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Parametric gates and processes engineered from the perspective of the static effective Hamiltonian of a driven system are central to quantum technology. However, the perturbative expansions used to derive static effective models may not be able to efficiently capture all the relevant physics of the original system. In this work, we investigate the conditions for the validity of the usual low-order static effective Hamiltonian used to describe a Kerr oscillator under a squeezing drive. This system is of fundamental and technological interest. In particular, it has been used to stabilize Schrödinger cat states, which have applications for quantum computing. We compare the states and energies of the effective static Hamiltonian with the exact Floquet states and quasi-energies of the driven system and determine the parameter regime where the two descriptions agree. Our work brings to light the physics that is left out by ordinary static effective treatments and that can be explored by state-of-the-art experiments.