Pet Insurance Coverage

Pet Insurance Coverage

Have you ever considered purchasing pet insurance? If your pet should ever become ill or injured would you have the money to pay the bill? Many veterinarians require payment in full at time of service, and you need to be prepared. In order to be prepared you need to know all of the facts.

Pet insurance doesn’t function similar to health insurance. Instead, it functions more like property insurance. A higher health insurance premium usually means lower deductibles and a higher percentage of expenses covered. Paying more into pet insurance also means lower deductibles, but the higher premiums provide coverage for a broader range of illnesses.

Pet insurance may have multiple deductibles, an annual deductible and a deductible per incident. Typically, the annual deductibles range from $100 to $250, with the higher the deductible the lower the premium. There are also tiers of coverage, the higher the tier the broader the coverage. Consider the common medical issues of the breed of your pet and your pet’s current health to determine the appropriate tier.

There are two popular pet insurers; Veterinary Pet Insurance and ASPCA pet insurance. Both insurance companies offer tiers of benefits. The first tier offers coverage for injuries, but not illnesses. The second tier offers coverage for injuries and particular illnesses. The third tier offers coverage for hereditary conditions.

Most companies offer tiered plans and allow the owner to choose their own licensed veterinarian. Most plans have preventative coverage built in to the tiers or offer the coverage to be added for an additional cost. The co-pays range from 0 to 30%, and the monthly premiums depend on the breed, age, and size of the pet, along with other factors.

Prior to choosing pet insurance calculate the costs. Often pet insurance will not pay for itself. The benefit of pet insurance, or any insurance, is to prevent a financial hardship in time of a crisis. Also, take note of the terms of the policy. There are often waiting times before particular parts of the coverage go into effect. Always read the policy terms before signing up to avoid any surprises, for example limits for pre-existing conditions. Call a representative to clarify any part of the policy you are unsure of and ensure the policy wording is in line with what the representative explains to you.

Ready to Request a Free Quote? GET STARTED TODAY