Our pets are like family to us. We love our pets and we want to do everything that we can for them, however, sometimes unforeseen illness or accidents leads to some expensive veterinary bills. Enter: pet insurance In this article, we will dig deeper and understand what pet insurance is, how a good one can help you (the owner), and the various diseases or problems they cover in general terms.
What is Pet Insurance?
Pets insurance is animal health coverage. Designed to assist with the costs of veterinary care should your pet get sick or injured. Like your human health insurance, you know what pet insurance is: You pay a monthly or quarterly premium in return for covering some medical costs.
How Does Pet Insurance Work?
Typically, pet insurance is on a reimbursement basis Here’s a typical process:
You have to pay for your pet’s veterinary care upfront.
Instead, you file a claim with your pet insurance company and provide the invoice along with medical records.
An insurance company reviews your claim and so on.
If it is confirmed that you are covered, the company then reimburses part of the expenses according to your policy.
Keep in mind the vast majority of pet insurance plans do not have networks as there are for people’s health. Any licensed veterinarian, specialist or emergency animal hospital can be used.
What Does Pet Insurance Cover?
Coverage can differ quite a bit between insurers and plans While specific coverage can vary by policy, most pet insurance falls into three broad categories –
Accident-Only Coverage: The most basic of a pet insurance policy and typically the least expensive. Accidentally acquired vet treatment – like broken bones, bite wounds, or eating something they’re not meant to.
The Accident and Illness Coverage: The most standard type of pet insurance. Accidents are not the only event it covers, we have aspects that can be used to help pay for cancer treatment or an infection (like MRSA) resulting from a scuff on a knee, digestive problems…
This is the most comprehensive and, typically, costliest coverage. These supplement the cost of accident and illness protection, as described before; moreover, additional services such as preventive care or dental work are covered – aspiring to alternative therapies.
These accident and illness policies generally only cover the following, with a few other common items falling under them.
- Tests for diagnosis (X-rays, blood tests, MRIs)
- Surgeries
- Hospitalizations
- Prescription medications
- Emergency care
- Cancer treatments
- Persistent conditions, such as diabetes or arthritis
What’s Usually Not Covered?
Overview While pet insurance is very thorough, it will not cover everything.
Pre-existing conditions (illnesses or injuries that existed before the policy was issued)
- Climbs, routine care (unless you add a wellness plan)
- Instead, cosmetic procedures are employed (e.g. tail docking and ear cropping).
- Breeding costs
- Experimental treatments
Factors Affecting Pet Insurance Costs
The most common things that affect the price of pet insurance:
Type of Pet: The vast majority of cats are relatively inexpensive to insure while dogs will almost always come with a more expensive rate. Some breeds that suffer from health problems more than others may even be charged a higher premium for insurance.
Age: It usually costs more to insure older pets because they are prone to health problems.
Lat/long: Veterinary expenses fluctuate from region to state and, because of this, so do insurance rates.
Level of Coverage: More coverage will cost a bit more.
When you purchase your policy, selecting a higher deductible or lower reimbursement percentage will get you a cheaper premium.
Is Pet Insurance Worth It?
Is pet insurance worth it for you? Consider factors such as:
- The age and health of your pet
- Your financial situation
- Your risk tolerance
- Veterinary care costs in your locale
Some pet owners pay for the peace of mind that comes with having insurance and knowing they can afford care if their pets need it. It ensures early insured young pets do not have any pre-existing conditions to exclude from coverage.
Tips for Choosing a Pet Insurance Policy
Check Out Several Providers: Comparison shop for coverage, exclusions, and customer reviews.
Waiting Periods – All insurance policies have waiting periods before coverage goes into effect.
Look Out for Breed-Specific Exclusions: Certain policies may exclude conditions common to specific breeds.
Your Budget: Weigh how much you’re going to pay in premiums against what coverage that buys.
Fineprint your contract: know what you are signing up for and even more, what is not covered.
You can always utilize pet insurance to manage the costs of ownership You can use this to decide whether or not it is right for you and your pet since knowing the coverage works. As a reminder, the best time to get pet insurance is when your pet is young and healthy (usually around 6-8 weeks), before they develop any pre-existing conditions.