Our dear animal friends experience health problems and medical conditions just as much as we humans do. We, as pet owners, want only the best for them, which includes taking them to the vet regularly to make sure they’re in tip top shape.
If our furry friend is hurt or develops a life-threatening condition, veterinary costs can quickly build up. That’s where pet insurance can come in handy.
Pet insurance typically costs between $38 to $70 each month and can cover up to 90% of a pet’s medical bills under some plans. Money.com has a great article not just on the best insurance, but also on the question of whether pet insurance is right for you as a pet owner at all.
a. Comprehensive: This is a broad coverage for a whole range of situations, from accidents like broken bones to illnesses like cancer and diabetes.
b. Accidents Only: This is a more economical insurance plan that covers accidents like poisoning and getting bit, but not illnesses or diseases.
c. Wellness Coverage: This is essentially preventative care for things like vet visits and regular vaccines. It means, however, that unexpected emergencies aren’t covered.
2. Limits on Benefits of Coverage
a. Unlimited Lifetime: As the name suggests, after the deductible is paid, there’s no maximum or cap; the company will pay your pet’s medical bills.
b. Annual Maximum: There’s a yearly maximum to how much the company will cover your pet’s medical bills. If you reach that cap, you pet won’t be covered until the following year.
c. Annual Per Incident: These are caps on how much a company will pay for specific treatments for specific illnesses each year.
d. Lifetime Maximum: The least recommended of the options, this caps the amount of coverage your pet gets over its entire lifetime. If that limit is reached, your animal companion won’t be covered anymore.
3. Deductibles and Reimbursements: There’s a lot of different types of deductibles (what you pay) and ways in which companies pay you back on a claim (reimburse you). It’s a good idea to read a pet insurance policy carefully to make sure the coverage and what you pay fit with your and your pet’s needs.
4. Additional Factor to Think About
a. Claims and Services: Few companies deal directly with the veterinary center itself in order to cover the medical bills. Most pet insurers reimburse you after a claim has been filed.
b. Enrollment: Different insurance companies have different requirements or limits on when and how pets can be insured, from a maximum and minimum enrollment age, to waiting periods when claims cannot be filed.
Conclusion: Access to medical care can be just as important for our pets as it is for our human companions. If you think it’s right for you, make sure to shop around carefully.