We love our special furry friends and want to ensure they’re always in their best state. Yet sometimes, that passion can turn into frustration when we start seeing the costs with the vet. Pet insurance can help mitigate those costs for your pet and can easily save you thousands down the line.
“Protect your wallet and your pet when you get yourself pet insurance. You will need to give your pet medical care at some point, and pet insurance will easily help reduce those costs.” Wellness Veterinarian, Dr. Karen Becker, DVM.
All about Pet Insurance
We may call it pet insurance, but in reality, it’s health insurance for your pet. Just like regular health insurance covers your medical bills, pet insurance will also help with those bills. In addition, some comprehensive options cover additional options, such as putting a microchip in your pet or helping with putting your pet to sleep.
Except for a few, it’s usually a reimbursement type system, meaning pay now, get money back later. However, if you look at options such as Pets Best or Embrace, these insurers will pay the vet bill directly.
“Just like most medical insurance, a pet insurance policy will have a certain amount you’ll need to spend via a deductible before you get any coverage. It can range depending on the policy.” Dr. Ernie Ward DVM.
Keep in mind that few insurance plans for pets cover 100% and typically cover from 70% to 90%. Some, however, like TrustedPals and Figo, may offer total coverage.
What insurance for your pet covers
This all depends on your plan, but there are some commonalities between the types of pet insurance and what they cover.
- Routine care (against fleas or ticks) and vaccinations
- Plans covering rare accidents
- Comprehensive illness and accident plans
Accidental plans will only cover injuries that can be attributed to an accident, such as getting a bone broken. The more comprehensive plan covers those types of injuries and conditions that could be hereditary, congenital, or even animal cancers.
“Check to see if your insurance covers a wellness check. This can already save money with the annual vet visit and medicine for heartworm and necessary vaccinations.” – Dr. Jennifer Coats, DVM, Veterinarian.
Pet insurance is very similar to health insurance regarding pre-existing conditions. That means some insurance policies may not accept that. If you’re looking for a plan that does and have the documentation to prove it’s been cured, you can consider Nationwide Insurance.
When looking for ways to keep the cost of pet insurance down speak with your veterinarian
The best place to start is to discuss with the local vet you go to often. Speak with them about your pet, their breed and what type of insurance to cover their potential ailments.
“Some pets don’t have the best hereditary genes versus others, so you want to know beforehand. Your veterinarian is experienced with numerous types of breeds and will know some of the common health issues to worry about and get the right insurance to cover that.” Betterpet Vet Advisor, Dr. Randy Aronson.
See how much you can pay now or need to save up for based on your coverage needs
You have some leeway in budgeting, and you’ll want to consider the following when selecting your insurance.
Deductible: What you need to pay before anything for your pet is covered by insurance. It can be anything from a couple hundred to several hundred dollars.
Coverage limits: How much do you want your insurance to cover? That means you can only get up to a certain amount to be reimbursed, and the insurance premium only goes up as this cap goes up. However, some insurance choices, such as Pets Best or Spot, have unlimited coverage.
Percentage of reimbursement: You’ll typically have to select how much percentage you’ll want to get reimbursed, and that can range, as mentioned above.
Reimbursement level. Your insurance company will make sure you’re reimbursed for a portion of your vet bills once your deductible is paid. For example, you may opt for a plan that reimburses 90% of your vet bills.
For those that want insurance but to pay less, get the lowest reimbursement option (Around 70%), higher deductible, and go for an annual coverage cap of $5,000 to $10,000
Buy insurance that matters when something drastic happens
While you may want to protect anything that happens to your best friend, you may not always end up using it. So instead, consider pet insurance that covers less, such as accident-only insurance, that will be there for you and your pet when something drastic happens. It won’t give the total coverage against illnesses, but you will save significantly on your pet insurance.
That means anything that’s hereditary, leads to prescription medicine, or hospitalization must be covered out of pocket. But, depending on your habits and location, that may not be an issue for you.
Do your research and compare
There are typically numerous pet insurance options available wherever you are, so there’s no harm in shopping around. Make sure to compare policies with similar benefits, from how much they will reimburse to what the deductibles will look like. Also, see what ancillary benefits they may give, such as that annual wellness check or an emergency hotline operating 24/7, which helps when those random illnesses happen in the middle of the night.
Find the right balance between the cost being low but having the right type of coverage for your budget and, ultimately, your pet.
“Price is one thing with your pet insurance, but make sure whatever you’re paying is coverage that will work for you and your needs. You want to make sure you can afford it, and it provides the maximum impact on the coverage for your pet.” Founder of PetInsurer.com, Alex Stone.
How the costs for Pet Insurance are Calculated
Your insurance will depend on several factors, from your pet, the type of insurance you get, and your location.
Age of your pet: Yes, as your pet ages, it will be more susceptible to issues, so your insurance costs will go up with the pet’s age
Breed of your pet: Sadly, some breeds get sicker than others, and that will be a factor in your pet insurance pricing.
How you balance caps, deductibles and reimbursement %: As discussed earlier, the more you want to be covered per treatment, and the higher the amount, with less to pay upfront, will all end up adding to your pet insurance costs. Strike the right balance based on your budget and needs.
Where you live: This is because the pricing of going to the veterinarian will vary based on your location, thus affecting your pet insurance price.
