Pet Insurance and Why You Need It

Pet Insurance and Why You Need It

We all love our pets and want what is best for them. However, love isn’t enough if we don’t add care on top. This means setting some money aside for food, routine checkups and treatments, and other things.

Unfortunately, when your pet gets ill or injured, the bills can cost thousands of dollars as there’s no Medicare for them. And since you can’t predict when they will get sick, sometimes it may be during your bad financial days.

Below are the most popular dogs breeds. Click on each photo to learn about the most common health problems and all related costs. They will shock you!

 

 

 

 

 

     Golden Retriever                   French Bulldog                 German Shepherd                     Labrador Retriever

 

 

 

 

 

                  Bulldog                         Poodle                              Beagle                                 Rottweiler

Unfortunately, when your pet gets ill or injured, the bills can cost thousands of dollars as there’s no Medicare for them. And since you can’t predict when they will get sick, sometimes it may be during your bad financial days.

That is where pet insurance comes in. Although it’s still a new concept, it’s worth lookIt will ensure that your pets receive the best health care without denting your pockets.

Are you still unsure about purchasing pet insurance? Read this guide to make an informed decision.

What Is Pet Insurance?

Simply put, it provides health care to cats and dogs. Policies cover accidents, illnesses, dental and behavioral issues, etc.

Those with this coverage save the cost of medical treatments, which could turn into a financial burden.

However, note that it is different from the homeowner’s policy. So, if your dog bites someone, it will not cover the costs.

It simply covers unexpected illnesses and accidents that are dangerous to your pet’s health. It is similar to human health insurance as you buy a policy and hope that you’d never have to use it. But, in case of anything, you can relax knowing that your pet will be treated. It’s just a way of reducing expensive health care should your cat or dog fall sick or get into an accident.

How Does Pet Insurance Work?

The main benefit of this insurance is that it reduces a potential financial burden that could arise when your pet is sick. It gives you peace of mind, and you can ensure that your pets get the best health care treatment.

Most insurers charged monthly, meaning you have to pay premiums for coverage per month. The policy you pick will outline what conditions are covered, as well as your deductible reimbursement rate and the maximum amount that can be covered.

Usually, companies give the policyholder the reimbursement money rather than paying the veterinary directly. Now, this gives you the freedom of choosing the best vet for your pets, whether or not they are “in-network.”

However, your provider can also offer to pay the vet directly. But bear in mind that your animal will only be treated in an in-network facility.

Getting the reimbursement from your insurer shouldn’t be hard. You only need to pay the vet the medical bill, then submit a claim to your insurer. Often, they’ll reimburse about 70-100% of the expenses, depending on your deductibles.

Note that the insurer may need paperwork for the medical treatment from the vet to process your claim. So, keep all the receipts and documentation you get from the appointment.

It usually takes an average of 5-9 days for reimbursement after submitting your claim. However, note that you can apply for pre-approval of a procedure or ask the insurer to pay the vet directly if they allow.

How Much Does Pet Insurance Cover?

Insurers offer various coverage plans, including regular wellness care such as vaccinations and emergency visits. You may also be subject to a deductible, which is the amount paid before one gets reimbursed, and co-pay that’s the money you pay after meeting your deductible.

If a person has a plan of, let’s say, $200 deductible and pays 10% for co-pay, and they receive a bill of $1500 from the vet that’s eligible for coverage from the insurer, they will pay the $200 first and 10% of the remaining balance ($1300). So, in short, they’ll pay a total of $330, meaning the insurance will reimburse them the remaining $1270.

But bear in mind that some companies may use a different calculation formula instead of deducting the deductible and co-pay first. And this could leave you with less reimbursement.

Also, plans can include “per incident maximum” which is the amount you’ll be reimbursed per illness or injury, or “annual maximum” which is the reimbursement per year.

Because of these limitations, it’s best to understand all the little details of a policy before settling on it. Bear in mind that:

Most policies don’t cover pre-existing conditions, and some may not offer coverage to genetic conditions.

Your plan might not cover certain services in full.

Some plans offer a pre-approval option for owners that have the time to decide whether a procedure will be covered, such as a non-emergency surgery.

What Are the Types of Pet Insurance?

It is divided into three broad categories, that is, policies for accidents only, for accidents and illness, and comprehensive policies that include other treatments. Your insurance may also offer third-party coverage if your animal injures another animal or destroys someone’s property. Some home and content policies may also offer pet insurance. So check with yours. That said, let’s look at what’s included in these three policy types;

• Accident-Only

It’s the most basic type of insurance available. Accidents are unavoidable. Your dog can be injured at the park or in a vehicle accident, or in another type of accident that needs him to be checked by the vet. In that case, this insurance will cover a portion of the total treatment costs.

Accident-only insurance is suitable for those who want to cover their pets when they get injuries from an accident. It is best for desexed pets that don’t require this procedure. However, bear in mind that you’ll have to pay out of pocket for worming and vaccinations.

Since it’s a cheap option, this coverage may be best for those looking for low premiums and don’t mind paying out of pocket if their animal develops another illness that requires medical care. We should also mention that with some insurance companies, your pet may only be eligible for accident-only coverage.

• Accidents and Illness

On top of injuries, this insurance offers coverage should your animal suffer any disease or illness. These include cancer, ear conditions, eye diseases, and skin, spinal, and hereditary conditions.

You may want to take this cover if your pets are known to experience certain health conditions. For instance, French bulldogs and brachycephalic types usually suffer from respiratory conditions, while dogs like German shepherds are known to suffer from hip dysplasia.

If your pet has some complex health needs or is susceptible to hereditary conditions, you may be better off with this coverage. But since there may be some exclusions, you should ensure that you’re getting the right cover for your pet before purchasing it. So, find out from the insurer the conditions they cover first.

• Comprehensive

It covers everything, including accidents, illnesses, and routine care from a vet. It also includes other procedures that may be required during the vet appointment. These include worming treatments, teeth cleaning, vaccinations, dental care, flea and tick control, etc. Additionally, it offers coverage to desexing and microchipping, which are important during the first year of your pet’s life. Some states even make them a requirement.

If you think your pet may have hereditary conditions and you want coverage for annual routine checkups, this is the right insurance for you. However, like the others, there are also some exclusions with this policy. For instance, it doesn’t cover pre-existing conditions, complex surgeries, organ transplants, and other complex things. Make sure to check with your insurance company about what they cover. Also, note that this policy may be voided if the insurer concludes that the pet was abused or neglected.

How Much Does Pet Insurance Cost?

Well, many people can afford this coverage. In most cases, the monthly premium on average costs $29 and $47 for a cat and dog, respectively. But we should mention that the pricing differs, depending on various things. While some rates may be as low as $12 per month, others may be as high as $100 monthly.

So what factors determine the policy rates? These include;

• Size, height, and weight
• Breed type
• Age of the pet matched against its life expectancy
• Your location and potential risks
• A policy’s term and length
• The rate of reimbursement
• Payout limit
• Policy provider
• Plan type and deductible

However, note that you can save some money by enrolling your animals while they are young since the monthly premiums charged are generally lower. Also, you may get a discount if you choose annual payments instead of monthly payments, depending on the insurance company. Another discount you may get is if you purchase insurance for several pets from one provider.

Additionally, choosing a higher deductible can reduce the premium amount. But, bear in mind that you will have to pay out of pocket to reach that deductible before you are reimbursed.

Another way to lower the cost is by choosing a lower coverage limit or reimbursement rate. However, this may be limiting if your pet gets into a serious accident or develops a serious illness.

Is Pet Insurance Worth It?

Well, this depends on various things. Let’s look at the perks and drawbacks of health insurance to help you decide whether it is right for you.

Pros

• It Gives You Peace of Mind- pet insurance lifts some or most of the financial burden. Therefore, should your pets get injured or fall sick, you can get them the best medical care. Plus, you will not euthanize them due to a lack of treatment money.
• Covers an Array of Conditions- since the competition is rapidly growing, pet insurance companies have been forced to add on their offerings to make their policy more attractive. Today, you can find insurers offering coverage to pre-existing conditions if they are fully cured, which were not covered previously. However, chronic conditions are not covered. Please check with the insurer which pre-existing conditions they cover to know your stand. Additionally, you may get routine care cover, which you can cancel once your pet turns one and you don’t feel the need for him to continue getting it.

Cons

• It Can Be Expensive- owning a pet is already expensive. On average, it can cost $400 for annual vet expenses for dogs and $270 for cats. These costs are exclusive of surgery, emergency treatment, and medications. Now, with these bills, pet insurance can seem like a suitable option, but not so fast. Bear in mind that many insurers offer premiums ranging from $180-$4500 per year. Therefore, it is not that cheap. And worse is that premiums increase as your pets grow old.
• Your Cover Can Change- no legal laws limit your insurance company to maintain your policy’s competitiveness. Therefore, they can make any changes they like, including reducing your coverage, increasing your premium, etc. As such, budgeting for your pet’s medical expenses can be difficult, and it leaves you unsure of whether your pet will be covered as they age. Also, depending on the policy, some could decrease the coverage. For instance, some companies may pay 100% of the claim when your animal is young, but as they age, the coverage can drop to 80%, and the rest of the bill will be on you.

The bottom line is, while pet insurance offers health coverage to your cat and/or dog, it has some disadvantages that you may want to look into before purchasing.

What to Consider When Choosing Coverage for Your Pet?

• Your Pet’s Species and Breed

Pet insurance mostly covers dogs and cats. However, some policies can offer coverage to ‘exotic’ pets like rabbits, birds, reptiles, etc.

Also, some breeds are naturally susceptible to certain conditions. For instance, certain dog types are likely to get ligament injuries or diabetes. So think about the conditions that your breed may be predisposed to before choosing coverage for them.

• How Much the Treatment Costs

Find out from the vet the costs associated with treating some common pet conditions. Knowing the amount will help you decide the coverage benefits or limits that are suitable for you.

 

• What Isn’t Covered

Policies do not include everything. For instance, some policies may not cover pregnancy/birth-related issues, pre-existing conditions, the purchase price if your pet dies after a certain age, and routine care expenses. So, make sure to check with the insurer about what they do and don’t cover.

• The Waiting Period

All policies have a waiting period that ranges from 10-30 days. So, until this period ends, your coverage will not take effect. As such, you can’t make claims for any conditions or symptoms that show before this date.

Final Thoughts

Pet insurance ensures that your pets will get quality medical care when they need it without causing a financial burden on you. We, therefore, advise all owners, especially those with young pets, to purchase this coverage. Bear in mind that even if he or she looks healthy, some conditions can develop out of nowhere, and accidents can happen. Therefore, it’s best to prepare and anticipate by buying a health policy for your pets.