Pet insurance policies can save owners thousands over the life of their dog or cat’s life, yet there are several considerations when selecting a policy, including deductibles, coverage limits and reimbursement rates.
Experts advise searching for pet insurance that best meets both your budget and needs. Here are a few helpful hints to assist in making an informed decision:
Cost
Pet insurance costs vary widely depending on the type and amount of coverage chosen, with premiums (the monthly payments required to keep your policy active) also depending on factors like breed age, location, deductibles and coverage limits – which all affect premium payments. To get an estimate of costs associated with common procedures/conditions in your area and compare them against reimbursement percentages offered by various providers.
Vet bills can be unexpectedly costly. Without pet insurance coverage, the unexpected costs associated with major procedures and illnesses could quickly drain your savings or create unmanageable debt. Pet policies offer protection from such costs while alleviating financial stressors.
Pet insurance policies typically reimburse up to 80% or 90% of eligible expenses after meeting your policy’s deductible, although most policies include minimum annual coverage limits and deductibles to prevent abuse of the system. Some policies exclude preexisting conditions or breed-specific issues as well as cosmetic treatments or optional care services.
To determine whether a policy is worth its cost, review your pet’s health history and discuss available policies with their veterinarian. Request cost estimates for procedures or illnesses performed, then compare these with quotes and reimbursement percentages provided by several pet insurers. Take note of any deductibles, fees, copays or lifetime or annual caps associated with each option before making an informed decision based on budget constraints and risk tolerance levels.
Once you know which coverage you require for your pet, compare prices from various providers. Some offer online quotes while others allow you to customize coverage by changing reimbursement levels, deductible amounts, or coverage limits. Whichever provider you decide upon, always be sure to read all fine print carefully so as to ensure it provides appropriate care for your animal and add-ons such as alternative therapies such as acupuncture and hydrotherapy are covered within their policy coverage.
Coverage
An insurance plan provides peace of mind that your four-legged family member will be protected for accidents or illnesses that arise, from age to breed and ZIP code considerations. Your monthly premium depends on these variables as well as other customizable settings like reimbursement level and deductible; higher deductible and coverage limit selection will lead to reduced monthly premium payments.
When selecting a pet insurance provider, look for one with experience and financial stability. Also look for flexible payment plans that work within your budget, and inquire as to their claim submission processes, including online or mobile apps to submit claims.
Pet insurance provides coverage for injuries, illnesses and surgeries; additionally some policies offer alternative therapies and third party liability coverage as well. Although such items typically fall outside the core coverage of most policies, you can purchase separate policies to meet them.
Most pet insurance providers impose annual deductibles, which represent the amount you’ll need to cover out-of-pocket before their payout begins. After meeting their deductible, most pet insurers reimburse between 70%-90% of your vet bills (typically between 70%-90%). Furthermore, certain policies also stipulate an annual maximum limit, whereby reimbursement cannot exceed the total cost of vet visits.
Some pet insurance policies exclude pre-existing conditions – health problems that were diagnosed prior to the effective date or waiting period of their policy – which can restrict what care your pet can receive, making illness treatment harder for your furry friend. You can avoid this situation by enrolling your young pet as early as possible with an insurer; some even offer discounts when insuring multiple animals with them! You could also lower costs by making annual rather than monthly payments on their policy.
Pre-existing conditions
As soon as you apply for pet insurance, the insurer will examine your pet’s medical history to identify any conditions as “pre-existing”, meaning any illnesses or symptoms they had prior to purchasing the policy won’t be covered under it. Some insurers require waiting periods of several days up to several months or even an entire year before accident and illness coverage starts; also factoring into this equation are age and breed considerations as older animals tend to be at greater risk than their younger counterparts for accidents and illness, plus your zip code – vet care may cost more or less in certain areas than others.
Your monthly premium can depend heavily upon the type of coverage and deductible chosen, with higher deductibles translating to reduced monthly premiums. A deductible represents what you must pay out-of-pocket before your insurance company begins covering expenses; its range can be anywhere between $0 and $1,000. As with anything, higher deductibles lead to lower monthly premiums.
Pet owners unable to cover large veterinary bills may wish to consider adding a wellness or preventive care plan, typically an add-on to an accident and illness policy, for their pet. Such plans offer routine annual services like wellness exams, flea and heartworm prevention as well as vaccinations that will be covered by their insurer.
Pet insurance may not be worth its costs for all pets, but it may be worthwhile for those who can cover unexpected bills without incurring thousands in vet bills. Carefully weigh the benefits and drawbacks before deciding whether it fits with your family. While paying an inexpensive monthly premium might seem wasteful when faced with an unforeseen health problem that requires costly treatment options, it would likely be much harder to bear the financial strain if unforeseen medical costs forced you to euthanize an animal you love due to uncovered medical costs.
Co-insurance
Costs associated with pet insurance depend on several variables. First and foremost are your pet’s type and age – older animals tend to cost more to insure and may be subject to preexisting condition exclusions; purebred pets tend to cost more. Furthermore, location plays an important role as higher cost areas tend to have higher pet insurance premiums.
Next comes coverage level and deductible selection. Most pet insurance plans provide plans with different deductible options and reimbursement rates between 70%-90% of covered expenses; typically with higher reimbursement rates come higher premium costs.
An annual limit is another key element, setting a maximum amount that the insurer will reimburse within a given year. Whether this works well for or against you depends on both your financial situation and risk tolerance for your pet.
Declawing, ear cropping and tail docking may not be covered by pet insurance plans unless medically necessary. Furthermore, most plans do not cover wellness visits or dental care without adding an optional rider; and pregnancy and breeding-related exclusions should be carefully reviewed prior to purchasing one of these policies.
Get the best value when it comes to coverage for your pet by shopping around for coverage. Many websites allow you to enter information about your animal and compare costs across policies. Make sure that similar policies have similar deductible, reimbursement rate and annual limits so you can make an informed decision.
When selecting a pet insurance provider, pay attention to its history and customer service. A provider with experience will likely offer support over time as your companion lives out its lifecycle.
As soon as your pet is a puppy or kitten, purchasing pet insurance should be top of mind. Doing so allows you to avoid pre-existing condition exclusions and save on premiums; if your adult pet already has complex medical history then investing in an all-encompassing policy with coverage for both chronic illnesses and injuries may be best.
