super-high premiums when your pet is old and at high risk of needing expensive care. (Trupanion still changes premiums from year to year based on their aggregate claims experience, so you are not guaranteed a fixed premium for the life of your pet.) As with term life, to get the full benefit, you need to keep the insurance for the entire term -- i.e., your pet's whole life. If you drop the insurance, you'll have overpaid in the early years for nothing. So Trupanion probably makes the most financial sense if you think you'll stick with pet insurance for a long time and not switch to self-insuring at some point.

The value of pet insurance also depends on your willingness and ability to pay what can still be substantial copays and deductibles should your pet need treatment. Insurance like Trupanion basically buys you a 90% discount on expenses above $1,000. This discount is valuable only if you're willing to pay the deductible and 10% copay. When the vet recommends a $11,000 treatment, Trupanion will pay $9,000, but you will still have to pay $2,000. If you aren't willing or able to pay the $2,000, your pet won't get the treatment, and the insurance is not useful. My spouse is a specialty-trained veterinarian, so we know a lot about the efficacy and costs of specialized veterinary treatment. We expect that we would be willing to pay in this situation -- and that we'd be glad to be paying $2,000 instead of $11,000. Others might choose differently.
Jablean
Posts: 872
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Re: Metlife pet insurance. Worth it?

Post by Jablean »

We have a little Chiwauwau found on the street that is an expensive dog starting with his teeth. Every 2 years $500 to put him under, clean some pull others. This weekend he started feeling off, I knew the trip would cost $500 to start but it was the first time I got the $2000 to do diagnostics estimate. If we ever get a pup then we'd get insurance. I don't even know if they insure old dogs. Both ours are 12 now.
Vogatrice
Posts: 174
Joined: Mon Mar 25, 2019 4:56 pm

Re: Metlife pet insurance. Worth it?

Post by Vogatrice »

Shipbuilder's response is thorough and accurate, IME. We had Trupanion for our dog from birth, as French Bulldogs are prone to all sorts of chronic stuff (who decided dogs should not have noses???) It saved us a fortune. Unfortunately, after we cleared the lifetime deductible hurdle for her most serious issues, we moved overseas where the policy wouldn't cover her and had to cancel it. No experience with MetLife, sorry, but the Trupanion people were great to deal with for both claims and policy questions.

Since we would never say no to any treatment our four-footed family members needed, we will always buy pet insurance when available.
Dontwasteit
Posts: 210
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Re: Metlife pet insurance. Worth it?

Post by Dontwasteit »

I said the hell with the insurance... Cat fell off terrace 5 floors ...broke pelvis in 2 places ...$8500! AHHHHRRRRRRRRR
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

shipbuilder wrote: Tue Aug 03, 2021 10:52 pm Pet insurance plans vary widely in coverage exclusions, deductibles, and coverage limits. If you are a typical Boglehead, you likely prefer to cover small expenses out of pocket and use insurance only for larger expenses -- and this goes for pet insurance just as much as for homeowners or auto insurance. That is, you're happy to pay for your dog's annual exams and minor illnesses, but you want insurance in case she requires treatment costing thousands of dollars, such as major surgery or chemotherapy. In this case, you want to find a plan with a high deductible (perhaps $1,000), no lifetime benefit maximum, and minimal exclusions.

I'm not familiar with the MetLife plan. Your employer's discount may be valuable, but only if the plan suits you overall, so I recommend you shop around before going with the employer plan.

We have Trupanion and have been satisfied with their premiums, benefits structure, and claims service. (Unfortunately for our pet, we've had some claims.)

Trupanion offers a range of deductibles, including high ones, and pays 90% of claims above the deductible with no lifetime limit. The deductible is calculated per condition. This means that if your pet is diagnosed with some condition at a young age and requires lifelong treatment, you have to meet the deductible for that condition only once for your pet's entire life. If your pet develops a new problem, you have to meet the deductible again. Some other insurers have an annual deductible. An annual deductible is better if your pet is likely to have multiple problems in one year but no conditions requiring treatment that lasts multiple years; a lifetime deductible per condition is better if your pet is likely to have a small number of chronic conditions.

Trupanion also bases your pet's premium on age at enrollment rather than current age. This is akin to term life insurance: you're paying more in the early years than is necessary to cover expected losses at that time, but you don't have to pay super-high premiums when your pet is old and at high risk of needing expensive care. (Trupanion still changes premiums from year to year based on their aggregate claims experience, so you are not guaranteed a fixed premium for the life of your pet.) As with term life, to get the full benefit, you need to keep the insurance for the entire term -- i.e., your pet's whole life. If you drop the insurance, you'll have overpaid in the early years for nothing. So Trupanion probably makes the most financial sense if you think you'll stick with pet insurance for a long time and not switch to self-insuring at some point.

The value of pet insurance also depends on your willingness and ability to pay what can still be substantial copays and deductibles should your pet need treatment. Insurance like Trupanion basically buys you a 90% discount on expenses above $1,000. This discount is valuable only if you're willing to pay the deductible and 10% copay. When the vet recommends a $11,000 treatment, Trupanion will pay $9,000, but you will still have to pay $2,000. If you aren't willing or able to pay the $2,000, your pet won't get the treatment, and the insurance is not useful. My spouse is a specialty-trained veterinarian, so we know a lot about the efficacy and costs of specialized veterinary treatment. We expect that we would be willing to pay in this situation -- and that we'd be glad to be paying $2,000 instead of $11,000. Others might choose differently.
Thank you & others that chimed in. I'll post back once I get more details from metlife.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
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gr7070
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Re: Metlife pet insurance. Worth it?

Post by gr7070 »

shipbuilder wrote: Tue Aug 03, 2021 10:52 pm If you are a typical Boglehead, you likely prefer to cover small expenses out of pocket and use insurance only for larger expenses -- and this goes for pet insurance just as much as for homeowners or auto insurance.
Many Bogleheads have insurance not to cover "larger expenses" but to cover "things we cannot afford".

We cannot afford replacing our home or a couple hundred thousand in medical bills from a car accident.

We can afford another $2000 TV so we do not buy the extended warranty from Best Buy.

We can afford the $2000 ACL surgery for the dog so we don't buy pet insurance.

All properly priced insurance is loss for the customer as we're paying for the services covered plus the overhead and profit of the insurance company.

Self-insure your pets.
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

gr7070 wrote: Wed Aug 04, 2021 9:12 am
shipbuilder wrote: Tue Aug 03, 2021 10:52 pm If you are a typical Boglehead, you likely prefer to cover small expenses out of pocket and use insurance only for larger expenses -- and this goes for pet insurance just as much as for homeowners or auto insurance.
Many Bogleheads have insurance not to cover "larger expenses" but to cover "things we cannot afford".

We cannot afford replacing our home or a couple hundred thousand in medical bills from a car accident.

We can afford another $2000 TV so we do not buy the extended warranty from Best Buy.

We can afford the $2000 ACL surgery for the dog so we don't buy pet insurance.

All properly priced insurance is loss for the customer as we're paying for the services covered plus the overhead and profit of the insurance company.

Self-insure your pets.
Thank you. I'm thinking this way too, but will find out the premium/plan. Perhaps I'll wait until the first vet visit to ensure nothing chronic/serious shows up.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Bigt3142
Posts: 179
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Re: Metlife pet insurance. Worth it?

Post by Bigt3142 »

I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

Ok, I just signed up with Metlife. Below are the details.
The dealbreaker for me was they will not cover pre existing conditions. As our first Vet visit is next week, i thought it's prudent to start coverage today in case anything chronic shows up at the first visit.

Good news: I can cancel coverage anytime. Month to month.
Let's see how this works out - gotta love insurance!

Plan Name: Accident & Illness $5000
Effective Date: 8/5/2021
Annual Benefit: $5,000
Limit: $5,000
Deductible: $250
Reimbursement: 100 %
First Month's Premium: $49.88
Recurring Premium: $37.88
Routine Care Rider: None
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

I'm thinking if nothing chronic shows up at next week's vet visit, I could just cancel after the first month. Thoughts? Cheers.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Rudy Tooty
Posts: 108
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Re: Metlife pet insurance. Worth it?

Post by Rudy Tooty »

Wannaretireearly wrote: Wed Aug 04, 2021 12:15 pm Ok, I just signed up with Metlife. Below are the details.
The dealbreaker for me was they will not cover pre existing conditions. As our first Vet visit is next week, i thought it's prudent to start coverage today in case anything chronic shows up at the first visit.

Good news: I can cancel coverage anytime. Month to month.
Let's see how this works out - gotta love insurance!

Plan Name: Accident & Illness $5000
Effective Date: 8/5/2021
Annual Benefit: $5,000
Limit: $5,000
Deductible: $250
Reimbursement: 100 %
First Month's Premium: $49.88
Recurring Premium: $37.88
Routine Care Rider: None
If you keep the insurance, are the future premium increases based on your pets age or are you just subject to occasional standard premium increases that would apply to all insured owners?

And if you file a claim - would that precipitate a premium increase like it would with some other insurance policies?

Does the insurance cover medications or only vet services?
ROIGuy
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Re: Metlife pet insurance. Worth it?

Post by ROIGuy »

Do a search on pet insurance. There are a couple of lengthy threads regarding this topic.
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CommitmentDevice
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Re: Metlife pet insurance. Worth it?

Post by CommitmentDevice »

I see pet insurance as a small monthly fee to avoid the very uncomfortable scenario of having to decide, as a family, whether or not to spend $5K to save our dog's life.

I haven't yet purchased it yet due to hassle, but plan to.
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

Rudy Tooty wrote: Wed Aug 04, 2021 12:35 pm
Wannaretireearly wrote: Wed Aug 04, 2021 12:15 pm Ok, I just signed up with Metlife. Below are the details.
The dealbreaker for me was they will not cover pre existing conditions. As our first Vet visit is next week, i thought it's prudent to start coverage today in case anything chronic shows up at the first visit.

Good news: I can cancel coverage anytime. Month to month.
Let's see how this works out - gotta love insurance!

Plan Name: Accident & Illness $5000
Effective Date: 8/5/2021
Annual Benefit: $5,000
Limit: $5,000
Deductible: $250
Reimbursement: 100 %
First Month's Premium: $49.88
Recurring Premium: $37.88
Routine Care Rider: None
If you keep the insurance, are the future premium increases based on your pets age or are you just subject to occasional standard premium increases that would apply to all insured owners?

And if you file a claim - would that precipitate a premium increase like it would with some other insurance policies?

Does the insurance cover medications or only vet services?
I asked this today. The agent said expect small increases as the dog ages. I don't believe claims would impact the premium. BTW, vets seem to recommend trupanion. I checked their quote and it was over $100/month! Didn't delve into the details
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
CoastLawyer2030
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Location: The Buckeye State

Re: Metlife pet insurance. Worth it?

Post by CoastLawyer2030 »

Wannaretireearly wrote: Wed Aug 04, 2021 12:15 pm Ok, I just signed up with Metlife. Below are the details.
The dealbreaker for me was they will not cover pre existing conditions. As our first Vet visit is next week, i thought it's prudent to start coverage today in case anything chronic shows up at the first visit.

Good news: I can cancel coverage anytime. Month to month.
Let's see how this works out - gotta love insurance!

Plan Name: Accident & Illness $5000
Effective Date: 8/5/2021
Annual Benefit: $5,000
Limit: $5,000
Deductible: $250
Reimbursement: 100 %
First Month's Premium: $49.88
Recurring Premium: $37.88
Routine Care Rider: None
As one of my law school professors used to say, there is a reason insurance companies always have the tallest buildings in every city. They are extremely good at making sure the customer rarely comes out ahead.

In your case, if the monthly premium is $38/month, you are paying $456 per year to insure this pet. The premiums will go up slightly every year. If this pet lives for ten years, you are talking $5,000 or more just for this insurance.

I would say to send $50 to a bank account every month and call it your pet insurance. I know Ally Bank and Schwab both have options for you to create mini-accounts within your accounts.

I would much rather go this route than pretend that insurance is giving me some type of deal.
avginvestor
Posts: 96
Joined: Thu Oct 01, 2020 2:57 pm

Re: Metlife pet insurance. Worth it?

Post by avginvestor »

I thought about this a long time ago when we got our puppy at 10 months. From reading about how pet insurance works, it keeps going up as the pet ages.. so by the time the pet is probably old enough to have any type of conditions, the rates are too high to make it worthwhile. I figure I'd rather just take the chance that if something happens while mid life (5-10 years), i'd pay out of pocket for it. Anything over 10 years, it's a cost/benefit analysis of whether it would help him or just prolong his pain a few more years.

I think the first 5 years, it's pretty cheap.. but it's not like term insurance where the rates stay the same throughout the course.
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

CoastLawyer2030 wrote: Wed Aug 04, 2021 2:46 pm
Wannaretireearly wrote: Wed Aug 04, 2021 12:15 pm Ok, I just signed up with Metlife. Below are the details.
The dealbreaker for me was they will not cover pre existing conditions. As our first Vet visit is next week, i thought it's prudent to start coverage today in case anything chronic shows up at the first visit.

Good news: I can cancel coverage anytime. Month to month.
Let's see how this works out - gotta love insurance!

Plan Name: Accident & Illness $5000
Effective Date: 8/5/2021
Annual Benefit: $5,000
Limit: $5,000
Deductible: $250
Reimbursement: 100 %
First Month's Premium: $49.88
Recurring Premium: $37.88
Routine Care Rider: None
As one of my law school professors used to say, there is a reason insurance companies always have the tallest buildings in every city. They are extremely good at making sure the customer rarely comes out ahead.

In your case, if the monthly premium is $38/month, you are paying $456 per year to insure this pet. The premiums will go up slightly every year. If this pet lives for ten years, you are talking $5,000 or more just for this insurance.

I would say to send $50 to a bank account every month and call it your pet insurance. I know Ally Bank and Schwab both have options for you to create mini-accounts within your accounts.

I would much rather go this route than pretend that insurance is giving me some type of deal.
I hear you! One reason I may cancel after first month and getting the vets assessment.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Dottie57
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Re: Metlife pet insurance. Worth it?

Post by Dottie57 »

Bigt3142 wrote: Wed Aug 04, 2021 9:59 am I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
My dad was a Veterinarian. Through most of his practice most could not spend hundreds much less thousands on a pet. Having such large vet bills is a point showing the affluence of our society in U.S.
tenkuky
Posts: 2626
Joined: Sun Dec 14, 2014 3:28 pm

Re: Metlife pet insurance. Worth it?

Post by tenkuky »

Bigt3142 wrote: Wed Aug 04, 2021 9:59 am I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
For many, they are a family member.
Would you spend for a family member?
If the answer is no, then you are likely a “bad person” :twisted:
JK
tenkuky
Posts: 2626
Joined: Sun Dec 14, 2014 3:28 pm

Re: Metlife pet insurance. Worth it?

Post by tenkuky »

Dontwasteit wrote: Wed Aug 04, 2021 4:18 am I said the hell with the insurance... Cat fell off terrace 5 floors ...broke pelvis in 2 places ...$8500! AHHHHRRRRRRRRR
Aargh
What happened to “always landing on their feet and walking away”?
Myth?
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

tenkuky wrote: Wed Aug 04, 2021 3:56 pm
Bigt3142 wrote: Wed Aug 04, 2021 9:59 am I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
For many, they are a family member.
Would you spend for a family member?
If the answer is no, then you are likely a “bad person” :twisted:
JK
Yep, this is one of those emotional, not just financial decisions. And one not in my control, but my families.

If this were a car or fridge the decision making is much simpler. Self insure, throw away and replace etc.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
RetiredCSProf
Posts: 1228
Joined: Tue Feb 28, 2017 3:59 pm

Re: Metlife pet insurance. Worth it?

Post by RetiredCSProf »

My experience has been that pet insurance is not worth it.

I purchased pet insurance for my pug puppy when I brought him home and I continued to pay the annual premium throughout his life, to 12.5 years, which is typical for a pug. Each year, the premium increased. I came out ahead only one year. In his later years, he was diagnosed with epilepsy. The anti-seizure meds (purchased at CVS) cost about $100 per month, but the insurance paid an annual limit of about $200 for this condition, including visits with a veterinary neurologist. Also, I found that the pet insurance company was reluctant to pay bills, depending on how the vet wrote up the diagnosis.

I recently spent $3000 on labs and radiotherapy to treat my uninsured 14-year old cat for hyperthyroidism. I adopted her three years ago, when her owner (my neighbor) moved away and left her behind. I think I am ahead by not insuring her. She earns her keep as an unpaid exterminator.
MadDash335
Posts: 54
Joined: Thu Jan 08, 2015 5:55 pm

Re: Metlife pet insurance. Worth it?

Post by MadDash335 »

This is always going to be a case where it's not worth it... until it is, especially as a Boglehead. We have Trupanion for our two dogs (now 1 year and a couple months). I was frustrated and thinking it's a waste of money and had a "pet insurance is for people who can't save" mentality. I was very close to cancelling until our boy got inexplicably sick and required a tremendous amount of tests.

$7k in bills later and the coverage has easily paid for 5+ years of premiums. Pet insurance takes any hesitation or question out of the equation if/when there is a large expense. If either of our dogs has a life-long condition, we are fully covered and will not hesitate one second to get the required care.

To each their own, but we are very, very happy we have coverage.
THY4373
Posts: 2771
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Re: Metlife pet insurance. Worth it?

Post by THY4373 »

Bigt3142 wrote: Wed Aug 04, 2021 9:59 am I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
You are not a bad person just different strokes for different folks. I dropped just north of $8500 on spinal surgery for my cat and it is truly some of the best money I have spent in the last few years. He brings a smile to my face every time I see him. We all have different values. I should add I read up on the condition and read some peer reviewed articles on the surgery and basically the prognosis for full recovery was very high. If I had been in my cats paws I would have spent the money and so I did. If the prognosis for good recovery was considerably less I might not have spent the money.
Last edited by THY4373 on Wed Aug 04, 2021 5:08 pm, edited 2 times in total.
LittleMaggieMae
Posts: 2569
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Re: Metlife pet insurance. Worth it?

Post by LittleMaggieMae »

Bigt3142 wrote: Wed Aug 04, 2021 9:59 am I must be a bad person.... It's a pet, not a person. I would never spend that much for a pet. :oops:
I may be a bad person too.

I have cats - I decided long ago to just put $40 a paycheck into the Cat Fund. It was in addition to the monthly cat expenses (food, litter, cat nip). For the years the cats were healthy the Fund grew (about 1K per year.) At some point I "invested" some of the $$ and they got even wealthier.

When a cat needed additional vet care - not having to think about "how am I gonna pay for this" to be very valuable. I could focus on what was in the best interest of my cat. Somewhere over the years my local vets stopped having open conversations about what might be best for the animal. They will NOT mention or suggest that the animal's outlook isn't good or that the animal is at the end of it's life. They just recommend more procedures to be done. :( It's up to the owner/pet parent/guardian/whatever you are - to figure out that spending more money isn't going to make your pet better or more comfortable or less afraid/in pain. :( And that's why I am a bad person I ask those tough questions and try to do the best thing for my pets. Having some money reserved to help with the costs - makes it easier to determine if spending it will benefit my animal more than spending it will benefit me.

I am not going to do a kidney transplant for my cat. Depending on the cancer and the treatment - I may let nature take it's course - provided I can keep my cat comfortable/pain free until it's time to say goodbye. I have the $$ for typical/routine cat health issues thanks to the Cat Fund.

I totally get and understand that what I think is the right thing to do is not what someone else would do. No judgement. I'm not in their shoes. I can only think they are doing what they believe is best at that moment. There is no shame in that.
Last edited by LittleMaggieMae on Wed Aug 04, 2021 5:06 pm, edited 1 time in total.
THY4373
Posts: 2771
Joined: Thu Mar 22, 2012 3:17 pm

Re: Metlife pet insurance. Worth it?

Post by THY4373 »

tenkuky wrote: Wed Aug 04, 2021 3:58 pm Aargh
What happened to “always landing on their feet and walking away”?
Myth?
No there is actually quite a bit of truth to it but sometimes it doesn't work out. Cats can actually survive a fall that reaches their terminal velocity. From what I have read falls from above say 7 stories have a higher survival rate because the cat has more time to right themselves and prepare for landing. My indoor cat tried to jump on something (I don't know what as it happened at night) inside my house and damaged his spine so it was something like six feet or less. It cost me just north of $8500 to get him fixed up. He fully recovered and is doing great.
shipbuilder
Posts: 89
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Re: Metlife pet insurance. Worth it?

Post by shipbuilder »

gr7070 wrote: Wed Aug 04, 2021 9:12 am
shipbuilder wrote: Tue Aug 03, 2021 10:52 pm If you are a typical Boglehead, you likely prefer to cover small expenses out of pocket and use insurance only for larger expenses -- and this goes for pet insurance just as much as for homeowners or auto insurance.
Many Bogleheads have insurance not to cover "larger expenses" but to cover "things we cannot afford".

We cannot afford replacing our home or a couple hundred thousand in medical bills from a car accident.

We can afford another $2000 TV so we do not buy the extended warranty from Best Buy.

We can afford the $2000 ACL surgery for the dog so we don't buy pet insurance.

All properly priced insurance is loss for the customer as we're paying for the services covered plus the overhead and profit of the insurance company.

Self-insure your pets.
You're right, "things we cannot afford" is a better way to put it than "larger expenses." I agree one should self-insure as much as possible. This is why I think many Bogleheads will prefer a high deductible and unlimited benefits.

The OP's plan with a $250 deductible and $5,000 limit will mainly be useful for relatively small expenses, but the limit could be significantly exceeded if the pet needs extensive specialized care at a referral hospital. There are two examples in this thread of cats getting $8,500 surgeries. In other cases, tests and treatment can cost even more. A plan with a high deductible and unlimited benefits lets you self-insure for the risks you can afford to cover and rely on the insurance company for risks you cannot afford.

Of course, if you have enough money, you can self-insure even for the largest risks. But those risks are much larger than $2,000.
shipbuilder
Posts: 89
Joined: Sun Feb 04, 2018 2:52 pm

Re: Metlife pet insurance. Worth it?

Post by shipbuilder »

Wannaretireearly wrote: Wed Aug 04, 2021 2:21 pm BTW, vets seem to recommend trupanion. I checked their quote and it was over $100/month! Didn't delve into the details
Check the deductible. It has a big effect on the premium.
livesoft
Posts: 86076
Joined: Thu Mar 01, 2007 7:00 pm

Re: Metlife pet insurance. Worth it?

Post by livesoft »

As with all insurance purchases, most of the policy holders cannot possibly get back what they paid for it. In other words, the insurance company would have long gone out of business if the insurance was "worth it" to the majority of policy holders. And by the same token, for only a small number of policy holders is the insurance "worth it."

We have had pets and never bought any pet insurance. Our pets led what I think were long, happy, and healthy lives --- until they got old and died. That's what happens to living creatures including human beings: They get old and sick and die. Be prepared for it.
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ROIGuy
Posts: 2452
Joined: Sun May 08, 2016 10:10 am

Re: Metlife pet insurance. Worth it?

Post by ROIGuy »

MadDash335 wrote: Wed Aug 04, 2021 4:52 pm This is always going to be a case where it's not worth it... until it is, especially as a Boglehead. We have Trupanion for our two dogs (now 1 year and a couple months). I was frustrated and thinking it's a waste of money and had a "pet insurance is for people who can't save" mentality. I was very close to cancelling until our boy got inexplicably sick and required a tremendous amount of tests.

$7k in bills later and the coverage has easily paid for 5+ years of premiums. Pet insurance takes any hesitation or question out of the equation if/when there is a large expense. If either of our dogs has a life-long condition, we are fully covered and will not hesitate one second to get the required care.

To each their own, but we are very, very happy we have coverage.
We also have Trupanion. Paid an extra $5 a month to cover hip dyspalsia surgery; which may be coming up soon. They were great with our dog's cancer testing and ongoing medicines.
modest_man
Posts: 81
Joined: Tue May 07, 2013 10:37 am

Re: Metlife pet insurance. Worth it?

Post by modest_man »

As a vet, I can't say much about the insurance side of things. However, it's always a relief when I see 'Trupanion' or 'Embrace' in the insurance field on the file. That said, I have no real experience with MetLife.
A pet newbie here. Just adopted a poodle terrier mix (Terri Poo?). Adult Female, likely 2 to 4 years old.
First vet visit next week. she has been vaxxed and spayed etc. Expecting heartworm type tests from Vet & Frontline for flea/tick prevention.

Anyway, I'd love Vet advice for our first visit next week. What questions to ask, things to be careful of etc.
Congrats on your acquisition! Here's some starter information for new pet owners (it's for puppy owners, but the information is still important): https://veterinarypartner.vin.com/defau ... d=10330034

The vet will likely double check the vaccination status and confirm if she is appropriately vaccinated for her lifestyle. All vaccines (save for Rabies) require a booster vaccination 2-4 weeks later. Lifestyle vaccines include Leptospirosis (much more widespread than it used to be), Influenza (H3N2/H3N8, which some daycares/boarding facilities mandate), Lyme (check the CDC incidence map) and rattlesnake (I'm in the midwest, so I have no experience with that one). Here's some information on vaccinations in dogs and cats: https://veterinarypartner.vin.com/defau ... id=4951406

I also noticed you didn't mention heartworm prevention. That's either because it's been provided to you by the rescue/shelter or it flew under your radar. No worries in the case of the latter. Just make sure she's protected year round. Here's some more info on heartworm prevention: https://veterinarypartner.vin.com/defau ... id=4951473.

It's not wrong to skip a meal prior to the appointment - that way she'll be more amenable to treats, peanut butter, cheese, etc. Also consider bringing a fresh fecal sample just in case the rescue/shelter did not check one.

Finally, if she has a microchip, make sure the information is registered to your address and phone number. This may require a fee.

I hope this information helps your first vet visit run smoothly!
Topic Author
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: Metlife pet insurance. Worth it?

Post by Wannaretireearly »

modest_man wrote: Wed Aug 04, 2021 9:13 pm As a vet, I can't say much about the insurance side of things. However, it's always a relief when I see 'Trupanion' or 'Embrace' in the insurance field on the file. That said, I have no real experience with MetLife.
A pet newbie here. Just adopted a poodle terrier mix (Terri Poo?). Adult Female, likely 2 to 4 years old.
First vet visit next week. she has been vaxxed and spayed etc. Expecting heartworm type tests from Vet & Frontline for flea/tick prevention.

Anyway, I'd love Vet advice for our first visit next week. What questions to ask, things to be careful of etc.
Congrats on your acquisition! Here's some starter information for new pet owners (it's for puppy owners, but the information is still important): https://veterinarypartner.vin.com/defau ... d=10330034

The vet will likely double check the vaccination status and confirm if she is appropriately vaccinated for her lifestyle. All vaccines (save for Rabies) require a booster vaccination 2-4 weeks later. Lifestyle vaccines include Leptospirosis (much more widespread than it used to be), Influenza (H3N2/H3N8, which some daycares/boarding facilities mandate), Lyme (check the CDC incidence map) and rattlesnake (I'm in the midwest, so I have no experience with that one). Here's some information on vaccinations in dogs and cats: https://veterinarypartner.vin.com/defau ... id=4951406

I also noticed you didn't mention heartworm prevention. That's either because it's been provided to you by the rescue/shelter or it flew under your radar. No worries in the case of the latter. Just make sure she's protected year round. Here's some more info on heartworm prevention: https://veterinarypartner.vin.com/defau ... id=4951473.

It's not wrong to skip a meal prior to the appointment - that way she'll be more amenable to treats, peanut butter, cheese, etc. Also consider bringing a fresh fecal sample just in case the rescue/shelter did not check one.

Finally, if she has a microchip, make sure the information is registered to your address and phone number. This may require a fee.

I hope this information helps your first vet visit run smoothly!
This is an amazing and very helpful post modest_man!
Thank you so much! Will delve into all the info you've provided.

Cheers!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
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