What you need to know before purchasing pet insurance
Pet insurance can help you prepare for the unexpected and financially safeguard you from what can be very expensive procedures at the veterinarian’s office. According to industry insight, the best pet insurance policies can save you up to 90% on your vet bill when faced with unprecedented $2,000-6,000 surgery costs. Your pet’s life is priceless as a dog parent you want what’s best for your furry little friend, so we’ve got you covered.
Every pet is different and that’s why every plan is different. When looking for a pet insurance plan consider making up a short list of your top choice pet insurance companies and comparing the conditions and treatments covered, benefit limits, deductibles and reimbursement rates, and pricing of each plan. Coverage and benefit limits are the most important factors when comparing pet insurance as they will determine how much care and financial coverage your pet will have depending on his or her condition.
There are three primary types of coverage most pet insurance plans include which are comprehensive, accidents only, and wellness coverage plans.
Most policies will cover large unexpected costs such as broken bones and accident-related injuries, but may not cover unexpected illnesses (diabetes, cancer, digestive problems) which are equally unexpected. Keep this in mind when choosing a pet insurance plan for your dog.
For example, Accidents Only plans tend to be the cheapest policies on the market at around $20 a month. They generally cover common mishaps such as getting bitten by other animals and poisoning but don’t cover illnesses or diseases. Researchers at ConsumersAdovocate.org didn’t recommend this plan as it doesn’t offer much protection.
Comprehensive pet insurance plans tend to cover accidents and illnesses. These include broken bones, swallowed objects, cancer, diabetes, ear infections and numerous other unpredictable conditions. Comprehensive: Accidents & Illnesses plans are highly recommended as they will provide the most coverage. Monthly premiums depend on location, age, and breed but typically are $38 to $70 for this kind of plan.
Finally, Wellness Coverage plans are better known for their preventive care services. These plans cover routine procedures such as annual exams, vaccines, flea and heartworm prevention and can be offered as a package with your comprehensive plan. Researchers at Consumer’s Advocate valued this kind of plan as unnecessary as they can be expensive and preventive care can be budgeted for throughout the year.
For example, flea season happens mainly during the summer and vaccines can be accessible through pet fairs or adoption clinics which usually offer them for a low-cost. Chances are, you’ll save more by paying out-of-pocket for preventive care procedures than purchasing a preventive care plan that can be as expensive as $100 a month.
As a rule of thumb, make sure your pet insurance plan covers accidents and illnesses, hereditary, congenital and chronic diseases, diagnostic tests, emergency care, hospitalization, specialist care, prescription medication, and surgery.
When evaluating benefit limits, verify if your pet insurance company offers unlimited benefits or if they may be capped on an annual, lifetime, or per-condition basis. You might think this isn’t an important factor but believe us when we tell you it can make all the difference.
Also consider giving your local vet a phone call to check if they accept pet insurance directly. Some veterinarians will only accept payment from a pet owner at the time of treatment and will ask you to file an insurance claim to receive a reimbursement. Some providers will send you a check or direct deposit to reimburse you, others may negotiate directly with your vet or veterinary hospital.
At the end of the day your pet’s health and happiness is what we value. If you’re interested in learning more about the best pet insurance companies in 2019 based on in-depth reviews, visit this link: Pet Insurance.