We all love your pets. They aren’t just animals, but we call them family. We all can be Megan Thee Stallion, where our beloved dog travels with us all the time, or it can be that Golden Retriever is waiting for you to come home because we know that these precious creatures always have our backs. Whether we have a dog or cat or even a lizard, it is only suitable to provide them with the best care. At a time of illness or injury, sometimes a vet hospital bill can make our swoon and have a fat hole burn in our pockets and in such cases, your investment in Pet insurance always comes in handy.
What is pet insurance?
Okay, you need not worry as we have the answer for you. Pet insurance is a reimbursement-based investment, essentially covering for your pet’s medical bills and sometimes other costs, depending upon the plan you have. You can pay for the vet’s bill and then ask for your claim from your insurer, or your insurer can pay directly for the veterinarian, keeping your medical budgets intact.
Pet insurance usually comes with a deductible before your coverage starts. It means that you might have to pay first $500, for example, for the vet’s bill before your coverage starts paying for you. But it is to be remembered that, even after you pay your deductible, your coverage will not pay for the expenses. You can choose levels for coverage according to your needs, for instance, 70% coverage, 80% coverage and 90% coverage.
So, what will pet insurance cover for me?
Well, in today’s time, we have many companies providing ocean plans to choose from, but typically, you’ll find these three types of coverages in almost all policies.
- The most common accidents and illness plans
- Accident only plans
- Wellness plans your regular care, i.e., vaccinations etc., usually coming as add ons.
Accident and illness plan mainly cover injury or sickness like broken bones, cancer, hereditary conditions, congenital conditions etc. In contrast, accident-only plans cover only accident-related treatment, like broken bones. You can always add a wellness plan for routine care such as vaccinations and heartworm treatment for your pets to be healthy but efficiently.
A pet insurance plan does not pay for your pet’s pre-existing conditions, which means if your pet had an existing condition before the plan went into action, then the expense of the treatment for that condition will be paid sorely from your pocket. When looking for pet insurance, look for a clause that covers pre-existing conditions.
Let’s say I’m interested; then, how can I find the best insurance for my pet?
This is where you should read this segment carefully. It can be not accessible to the pet insurance which suits your pet’s needs the best. It would be like choosing that one pair of shoes among an ocean of shoes. Not to mention the coverage, exclusions and pricing variations can make it harder to calculate the potential quote of your plan. To begin, pet insurances come in four types,
- Comprehensive coverage: Also known as ‘nose-to-tail policy,’ comprehensive coverage provides for accidents and illness from common illness to severe/chronic disease, hereditary conditions, surgeries and many more. They also come with wellness plans, like vaccinations, routine checkups etc.
- Accident or illness coverage: This plan covers accidents like ACL rupture or bone fractures and illness from standard to severe conditions like cancer. Wellness add ons are not provided in an accident or illness coverage, but you can always look for a comprehensive coverage plan which provides for your pet’s wellness care.
- Accident-only coverage: It provides only for accidents like ACL rupture, bone fracture etc., but you won’t be covered for illness.
- Pet Wellness coverage: This plan covers your pet’s routine checkups, flea and heartworm prevention, and vaccinations. It usually comes as an add on in comprehensive coverage.
What is the average cost of a pet insurance plan?
According to NAPHIA or the North American Pet Health Insurance Association (2019 premiums), you could be charged around $585.40 annually and $48.78 monthly for accidents and illness plans and $194.09 annually and $16.17 monthly for accident-only plans for pet dogs and $349.93 annually and $29.16 monthly for accidents and illness plans and $126.08 yearly and $10.51 monthly for accident-only plans for cats. 2020 statistics reveal a round-up amount of $594 for annual accident and illness plans and $218 for yearly accidents only plans for dogs and $342 for annual accident and illness plans, and $134 for annual accident only plan for cats.
Why do you think pet insurance is worth it?
Trust us when we say this, a vet medical bill can be as costly as a standard medical bill, and to prevent these bills from burning your pocket, insurance companies provide pet insurance plans. For instance, for your dog’s cancer treatment, your vet bill rounded up to $3000, but you have a pet insurance coverage with a 90% reimbursement level and a $500 deductible, then you would have to pay $750 out of your savings.
Can you give some company names providing pet insurance?
Well, why not? Here are some companies we think you might have in handy,
- Pets Best
- Prudent Pet
Well, we hope we’ve answered some of your main questions about pet insurance. Let us know what part was your favourite and what insurance plan would you like to learn more about.
Till then, it’s Woof! Or Meow! Goodbye from our side.