What Is Pet Insurance?
Pet insurance provides coverage for pet illnesses and accidents. These plans are similar to your health insurance plan, but focus more on unforeseen medical incidents rather than routine preventive visits. Most pet plans cover dogs and cats, though some may cover other animals, such as chameleons, chinchillas, geckos, gerbils, goats, mice, lizards, hamsters, potbellied pigs, rabbits, rats, snakes, and tortoises.
As veterinary technology adopts advanced diagnostic and treatment tools already used for people, such as MRIs and organ transplants, the possibility of saving your pet from life-threatening injury and disease has increased. However, the cost of veterinary care has risen as well. Pet insurance can give you the ability to say “yes” to a costly but life-saving operation for your pet.
What Does Pet Insurance Cover?
Plans will cover different illnesses and conditions, but most are generally focused on non-routine care and will cover a new illness, disease, or injury. Listed below are a few examples of the conditions pet insurance might cover:
- Eye and ear infections
- Cancer
- Arthritis
- Diabetes
- Tumors
- Broken leg
- Lyme disease
Pet insurance policies will also specify expenses that they will not cover. While every plan is different, the following are items that are typically excluded:
- Elective procedures
- Prosthetic limbs
- Grooming
- Training or behavioral problems
- Pre-existing conditions
- Breeding
- Burial-related expenses
Some plans will cover chronic or hereditary conditions, but others will expressly exclude these even if they are diagnosed after your policy begins.
Suppose wellness, preventive or routine care is covered. In that case, it will usually be offered as a separate package that can be added on for an additional premium. However, the extra amount might sometimes almost double the regular premium.
How Does it Work?
Like your own health insurance, you pay a premium for your pet’s insurance policy, and then the insurance will pay the specified amount when you submit a claim. Because this is a voluntary benefit through your employer, premiums will likely be paid through a payroll deduction. You will probably pay a reduced premium due to a group rate. You should check with your plan to see if there are any restrictions on which veterinarians you may visit.
When you submit a claim for reimbursement, the charges will typically be subject to a deductible and coinsurance or copayment. Many plans allow you to choose from several different deductibles and coinsurances, which will affect the premium; for example, if you choose a higher deductible, you will pay a lower premium. Some plans may only cover amounts up to a certain maximum for each type of disease or procedure. Additionally, the plan may have an annual or lifetime benefit maximum. Waiting periods may prohibit certain conditions from being covered for a designated time. For example, suppose your dog suffers from a chronic condition covered by the policy. In that case, your insurance plan may stipulate a waiting period of six months before it will pay for related care. Although most pet owners budget for routine care, surprise accidents, and illnesses can be costly. If you’re a pet owner who would spend any amount to save your animal friend, pet insurance might be a good option to protect your finances from unexpected vet bills.
What Is Pet Insurance?
Pet insurance provides coverage for pet illnesses and accidents. These plans are similar to your health insurance plan, but focus more on unforeseen medical incidents rather than routine preventive visits. Most pet plans cover dogs and cats, though some may cover other animals, such as chameleons, chinchillas, geckos, gerbils, goats, mice, lizards, hamsters, potbellied pigs, rabbits, rats, snakes, and tortoises.
As veterinary technology adopts advanced diagnostic and treatment tools already used for people, such as MRIs and organ transplants, the possibility of saving your pet from life-threatening injury and disease has increased. However, the cost of veterinary care has risen as well. Pet insurance can give you the ability to say “yes” to a costly but life-saving operation for your pet.
What Does Pet Insurance Cover?
Plans will cover different illnesses and conditions, but most are generally focused on non-routine care and will cover a new illness, disease, or injury. Listed below are a few examples of the conditions pet insurance might cover:
- Eye and ear infections
- Cancer
- Arthritis
- Diabetes
- Tumors
- Broken leg
- Lyme disease
Pet insurance policies will also specify expenses that they will not cover. While every plan is different, the following are items that are typically excluded:
- Elective procedures
- Prosthetic limbs
- Grooming
- Training or behavioral problems
- Pre-existing conditions
- Breeding
- Burial-related expenses
Some plans will cover chronic or hereditary conditions, but others will expressly exclude these even if they are diagnosed after your policy begins.
Suppose wellness, preventive or routine care is covered. In that case, it will usually be offered as a separate package that can be added on for an additional premium. However, the extra amount might sometimes almost double the regular premium.
How Does it Work?
Like your own health insurance, you pay a premium for your pet’s insurance policy, and then the insurance will pay the specified amount when you submit a claim. Because this is a voluntary benefit through your employer, premiums will likely be paid through a payroll deduction. You will probably pay a reduced premium due to a group rate. You should check with your plan to see if there are any restrictions on which veterinarians you may visit.
When you submit a claim for reimbursement, the charges will typically be subject to a deductible and coinsurance or copayment. Many plans allow you to choose from several different deductibles and coinsurances, which will affect the premium; for example, if you choose a higher deductible, you will pay a lower premium. Some plans may only cover amounts up to a certain maximum for each type of disease or procedure. Additionally, the plan may have an annual or lifetime benefit maximum. Waiting periods may prohibit certain conditions from being covered for a designated time. For example, suppose your dog suffers from a chronic condition covered by the policy. In that case, your insurance plan may stipulate a waiting period of six months before it will pay for related care. Although most pet owners budget for routine care, surprise accidents, and illnesses can be costly. If you’re a pet owner who would spend any amount to save your animal friend, pet insurance might be a good option to protect your finances from unexpected vet bills.
The Last Word
Having a pet insurance policy can deliver peace of mind that your pet is covered for any major medical issue. Contact an InsureGood Advisor today for more resources on how to keep all your family members protected.
