As a pet parent, you always want to ensure your pet is receiving the best care possible. But with so many pet insurance options available, it can be difficult to know which one to choose. In this article, we’ll explore the different types of pet insurance and what they cover so that you can make an informed decision about which policy is right for you and your pet. Keep reading to learn more.
How does pet insurance coverage work?
There are a few things to know about how pet insurance coverage works. The first thing to know is that pet insurance is a reimbursement-based policy, which means you have to pay for the services upfront, and then you will be reimbursed for a portion of those costs by the insurance company.
Similar to human insurance plans, pet insurance plans require a monthly payment (premium) as well as a deductible—the amount you pay out-of-pocket before insurance coverage kicks in.
Another important thing to know is that coverage options can vary widely among pet insurance providers. Some policies only cover accidents, while others cover both accidents and illnesses. Some policies have a per-incident deductible, while others have a yearly deductible.
What does a pet insurance plan cover?
There are three general types of pet insurance policies: accident-only, wellness plans, and comprehensive coverage. Policies may also include additional coverage for things such as routine care, preventive care, dental care, and prescription drugs.
Accident-only insurance covers accidents but not illnesses. Wellness plans cover routine care such as check-ups and vaccinations but not accidents or illnesses. Comprehensive pet insurance plans cover both accidents and illnesses.
Dental coverage is a common add-on, especially for dogs, since they are more prone to oral health problems than cats. Prescription drug coverage is also becoming increasingly common as pets age and requires more expensive medications to treat chronic conditions like arthritis or diabetes.
How much does pet insurance cost?
Policies vary in price depending on the type of coverage offered, the age of the pet being insured, the deductible amount chosen by the policyholder, and other factors. Generally speaking, though, pet insurance is not very expensive when compared to human health insurance premiums.
Pet insurance deductibles generally range in price from $100 to $1,000, with most people choosing an annual deductible somewhere between $250 and $500. Monthly premiums can also vary, but most pet parents can expect to pay $25 to $50 a month on average.
Some people feel they end up paying more in premiums over time than they would if they simply paid for veterinary care out of pocket as needed. This can happen if an animal requires extensive treatment for a serious illness or injury that is not typically covered by standard pet health insurance policies (e.g., cancer). However, most people find that having some form of pet health insurance gives them peace of mind in knowing that their furry friend will receive the necessary treatment no matter what happens.
What is not covered by pet insurance plans?
One major downside to pet insurance coverage is that many policies have exclusions for pre-existing conditions. This means that if your pet has a condition that is already known when you purchase the policy (such as hip dysplasia in a dog), it will not be covered by the insurer, even if it occurs after you buy the policy.
Additionally, most insurers will not cover some hereditary conditions, so certain breeds known to be susceptible to certain diseases (e.g., bulldogs with heart disease) may find it difficult to get insurance coverage for those conditions.
Ultimately, the different types of pet insurance offer varying degrees of coverage and benefits, so it is important to do your research to find the best policy for you and your pet. Pet insurance can be a valuable asset in ensuring your pet receives the best possible care, especially in the event of an unexpected illness or injury.
