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Have ‘peace of mind’ with pet insurance

Published: 22 Aug. 2024, 19:59

PARK JONG-MOO
The author is a veterinarian.

Although it is now considered a given, many people didn’t like health insurance in the 1980s. They said it was a waste to pay insurance premiums when they were not sick. Then, when someone got a serious illness, they regretted their decision to shun health insurance. But after the national medical insurance system was implemented in 1989, it offered health benefits to all Korean citizens.

As more people have pets and medical expenses rise, interest in pet insurance is growing. But the number of pet insurance subscribers is only 110,000 as of 2023, accounting for 1.4 percent of all pet owners. The pet insurance subscription rate is 25 percent in Britain and 90 percent in Sweden, and is expected to increase.

There are 10 insurance companies offering pet insurance in Korea, and most major companies have pet insurance options with different coverage. Most pet insurance products cover surgery and hospitalization costs, but don’t cover vaccination, neutering or scaling costs. Some have special conditions covering patella surgery, common for dogs, compensation for biting another dog and funeral expenses.

Pet insurance can be purchased for pets when they are two months old and is renewed every one, three or five years. A useful tip: A long-term subscription can reduce the burden of rising insurance premiums as they will likely increase when renewing contracts.

The British Veterinary Association evaluated that pet insurance mitigates the burden of medical expenses for pets, giving owners “peace of mind.” Pet insurance can ease the burden of medical expenses in Korea, too.