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 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.
For those who opt to purchase pet insurance, you will be provided with the following coverage options:
Coverage for cats, dogs, exotic pets, gerbils, frogs, lizards, ferrets, etc.
- Vet Bills for Sickness and/or Injury
- Heartworm Prevention
- Digestive Issues
- Dietary Consultations
- Cancer Treatment
- Infection Recovery
- And More
Furthermore, the policy options are as follows:
- Accident-Only Plans – Covers accidents only.
- Accident and Illness Plans – Covers accidents or when the pet becomes ill.
- Insurance with Embedded Wellness Plans – Covers accidents, illnesses, and also provides coverage for an array of ailments, dental, and more.
- Endorsement Plans – Covers cancer and wellness add-ons.
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
- There are Age Limits
- You Can Use Any Licensed Vet in the U.S.
- Policies Do Not Cover Pre-Existing Conditions
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
- In 2017 over 1.8 million American pets were insured
- The American pet insurance market topped $1 billion in 2017