Pet insurance pays, partly or in total, for veterinary treatment of the insured person’s ill or injured pet. Some policies will pay out when the pet dies, or if it is lost or stolen.
As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pet’s health care and standard of living than previously, the market for pet insurance has increased.
Pet insurance companies are beginning to offer the pet owner more of an ability to customize their coverage by allowing them to choose their own level of deductible or co-insurance. This allows the pet owner to control their monthly premium and choose the level of coverage that suits them the best.
Some of the differences in insurance coverage are:
- Whether congenital and hereditary conditions (like hip dysplasia, heart defects, eye cataracts or diabetes) are covered;
- How the reimbursement is calculated (based on the actual vet bill, a benefit schedule or usual and customary rates);
- Whether the deductible is on a per-incident or an annual basis;
- Whether there are any limits or caps applied (per incident, per year, age or over the pet’s lifetime); and
- Whether there is an annual contract that determines anything diagnosed in the previous year of coverage is considered pre-existing the next year.
For more information on choosing pet insurance & a list of providers, visit the AVMA website at https://www.avma.org/public/PetCare/Pages/pet-insurance.aspx.
Pet insurance reimburses you for unexpected veterinary expenses, and most plans cover up to 90% of your vet bill for new accidents & illnesses.
There are no networks to worry about. You can use pet insurance at any veterinary clinic or animal hospital.
- 1 out of 3 pets will need emergency care, which can cost thousands
- If a pet gets sick or injured, pet insurance can cover (reimburse) treatment & tests
- Clients can also get reimbursed on routine care if they have a wellness plan
Pet insurance does not cover pre-existing conditions, so it’s helpful to enroll before any issues are present.
Out of more than 20,000 pet owners surveyed, less than 20% said they could afford to cover a $5,000 medical expense out-of-pocket without pet insurance.
We recommend clients visit Pawlicy Advisor to learn about their best options and see quotes from top providers all in one place.
Source: Pet Insurance