Pet Health Insurance Buyer's Guide
Do you consider your pet to be a member of your family? If you answered yes, you're not alone! Many of us love our pets and treat them as though they were our children. And all of us would want to help our four-legged family members in whatever way we could if they were injured or sick.
It's no surprise that as our bonds with our pets grow stronger, more pet parents are buying pet insurance. In North America, it is estimated that 1.8 million pets are covered. Pet insurance allows us to have the medical services we want for our pets without having to worry about the cost.
Of course, only you and your pet can determine if it is right for you. This pet insurance guide will assist you in weighing your choices and making an informed decision.
What does pet insurance cover?
An injury only is covered in a bare-bone pet insurance plan. Burns, lacerations and bite injuries, one of the most common injuries for dogs, are included. It also includes top cat injuries, swallowed items and abscesses.
A stronger pet insurance scheme covers injuries and diseases. It may also cover other items, depending on the supplier, such as:
- Wellness – Regular programs such as annual examinations, vaccination, heartworm and flea prevention can be reimbursed. Spaying or neutering and microchipping of your pet can also be a wellness coverage.
- Congenital or hereditary conditions - These are inherited conditions or birth defects that show symptoms later in life, like hip dysplasia, luxating patella, or cherry eye.
- Alternative therapies—Therapies such as acupunctures, massage therapy and hydrotherapy may help pets, and some pet insurance schemes cover these procedures.
- Behavioral issues — If your pet has unwelcome behavior, such as disruptive chewing, aggressiveness or failure to use the litter box for any obvious cause, the cost of diagnosis and care may be helpful in your strategy.
When you look at various planning choices, you should be aware of potential health problems for your pet. You will want to make sure that the plan you are looking for is covered, for example, if you have a race such as a Chihuahua or a Golden Retriever that is vulnerable to hereditary conditions.
What won't pet insurance cover?
There are exclusions on all pet insurance policies, which are not included. They vary per provider, so make sure that you search with everyone you consider. A list of exclusions can be found on the website of the provider. Some providers can also download and read a sample policy to see exactly what you are purchasing.
One thing to remember is that there are no providers covering pre-existing conditions that arise prior to or after the insurance waiting time. However, variations exist in the definition and handling of providers. Again, before you purchase a contract, it is important to understand the coverage specifics.
How much will it cost?
The cost of pet insurance depends on the insurer, but usually is dependent on many factors including:
- Breed and age of your pet – Older pets or breeds at risk which need more veterinary treatments for some health problems and will cost you more to insure.
- Your ZIP code - Veterinary rates vary from one sector to another. In major metropolitan areas in which veterinarian practice has high overhead expenditures, for example, they may be more costly.
- The type of coverage you choose — an accident-related package for example would cost less than comprehensive coverage.
Some providers can customize your coverage by selecting items such as your annual limit, deductible and reimbursement percentage. You will reduce your monthly premium if you choose a lower annual limit, a higher deductible or a lower reimbursement percentage.
Just remember that those adjustments will affect the amount you can get reimbursed during your plan year. You will have to reach the amount before reimbursement begins if you want a higher deduction. You can receive reimbursement before this sum is reset next year, if you choose a lower annual limit.
What's with all these terms?
Contract terms and annual limits, if you are not familiar with the insurance, may sound like another language. Here are some important words to know:
Annual Limit
This is the maximum sum you can pay for your policy duration of 12 months. At the start of each plan year, it resets. If you have an annual limit of $10,000, your refunds will stop before you renew your contract.
Deductible
Your deductible is the amount you need to meet before reimbursement starts. Here's an example: Let's assume that you are submitting your first covered claim of $250. If you have a deduction of $100, the remaining $150 will be your refund. Because this is an annual deductible, at the beginning of the next plan year you do not need to pay this amount again.
Reimbursement Percentage
This is the amount of the expenses covered after your deductible is fulfilled. For example, if you have a 90% reimbursement rate, once your deductible has been fulfilled you will be reimbursed 90% of the costs you covered.
Waiting Period
The time required before a certain coverage enters is the waiting period. Providers should expect injury and disease compensation waiting periods as well as procedures such as knee surgery. You should find out about the conditions and how long they are for plans.
Can I see any veterinarian?
A licensed veterinarian and an emergency clinic should be visible to you. You should stick with the veterinarian you trust in this way. Certain plans often let you bring your pet without referrals or extra charges to specialists such as dermatologists, cardiologists or allergists.
How do I get reimbursed?
In general you pay the veterinarian for the services you normally do and then send the claim to the pet insurance company along with your invoice or receipts. You can file your claims online or via the app from some providers.
An application can be helpful so you can file a claim before leaving the office of your veterinarian. This is an excellent way to avoid delay and ensure that you get available refunds as soon as you can.
Is pet insurance worth it?
This is the big question! And just for yourself, you should answer it. You can opt to insure your pet for several reasons. The main factors in one survey + is because the pet parents bought pet insurance:
- Is helpful to pet owners (59 percent )
- Shows you love your pet (55 percent )
- Shows you are a responsible pet owner (53 percent )
- Provides a sense of security (49 percent )
- Is a good investment (48 percent )
- Helps avoid the need to make painful choices about care (42%)
In certain cases, pet parents probably have more than one reason to decide to insure their pets.