From the moment you decide to bring home a new pet, their health and happiness become your number one priority. No matter whether it is a dog, cat, or another kind of pet, tending to your furry friend’s every need comes with exorbitant costs. A large portion of these expenses is medical bills. Fortunately, there is a way to avoid many of these unnecessarily high costs.
By signing up for pet insurance, you can cover many of the necessary costs that arise when caring for your pet. Let’s take a look at everything you need to know to help you in your search for Health Insurance For Pets.
So, What Does Pet Insurance Include?
Firstly, it’s important to know that with pet insurance, you can rest assured that your pet will be largely covered if ever they suffer from a serious illness or injury. This means that you are unlikely to ever have to pay the full medical fee out of pocket. Not only do serious medical procedures become more affordable with pet insurance, but many routine expenses such as annual veterinarian checkups will also come at a reduced cost.
Now that you know the reasons for getting pet insurance, here are the crucial terms that you will need to become familiar with:
You Get To Choose Your Coverage Level
As is the case with human health insurance, there is an array of coverage levels that you can choose from according to your pet’s individual needs. As such, each type of policy will provide coverage for different treatments.
While basic insurance typically only includes illnesses and accidents, more comprehensive plans can additionally provide coverage for vaccinations, regular checkups, and other veterinarian services. Oftentimes, insurance plans can be customized according to your requirements.
Premiums And Deductibles Need To Be Paid
This is one of those areas where human health insurance and pet insurance overlap. Each pet insurance plan consists of a monthly premium that varies according to your specific coverage, the amount of your deductible, and certain other factors. As such, you can expect to pay between $30 and $50 per month in insurance premiums.
You will also be required to pay for your annual deductible. A deductible is the amount of the vet bill that you are required to pay before your insurance kicks in. Typically, the way it works is that the higher the deductible is, the lower your monthly premiums will cost.
Claims and Reimbursements Vary For Each Policy
While human health insurance typically covers you from the moments you go to the doctor, your pet insurer will typically only reimburse you after you have paid the doctor’s fee out of pocket. While you may be personally liable to pay at the time of treatment, you will still be reimbursed for the amount you are owed later on.
There Are Annual Maximums
As can be expected, your plan’s annual maximum will be higher if you opt for a pet insurance plan with higher monthly premiums. According to CBS, some serious surgical procedures for pets can cost in the region of $20,000, meaning that plans with a maximum limit of $3,000 to $5,000 simply won’t cut it. It is important to at least consider taking a more expensive plan so that you don’t get caught off guard in the case of a serious emergency.
You May Have Waiting Periods
As can be expected, pet insurance companies will do their best to prevent people from purchasing and immediately using their policies to cover their pets before canceling them afterward. This means that pet insurers typically impose waiting periods before insurance claims can be made. Such waiting periods can be approximately five days for injuries and 14 days for illnesses, while other plans could place waiting periods on pets with certain conditions. For this reason, it is imperative to take your pet’s current state of health into consideration before selecting an insurance plan.
Age and Breed Restrictions May Also Be A Factor
Typically, insurance plans for cats only have age limits. Insurance plans for dogs might also impose limits pertaining to breeds. Typically, coverage is allowed to start around six to eight weeks after the cat or dog is born, while a maximum age limit is also usually imposed. If your pet is older, it is important to compare different insurance plans as each one may have its own maximum age limit.
Here Are Some Great Pet Insurance Options
With so many pet owners out there, pet insurance is a constantly growing field. This means that there are currently tons of different insurers out there competing for your loyalty. Fortunately, we have created this short list of some of the more competitive insurance providers to make your search for health coverage a little easier!
Pets Best: Pets Best offers a wide variety of pet insurance plans, including accidental-only coverage. As reported by Pet Insurance U, Pets Best plans cost around $38 per month on average.
Healthy Paws: This provider places no limits on annual payouts, while also offering a single plan with broad coverage for a range of healthcare services.
Nationwide: While their plans can cost between $32 and $60, it is one of the most comprehensive plans available.
Embrace: This provider has lenient maximum age limits (up to 14 years old) as well as a fully-customizable insurance plan.
Figo: Figo has three tiers of coverage as well as the option of unlimited annual maximums.