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Veterinary care for our four-legged family members has improved significantly over the last decade. Never before have we had the ability to prevent, diagnose, and treat injuries and diseases as effectively as we can now. These advances give us comfort knowing we can help our pets live longer, happier, healthier lives.
However, they can also bring increased financial responsibility and emotional stress. Pet health insurance is a good option to help alleviate the financial stress that too often accompanies the challenge of caring for a sick or injured pet. The current landscape for this type of insurance allows you to shop and select a policy that fits your philosophy of care and your budget.
What’s covered with each pet insurance policy?
Pet insurance policy options vary significantly in terms of the levels of care that are covered. When investigating different companies and the policies they offer, consider your priorities and what is the most important to you. Ask about the following:
- Examinations – Wellness vs. Illness/Injury
- Vaccinations
- Dental care
- Hereditary conditions
- Unexpected illnesses and injuries
- Diagnostic tests
- Surgeries
- Medication/ Supplements/Diets
- Behavioral therapy
- Rehabilitation Therapy/ Chiropractic Care/ Acupuncture / LASER Therapy
More details of coverage can be discussed with the insurance provider you choose.
Are there any exclusions stated in the pet insurance policy?
Insurance policies can have exclusions. These may be based upon possible heritable diseases/conditions or on pre-existing medical issues. This is an important issue to ask a pet insurance company about in advance of selecting a policy. Exclusions may be less of an issue for a mixed breed or young pet.
How does reimbursement work?
Once you have an established, active policy, the care for your pet continues unchanged. You can visit any veterinary hospital you choose. Medical decisions are left to you and your veterinarian, which is important in urgent situations. The fees are paid by you directly to the veterinary provider. Separately, you will submit the invoice, along with a simple form, to your insurance company for reimbursement. The company will request medical records and reimburse you based on your policy coverage. When facing an elective procedure, you can contact your pet insurance company in advance to discuss what is and isn’t covered.
Do these policies have a deductible?
Yes, similar to most human policies, pet insurance policies have deductibles. The type and amount of deductible can vary from company to company and plan to plan. Some deductibles are based on a calendar year and some are based on a medical incident or claim. This is an important differentiator when you compare policies.
Do these policies have an annual limit?
Some policies have an annual limit and some do not. Typically a policy without a limit will have a higher monthly premium.
How do I maximize the benefits of pet insurance?
There are several things to keep in mind to do this. Monthly premiums will be lower for younger pets when comparing similar coverage, so consider buying insurance when you pet is still young. Have a good understanding of what your pet’s coverage includes. That information can help you make decisions when you are seeking veterinary care. Pre-authorize the veterinary hospital to share the medical records with your insurance company when you initiate the policy. For timely reimbursement, submit your invoices and form promptly once your pet’s medical issue has been resolved.
How can I compare pet insurance companies and policies?
Selecting the best company and insurance plan for your family can be a challenge. There are details that make you and your family unique. Consider the following factors as you explore your options:
Your pet: breed, age, health status
Pet Insurance Policy: deductible amount & type options, annual limit options, reimbursement level, coverage level, exclusions
Companies to consider include:
You may also find this comparison table helpful, in addition to this explanation of the advantages and disadvantages of different funding options available to you. Also check out Pawlicy.com where you can compare some insurance companies. (Not all pet insurance companies are on the Pawlicy site).
