A recent poll via our Facebook page shows 25% of the pet parents responding have pet insurance. If you are thinking about ways to contain your pet’s medical expenses, you might want to know more about it. How it works and how much it costs.
How Does Pet Insurance Work
Pet Insurance has been around for over 30 years. There are twenty or more companies and many options to select from now than a generation ago when Veterinary Pet Insurance was the single choice. Cats and dogs are normally covered however you can find policies for other types of pets. Policies come with a variety of deductibles, co-pays and premiums. You can find Whole Pet, Major Medical and Specific Accident or Illness policies. Under most companies you first pay the vet bills in full and then you are reimbursed. A pet insurance company Trupanion, has policies that pay vets direct on the day of service.
Is Pet Insurance For Me?
Cost vs Value is often the bottom line when deciding about pet insurance. What if your dog got out of the yard and was hit by a vehicle? Insurance could offer peace of mind given medical services were the only way to save the life of your pet. What if you noticed a lump on your dog and it was diagnosed as cancer? Could you pay $5-6 thousand for treatments with no guaranteed of positive results? What about usual regular exams and vaccinations? There are policies for that too. As with all insurance, insurance for pets is sold with the promise to help pay a good portion of veterinary medical bills. It makes no other promises.
Ask Questions Before You Buy!
Talk to friends that have pet insurance. Talk to your veterinarian about what medical costs your specific breed or type of pet are usual or expected. Ask what your vet’s experience has been with different pet insurance companies. Companies such as Embrace and Healthy Paws pay a flat percentage of covered costs after your deductible is met. With Embrace, you may choose from their maximum coverage amounts. Healthy Paws and Trupanion have no annual ceiling. You may not find everything you need or want in one policy forcing you to make some compromises. Pre-existing conditions and breed-specific conditions may also be excluded so it pays to shop for what suits you and your pet the best. Be sure to ask your employer as well. Pet insurance is one of the newest and fastest growing employee benefits.