Our animal friends undergo health problems and medical conditions just as much as we people do. And of course, as pet owners and parents, we wish only the best for them. This certainly includes taking them to visit the vet regularly to make sure they’re in top form.
If our animal friend is sick, hurt, or develops a life-threatening condition, vet costs can quickly build up. That’s when having a general sense of how pet insurance works, can come in handy.
But, what is pet insurance?
Pet insurance typically costs between $38 to $70 in the US and £30 to £85 in the UK each month and can cover up to 90% of a pet’s medical bills under some plans. If you’re looking to answer the question of whether pet insurance is right for you and your pet, check this article.
The main points
Coverage
Comprehensive. This is a wide coverage for a whole variety of situations, from accidents like broken bones to illnesses like cancer and diabetes. Of course, be mindful some breeds come with a predetermined history of diseases.
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Accidents Only. This is a more economical plan that covers accidents like poisoning and getting bit, but not illnesses or diseases.
Wellness Coverage. This is essentially preventative care for things like vet visits and regular vaccines. However, keep in mind, that unexpected emergencies aren’t covered (something important to know!).
Benefits of Coverage Limits
Unlimited Lifetime
This means that after the deductible is paid, there’s no maximum or cap; the company will pay your pet’s medical bills.
Annual Maximum
Comes with a yearly maximum to how much the company will cover your pet’s medical bills. If you reach that maximum, you pet won’t be covered until the following year.
Annual Per Incident
These are caps on how much a company will pay for specific treatments for specific illnesses each year.
Lifetime Maximum
This is the least recommended of the options because this limits the amount of coverage your pet gets over its entire lifetime. If that limit is reached, your animal companion won’t be covered anymore. Unless you’re insuring a very senior pet, this does not make sense for your younger animal friend.
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Deductibles and Reimbursements
There’s a lot of different types of deductibles (what you pay) and ways in which companies pay you back on a claim (reimburse you). It’s a good idea to read a pet insurance policy carefully to make sure the coverage and what you pay fit with your and your pet’s needs.
Other points to think about
Claims and Services. Few companies deal directly with the veterinary center itself in order to cover the medical bills. Most pet insurers reimburse you after a claim has been filed.
Enrollment. Different insurance companies have different requirements or limits on when and how pets can be insured, from a maximum and minimum enrollment age to waiting periods when claims cannot be filed.
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Key takeaway
Access to medical care can be just as important for our furry loved ones as it is for our human companions. If you think it’s right for you, make sure to shop around carefully.
