Pet Health Insurance 101

pet health insurance 101

Also known as pet health insurance, pet insurance is essential for pet lovers of all kinds. Providing coverage for an array of circumstances involving your beloved furry friends, pet insurance is vital for anyone who has pets they love and want to keep safe. That said, let’s take a look at how pet coverage works.

 

What is Pet Health Insurance?

As mentioned, pet insurance helps to provide coverage for a wide variety of health-related matters that may be affecting your pet. Helping to reduce the costs of your overall veterinarian bills, pet insurance can cover part or all of a variety of expenses involving the health care of your animal.

Akin to human health care, most pet insurance policies require the payment of a deductible directly to the veterinarian office.

 

Coverage Options

For those who opt to purchase pet insurance, you will be provided with coverage for unexpected health care costs from accidents and illnesses. Here is a list of vet expenses covered by standard pet health insurance plans.

And if you’re looking for coverage for preventive care like annual visits and vaccinations then a wellness plan is best for you your pet’s needs.

The easiest way to describe the difference between insurance and wellness is that insurance covers things that are unexpected and wellness covers things that are expected. To illustrate check out this handy comparison chart.

 

Coverage
Pet Insurance

(Unplanned Vet Expenses)
Pet Wellness

(Planned Vet Expenses)
Accidents

x

Illnesses

x

Emergency Care

x

Hospitalization

x

Surgery

x

Cancer

x

X-Rays & Diagnostics

x

Chronic Conditions

x

Prescription Meds

x

Hereditary Conditions

x

Congenital Conditions

x

Alternative Therapies

x

Specialty Care

x

Pre-Existing Conditions
x

x

Preventative Care
x

Wellness Exams
x

Vaccinations
x

Blood Tests
x

Urine Tests
x

Fecal Tests
x

Heartworm Tests
x

Deworming
x

Microchip
x

Behavioral Exam
x

Health Certificate
x

Dental Cleaning
x

Note: This chart is a general guide only. Pet insurance coverage for both insurance and wellness vary by company so it's important to review your policy prior to enrollment to ensure you fully understand what is covered and not covered by your plan.

 

Is There a Pet Insurance that Covers Everything?

Yes, there are pet insurance plans that cover everything from routine care to emergency coverage. In order to have complete coverage you need to add a wellness plan to your standard pet insurance policy. Most American pet insurance providers now offer the additional wellness (preventative care coverage) and you can find a complete list of those providers here.

 

The Cost of Pet Insurance

While the cost of coverage obviously varies based on the circumstances, there are a few factors that are used to determine how much each customer’s premiums will be. The following are some of the most common determining factors:

  • Type of Pet
  • Geographical Location of the Animal
  • Common Indoor/ Outdoor risks
  • Age of Pet
  • The Term/ Length of Policy
  • Company Used to Underwrite the Policy

Sample Claim

$6,000    Total cost of treatment
 x 90%    Your reimbursement level
$5,400
– $250     Annual deductible
$5,150    Total claim paid to you

 

Overall, purchasing a pet insurance policy is one of the best ways to keep your pet protected. Medical bills can be quite costly. By waiting until an accident happens to consider coverage, you are putting your pet at risk of having no coverage in the event that they are involved in a serious accident or contract a severe illness. Purchasing pet insurance coverage will not only protect your pet but your wallet as well.

 

Did You Know?

Here are some interesting facts about veterinary care and pet insurance (source).

  • 1 in 3 pets per year will need emergency care for an accident or illness
  • A pet receives emergency medical care every 2 ½ seconds
  • Two out of every three pets will experience a significant health problem during their lifetime

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