 |
|
|
|||||
If youve ever taken a sick pet to the vets office, you know the pain of seeing your four-footed family member hurting. Then, of course, comes the secondary anguish of figuring how to pay for their veterinary care, which may have you wishing you’d ponied up for pet insurance. While Insurify reports that the average cost of a routine vet visit is about $138 for a cat and $214 for a dog, emergency veterinary care can run the gamut from $300 to $10,000, according to Marketwatch. The insurance industry touts pet insurance as the financial solution to the high cost of veterinary care. Like human health insurance, you pay monthly premiums so that your pet insurance will help cover veterinary bills for your dog or cat (and in some cases for your exotic pet) when you make a claim. But is pet insurance worth the money? And does it truly help lower the cost of pet ownership? Heres the skinny on pet insurance so you can decide if its right for your fur babies, reptile pals, and/or feathered friends. Coverage options Typically, there are three types of coverage options for pet insurance: accident-only, accident and illness, and wellness coverage, according to the North American Pet Health Insurance Association (NAPHIA). Just like it sounds, accident-only will pay for veterinary care when your pet needs treatment because of an accident. This is the least expensive type of pet insurance coverage. Accident and illness coverage will cover treatment for accidents and also any other injuries, disease, or changes to your pets normal health. This might include some kind of embedded wellness coverage, but that is usually a rider or add-on to an accident and illness policy. Finally, wellness coveragewhich most insurers will not sell as a standalone planis a preventative or routine care plan. It generally includes coverage for things like vaccinations, tests, and dental work. This is the most expensive type of pet insurance available, in part because its usually purchased alongside an accident and illness policy. Coverage limitations If this sounds a little too straightforward and lacking in insurance industry shenanigans, dont worry! There are shenanigans aplenty. To start, every insurance company gets to decide which specific ailments, conditions, and veterinary services it will cover, and of course not everything is covered by every plan. Coverage can vary depending on the specific breed of your pet, since some breeds are prone to hereditary and congenital disorders that insurers will not cover. Additionally, diagnostic exams for illnesses generally arent covered, even if treatment for the illness itself is. And then theres the exclusion for pre-existing conditions. Just like human health insurance, pet insurance wont cover any preexisting health problems. Many pet insurers define preexisting pretty liberally, too, considering any health issue that occurs within a year of purchasing the policy to be a preexisting condition. Premium expectations To receive the pet insurance coverage, youll pay a monthly premium, just like with your human health insurance. Paying these monthly premiums makes it possible to afford the high cost of veterinary care for your pets. NAPHIA found that in 2024, accident-only pet insurance premiums cost an average of $16.10 per month ($193.29 annually) for dogs and $9.17 per month ($110.03 annually) for cats. Accident and illness coverage cost an average of $62.44 ($749.29 annually) for dogs and $32.21 per month ($386.47 annually) for cats in 2024. But the operative word here is average. Just as health insurance companies may increase premiums each year, many pet insurers may raise premiums as your pets age, since the likelihood of filing a claim increases as Zeus and Jasper age. That can make pet insurance premiums more difficult to keep up with as your furry companions are more likely to need age-related medical intervention. Add in the potential higher premium prices for hereditary or congenital conditions for certain breeds, and premiums may be out of reach for some pet owners. Premium affordability Thats not to say that you have no control over the cost of premiums. Just like with other types of insurance, making tweaks to your policy can help lower your premium prices. For instance, increasing your deductible is an easy way to lower your premiums to a more affordable level. Just make sure you have a plan for meeting the higher deductible if you need to make a claim. Alternatively, you could increase your coinsurance amount, which refers to the amount of money the policyholder must pay toward the cost of a claim. Most pet insurance offers a default coinsurance amount of 80%, meaning the insurer pays 80% of the claim, while the policyholder covers the remaining 20%. Choosing a coinsurance amount of 70% or less can help reduce your monthly premium costs. Claims process One important difference between your health insurance and pet insurance is how the claims process works. Pet insurance almost universally requires you to pay your vet out of pocket and file a claim with your insurer for reimbursementafter you have met your annual deductible. In other words, even though pet insurance can make eye-watering vet bills more affordable and make heart-wrenching medical decisions for your beloved animal less fraught, its not as though this kind of insurance relieves you of the immediate financial stress of a vet visit. Even if you have pet insurance, you still need to have either the cash or the credit available to pay the vet before you can be reimbursed. Whats best for Bella and Loki? Considering the coverage gaps, reimbursement requirements, and potential caveats, you might be thinking pet insurance is more trouble than its worth. If you have the financial discipline to make it happen, put aside an amount equal to a monthly premium into a savings account for your pets future veterinary care. But if that doesnt sound like something youre likely to do, pet insurance can be a good way to protect your animal companions without having to make heartbreaking financial decisions. Make sure you understand what coverage options are available from various pet insurance providers, as well as the coverage limitations. Even if the premiums are relatively low for your pets now, find out if they may go up as your pets age. Remember, you can help keep your premiums affordable by increasing your deductible or your coinsurance amount. And whether or not you decide to get a pet insurance policy, remember that the claims process is based on a reimbursement model. Even with insurance, you need to pay the veterinarian out of pocket for covered care and get reimbursed, so youll still need to have accessto funds to pay for kittys kidney stone removal at the time of care. Which means its a good idea to beef up your emergency fund whether or not you opt for pet insurance. Then you can enjoy the wagging tails and throaty purrs without worry.
Category:
E-Commerce
After Viagra came to market in 1998, women began clamoring for a drug of their own. But it has taken decades for the medical community to take women’s sexual health seriouslyand even longer to develop and approve a drug that improves women’s libido. A new documentary called The Pink Pill: Sex, Drugs, and Who Has Control, premiering at the DOC NYC film festival, explores the fight to launch Addyi, a drug known as the female Viagra. Directed by Aisling Chin-Yee, the film follows Cindy Eckert, the founder of Sprout Pharmaceuticals, who worked for five years to bring Addyi to market, which she managed to do in 2015. But just as fascinating, the film explores society’s perception of women’s sexuality and whether women have a right to sexual pleasure. The film also has an unusual backer. Knix, the underwear startup known for its period panties, provided the capital to bring this film to completion, and Knix founder Joanna Griffiths serves as an executive producer. It’s an interesting strategy that allows Knix to be part of a broader conversation about women’s rights while also potentially introducing the brand to new consumers. Joanna Griffiths [Photo: courtesy Knix] The Governments Effort to Block Addyi Low libido is a widespread problem among women. In this film, women talk about how their desire for sex can suddenly dry up, harming their romantic relationships and lowering their quality of life. But while men’s loss of sexual desire is treated as a medical problem, women’s sexual problems have been dismissed. Women describe their doctors telling them to drink some wine or read a steamy romance novel to get themselves in the mood. Then, in 2009, a German pharmaceutical company stumbled across a breakthrough. A medication originally developed to treat depression was found to improve women’s sexual desire. But when the company tried to bring it to market, the U.S. Food and Drug Administration rejected the drugciting concerns about its effectiveness and side effectsand it was abandoned. Enter Eckert, a pharmaceutical executive who had struggled with low libido herself. She believed it was worth taking on the FDA. She bought the drug from the German company for $5 million and went back to the federal agency to ask what trial data was required to approve it. But as she met the FDA’s demands, it kept coming back to her with new issues. Chin-Yees documentary makes the case that the FDA had a higher standard for Addyi than it did for other drugs because it was meant for women. For instance, one side effect of Addyi is sleepiness, which is true of many medications on the market. But the FDA wanted to block Addyi out of concern that a woman might take the drug at night, then fall asleep while driving her kids to school the next day. In response, Eckert poured more than $1 million into a driving study that showed women actually drove better after taking Addyi, likely because they slept better. “[Their concerns were] very much about protecting women because they might not make good choices,” says Dr. Anita Clayton, an OB-GYN professor at the University of Virginia whose clinical practice and research focus on womens mental health and sexual dysfunctions. Eckert was confronted with other FDA roadblocks for five years, and kept working to meet the organization’s requirements. During this period, the fight to launch the drug became a broader movement around a woman’s right to experience sexual pleasure, with many women’s organizationsincluding the Black Women’s Health Imperative and Jewish Women Internationaladvocating for the FDA to approve Addyi. There was also backlash. People argued that the drug wasn’t necessary because women are physically capable of having sex even if they aren’t aroused, whereas men cannot. Others argued that its normal for women not to enjoy sex after its no longer required for reproduction, such as after giving birth or entering menopause. In the end, however, Eckert managed to jump through every last hoop, and the FDA approved the drug for use in 2015; it became widely available in 2017. But the drug has had disappointing sales and has not become as successful as Viagra. In December 2024, however, Eckert’s company received $45.6 million in late-stage VC funding, and is currently generating revenue. So there’s hope that more women will feel comfortable talking to their doctors about low libido, and that doctors will prescribe Addyi. [Photo: courtesy Knix] When a Brand Becomes a Film Producer Knix founder Griffiths fell in love with The Pink Pill when it came across her desk two years ago when Chin-Yee was in the final stages of filming it. “It raises so many important questions about women’s sexuality,” she says. “It sparks so many further conversations about everything from our political climate to the role that sex plays over the course of a woman’s life.” In 2023, at the Banff World Media Festival, Griffiths announced that Knix was partnering with production studio Catalyst to launch Docs for Change, a project that would identify promising female documentary filmmakers and finance, develop, produce, and distribute their films. A large number of filmmakers applied, but The Pink Pill stood out because it shed light on an area of women’s health that has long been overlooked. The topic of the film isn’t directly related to Knix’s business, which is selling high-performance underwear and clothing, like period panties and teen bras. But over the years, Griffiths has tried to weave the brand into broader conversations that affect women. In 2021, for instance, the company launched Life After Birth, an art exhibit and book that documents how women’s bodies change after childbirth. Projects like this aren’t necessarily designed to market products, but rather to associate the brand with broader ideas. “We want our customers to know that we are advocating for them,” she says. [Photo: courtesy Knix] Frida, a brand for babies and new moms, did something similar when it recently commissioned a statue of a postpartum woman that is currently being exhibited around the world. Griffiths believes funding films and art is more rewarding than many of the other things that consumer brands spend their marketing budgets on, like expensive dinners and influencer trips. “You can spend $90,000 on a fancy dinner with beautiful florals for just small groups of celebrities and influencers,” she says. “But a film is by definition designed for a mass audience. The goal is to get as many people as possible to watch it.” To that end, Knix will help disseminate The Pink Pill via free movie screenings in the U.S. and Canada, and is working to find streaming services to carry it. Knix is also going to launch “screening kits” so people can host parties in their homes where theyll watch the movie with friends and then have a conversation about it with discussion questions. It’s a novel approach to marketing, but Griffiths believes its already paying off. “We’re already part of so many big conversations about women’s health,” she says. “We want to continue doing so.”
Category:
E-Commerce
Three years ago, Patagonias founder Yvon Chouinard made an unprecedented move: he and his family gave away the company. Instead of selling the multibillion-dollar retailer or taking it public, they created a new trust and nonprofit that would use the companys profits to fight climate change and protect nature. In a new report that looks at companys impact over its 52-year history, Patagonia shares how the change has amplified its environmental work. While the companys day-to-day internal work hasnt changed significantly, were giving away a lot more money to protect the planet, says Corley McKenna, Patagonias chief impact officer. [Photo: Ken Etzel/courtesy Patagonia] The company has a long history of environmental giving. It pioneered an Earth tax in the 1980s to give 1% of its profits to environmental causes, later formalized as 1% for the Planet, an organization that thousands of companies have now joined. But the companys new structure enables giving at a much greater scale. Each year, as much as 98% of its profits can now be spent on climate action, after subtracting any funds needed for reinvestment in the business. (The company hasnt shared exactly how much cash goes back to the business itself, but it needs some funds for building retail stores, buying inventory, and having some money in a bank to weather unexpected events like a pandemic.) The remaining 2% of profits fund the companys purpose trust, designed to ensure that the company makes all decisions in line with its purpose to help save the planet, even long after Choinard and his family are gone. It’s really designed to lock in the values of the company,” McKenna says. A future CEO “can’t go rogue and take the company in a totally different direction.” Wetsuit repairs technicians Buddy Pendergast (left) and Hector Castro (middle) at our 2023 Wetsuit Forge repair event in New Hampshire. [Photo: Ryan Struck/courtesy Patagonia] Since the company restructured in late 2022, Patagonia has given $180 million to the Holdfast Collective, a group of five nonprofit trusts that the company created to fund environmental work. Thats compared to the $10-$15 million a year that the company gives away through 1% for the Planet. The funding has enabled many more of the type of projects that the company already supported. In Alabama, for example, it contributed $2 million this year to help conservation groups buy 8,000 acres in Georgias Okefenokee swamp, a unique ecosystem with rare and endangered animals, which was at threat for development of a new mine. In Alaska, it spent $3.1 million at a critical moment to prevent the development of another mine in the Bristol Bay watershed. In Australia, it helped purchase 92,000 acres of land. [Photo: Tim Davis/courtesy Patagonia] As Patagonia issues dividends to the Holdfast Collective, the funds are essentially spent right away. The goal is for hold fast to move that money to urgent needs quickly, says McKenna. A lot of philanthropies are creating endowments and they want to really save that money. The Chouinards feeling is the planet needs the money now. So [Holdfast] is trying to move it as quickly as possible. All of this adds to the work that Patagonias environmental activism team was already doing to support grassroots nonprofits working on issues like land protection, sustainable agriculture, and climate. That team works closely with the nonprofits, looking for ways not just to give money but for the company to elevate specific issues to get support from its customerslike helping establish Bears Ears National Monument, and then fighting the first Trump administration when it shrank the size of monument. Patagonia employees at the Protect Our Parks rally at Channel Islands National Parks Visitor Center in March 2025. Ventura, California. [Photo: Tim Davis/courtesy Patagonia] The environmental activism team is strategic about what it supports. This year, it worked with a coalition to fight against part of the reconciliation bill to sell off hundreds of thousands of acres of public lands in the U.S. “That was a big win at a tough time,” says McKenna. “I think we wouldn’t be able to have these successes if we were tring to do everything, if we were trying to win every battle. We just can’t do that.” The company also continues to work to reduce its own environmental footprint, though the report acknowledges the challenges it still has as it reaches for climate goals. (Some 2025 targets, like a goal for half of its synthetic fabric to be made from waste, won’t be met on time.) It’s critical, the company says, for other businesses to also focus on climate actionboth in internal operations and in philanthropyat a moment when politics are moving in the other direction. “What we realize is it cannot just be Patagonia out here trying to do business differently,” says McKenna. Digging in at the Frontline Action on Coal camp in Queensland, Australia, where Patagonia Global Sport Activist Belinda Baggs (left) and friends rolled up their sleeves. [Photo: Emma Bäcklund/courtesy Patagonia] Businesses “definitely need to exist to do more than enrich a handful of individuals,” Choinard writes in the report, as he says that he’s been “working harder than an 87-year-old should” since giving away Patagonia. Companies can and should exist to solve problems. Corporate influence already crosses borders and shapes government policy everywhere. Imagine what could happen if interest groups and lobbyists prioritized planetary and human health over environmental deregulation. Or if even just a few multinational mega-corporations dedicated some of their profits toward doing good beyond what can be written off their taxes. Similarly, if enough companies join together and decide our planet takes precedence over profit, we can change the world. We could change capitalism for good.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||