Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$multi_keyword_mode is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 82
Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$links_per_page is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 83
Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$links_per_target is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 84
Being a pet parent is a great experience, as having an animal as a friend has many benefits. And even if you’re a busy professional, some low-maintenance pets can bring joy to your life. But besides the huge love and care you give them, they also need proper medical care.
As a new pet parent, any unexpected vet bill might surprise you, and without good pet insurance, all those will be paid out of your pocket. So you probably have a lot of questions about the best health plan for your furry buddies. So here’s a handy guide on pet insurance and what you need to know as a first-time pet owner.
Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$multi_keyword_mode is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 82
Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$links_per_page is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 83
Deprecated: Creation of dynamic property ILJ\Core\LinkBuilder::$links_per_target is deprecated in /home1/petfooled/public_html/wp-content/plugins/internal-links/core/linkbuilder.php on line 84
Table of Contents Show
Importance of Pet Insurance
When you get pet insurance, you buy a health plan for your dogs and cats, although some pet insurance providers offer plans for other animals, like birds and exotic pets. If you have horses, you can get insurance plans from the ASPCA pet health insurance company.
Whatever animal you have, pet insurance allows you to get back the money you paid for vet bills, which can be a significant amount for a single check-up, not to mention additional tests and treatments. Also, you can have peace of mind if your beloved pet gets seriously ill because good pet insurance plans provide you with enough financial coverage to pay for their best health care.
Types of Pet Insurance
Best pet insurance companies offer pet insurance coverage options for different health issues that can happen to your pet. Does pet insurance cover routine care like routine veterinary visits? No, but most pet insurers allow you to buy additional plans to get more comprehensive coverage.
Another thing to remember is that pet insurance plans don’t cover pre-existing conditions. So no insurance provider will pay vet costs for health issues your pet had before you get pet insurance. But some insurance providers have a waiting period during which your pet should be symptom-free to be eligible for vet bill coverage.
Here are the insurance plans you can choose from most pet insurance companies:
Accident-Only Plan
Cats and dogs are active animals, so they’re prone to injuries. So if you have a restless pup or kitten, it’s always a good idea to get an accident-only plan, at least for starters. Accident coverage doesn’t include chronic health issues but only acute conditions such as broken bones, injuries due to a car hit or fall, torn ligaments, poisoning, swallowing of a foreign item, etc.
The monthly cost for this plan is the lowest, and it works fine if you’re on a budget but still want your pet to be safe. It’s a good idea to review your cat or dog insurance from time to time and, eventually, upgrade it to an accident-and-illness plan.
Accident-and-Illness Plan
This is an expanded version of the previous health plan that includes diseases. Apart from the injuries already mentioned, insurance providers will get your pet covered in case of minor and major conditions. These can be ear infections, allergies, cancer, epilepsy, etc.
The plan for accidents and illnesses also pays for all medical procedures related to eligible injuries and health conditions. You’ll probably have to pay for hospitalization, prescription drugs and treatments, examinations, and surgeries up-front, but this plan covers all that.
Accidents and illnesses coverage also includes breed-specific conditions, which comes in handy if you have a pet with hereditary risks to certain health issues (for instance, Frenchies are prone to breathing issues, German Shepherds or their mixes with Dobermans prone to hip dysplasia).
But here’s a tricky part: if your pet had any of these issues before you get pet insurance, they’d be considered pre-existing conditions, which most pet insurance plans don’t cover. Still, some of the best pet insurance companies allow for waiting periods after which they can cover pre-existing conditions treatments.
Accident-and-Illness Plan With a Wellness Add-On
If you need more comprehensive coverage for your pet, you can go with an optional wellness plan. It’s an accident-illness plan that includes wellness coverage, and that’s the costliest option you can choose for your pets.
But for the price you pay, the pet wellness coverage offers the most. It includes preventive costs for regular vet check-ups, flea treatments, vaccines, dental cleanings, etc. And this pet insurance covers spaying too, which is a part of add-on preventive care plans included in this accident-and-illness coverage.
What to Look for in a Policy
When you get pet insurance, you pay a premium, just like human health insurance. That amount will depend on the insurance company and the plan you choose. It can be a monthly, quarterly, or annual payment for which you get specific coverage of eligible veterinary expenses.
The pet insurance premium will depend on the deductible, a reimbursement percentage, and an annual limit stated in your pet insurance policy. These terms might sound confusing, so here is what they mean:
- Premium: It’s the price you pay for chosen coverage options. The higher the premium, the more coverage you get for your pet. It’s a good idea to settle with a higher monthly cost for your pet’s insurance if they’re prone to breed-specific conditions.
- Deductible: It refers to how much of the vet bill you will pay before you activate the pet insurance policy and reimburse all veterinary care costs. It’s inversely correlated with the premium you pay – the lower the deductible, the higher the premium costs, and vice versa. As your pet gets older, you’ll have to pay higher deductibles.
- Reimbursement Rate: That’s the portion of vet bills your insurance provider covers. It refers to the coverage of remaining costs after you’ve met the deductible, and it can be anywhere from 70% to 100%, but it can be even lower depending on your pet’s age.For instance, Healthy Paws has a reimbursement rate of 50% for pets older than eight years. Regardless of the plan you choose, no insurer will reimburse your vet bills before you hit the deductible.
- Annual Limit: It’s the maximum payout you can ask from insurance companies every year for a single health condition issue. This is something you set along with pet insurers, keeping your pet’s age, health, and pre-existing conditions in mind. Once you hit the limit, you won’t be eligible for reimbursement until the plan resets for the year.Some insurance companies like Trupanion pet insurance offer unlimited annual coverage, and the premium for this policy will be higher than regular plans with a pre-set annual limit. Still, unlimited coverage comes in handy when your pet gets to a certain age when health risks increase.
How to Choose Pet Insurance Plan?
You want the best for your pet, so you should take some time to research and find the best pet insurance policy. Follow these steps to make the best decision:
- Know your pet’s needs, thinking of their breed, age, current health, pre-existing conditions, and all the risks to which the animal is exposed.
- Choose the coverage plan that suits your pet’s needs.
- Research licensed pet health insurance providers and their offers; the pet insurance industry is booming, but not every provider is trustworthy.
- Get a personalized pet insurance quote from several providers.
- Review policy terms and make sure to read the fine print.
- Assess what you get for the price you pay.
- Get in touch with customer service and ask questions; they can help you make the best policy choice suited to your needs and budget.
Cost of Pet Insurance
Pet ownership comes with certain costs, and proper insurance is one of them. But it doesn’t have to cost you an arm and a leg if you shop around for good rates and find the best pet insurance cost to fit it into your budget. For instance, Healthy Paws provides insurance plans for cats and dogs starting from $14 for unlimited coverage.
How much you’ll pay for your pet’s health insurance depends on what your pet insurance covers, but a few more factors are included, such as:
- Pet’s breed, age, and size
- Chosen pet insurance plans
- Where you live and common risks related to that area
- The deductible you choose (usually between 0 and $1,000)
- Reimbursement rate
- Annual limit
- Chosen pet insurance company
Some providers offer pet insurance discounts to multiple pet owners and fostered pets taken from shelters. For example, ASPCA pet health insurance gives you a 10% cut on premiums for each additional pet.
Making a Claim
How does pet insurance work? Most pet insurance companies offer policies that work on the principle of reimbursement. It means you have to pay for all vet bills up-front and then make a claim to your insurance provider to reimburse these costs.
Some pet insurance providers have a list of veterinarians they cooperate with, and they settle them directly for all eligible costs. You still have to pay for ineligible expenses, but the coverage takes a significant financial burden off your back.
- Get your pet to a licensed veterinarian and save all the receipts.
- Make a pet insurance claim to your insurance company and submit all bills you paid out-of-pocket.
- It usually takes a couple of work days for pet insurance companies to review all documents and your pet’s medical records.
- You get reimbursement of the total vet bill (after meeting deductibles), depending on the reimbursement rate stated in your pet insurance policy.
Pet insurance policies state a waiting period for accidents and illnesses, which is a time between the moment you activate the policy and the moment it covers your costs. Yes, you might have to wait two or three weeks for reimbursement, but it’s always good to file a claim as soon as possible to avoid the risks of claim denial.
Case Study
A Nationwide study published in 2021 aimed to compare how pet owners act toward their pets in need of vet care, depending on whether they have pet insurance or not. It was conducted on about 10 million dogs and cats and 2,000 vet clinics they visited.
The results showed that dogs insured by Nationwide visited vets 73% more often than uninsured dogs. Insured cats were taken to vets 43% more often. Also, pets were more likely to undergo surgeries when their owners knew they get covered vet bills – 51% of dogs and 20% of cats received surgical treatment, with 17% and 38% of spending increase on these procedures.
The study also showed that 81% of pet owners with insurance for their dogs stayed with the same vet after three years, while that percentage for those with no insurance is only 46. As for cat owners, those numbers are 69% vs. 33%.
Frequently Asked Questions
When Is the Best Time to Buy Pet Insurance?
The short answer is as soon as possible. If you enroll in pet insurance at your pet’s young age, you can enjoy perks like premium discounts, higher reimbursement rates, etc. Also, that way, you decrease the risk of some common health issues being listed as pre-existing conditions and not included in your insurance policy.
Does Pet Insurance Cover Medications?
Most pet health insurance plans will pay for your pet’s medications. But some companies might have restrictions regarding the prescription medications they cover. Also, no pet insurance plan includes specialized food enriched with vitamins or dietary supplements.
Can I Choose Any Vet?
Top pet insurance companies have a network of veterinary care providers they work with, so if you plan to reimburse these costs, you’ll have to go at one of these. Still, some providers like Embrace Pet Insurance allow you to visit any certified vet and still get coverage for your vet bills.
Is Pet Insurance Worth It?
You might be asking yourself this question as a first-time pet owner, but it’s always better to be safe than sorry. Pet insurance costs no more than a couple of tens of dollars every month, possibly saving you thousands of dollars every year for your pet’s treatments.
To Sum Up
Your pet’s health matters, but even routine care can be costly. Proper insurance policies give pet parents a financial safety net and help them focus on their pets’ health rather than high vet bills. That makes pet insurance cost a good investment in the well-being of your beloved animal friend.