LINCOLN- Two weeks ago, newly-appointed Sen. Beau Ballard introduced LB296, formally titled the 'Pet Insurance Act', which would establish a legal framework in Nebraska for the policies and consumer protections for pet insurance, a growing industry in the country. Last year, The North American Pet Health Insurance Association reported that the industry exceeded $2.83 billion in value, growing 30% from the previous year.

The consumer protections outlined in the bill mirror those of health insurance policies, and require insurers to disclose certain services, tell insurees about any waiting periods, and how a pet's preexisting conditions may impact insurance prices. Ballard said that he adopted a cocker spaniel, Cosmo, last year, and told the Banking, Commerce, and Insurance Committee that, if Cosmo needed care, Ballard would have to decide whether or not to pay the high costs associated with pet care.

"Much like other things in life, veterinarian costs are skyrocketing," said Ballard, "and this type of insurance provides a little bit of ease on consumers that they can get some insurance and then pay for those unexpected occurrences." Michelle Muirhead, assistant vice president at Physicians Mutual Insurance Company, said her company began offering pet insurance in August of 2022. Muirhead emphasized the importance of such a bill, saying that it will give pet owners the ability to pay for the medical treatment their veterinarian recommends, not just what they can afford on a given day.

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