Comparing Pet Insurance: Which One Suits Your Needs Best?
When your pet is your beloved family member, you want to give them the best life possible. You’ll buy them treats and toys. Playing with them is one of your favorite pastimes. And you try to keep them happy and active throughout their lifetime. But, even as the most dedicated pet parent, you can’t protect your furry children from everything.
How do you plan for unforeseen emergencies? Vet care can be expensive. And when you can’t afford an unexpected financial burden, it makes sense to begin comparing pet insurance.
What are the Different Kinds of Pet Insurance?
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There are several types of pet insurance for you to choose from. Which one is right for you will depend upon your financial situation, lifestyle, and your pet’s risk exposure. When comparing your pet insurance options, consider what types of coverage you want. In general, most pet insurance plans can be divided into one of four categories.
Comprehensive or “Nose-to-Tail”
This is typically the plan you want to choose if you want your pet to be covered for almost every possible contingency. Wellness and preventative care, illness, tests, injuries, diagnostic tests, hereditary conditions, surgeries, and routine care are all usually included.
Illness and Accident
Did your dog tear a ligament climbing or jumping over a fence? Have they developed cancer or hyperthyroidism? This plan will usually cover you for accident-related injuries, hereditary conditions, and various illnesses. However, it won’t cover routine care, wellness exams, or preventative measures.
Accident-Only
Not covering illness, this plan will only offer coverage if your pet has an accident-related injury.
Pet Wellness
This type of plan covers routine checkups, prevention measures like flea treatments, and vaccinations. These benefits can often be added to other plans if you desire.
Levels of Coverage
Pet insurance policies offer more customization. When choosing your plan, you must decide between different levels of coverage caps, deductibles, and reimbursement percentages. These decisions will impact the size of your monthly insurance bill.
How Does Pet Insurance Work?
Like most insurances you’re already familiar with, maintaining active coverage will require keeping up with a monthly payment. After meeting your deductible, you can expect to have eligible expenses covered. This, of course, will be based on the reimbursement rate and policy limits.
Getting pet insurance doesn’t cover your pet’s vet bills upfront. It’s easier to look at it as the opportunity for reimbursement after you’ve paid the bill. After you’ve met your deductible, some companies will pay back between 80-100%. You’ll want to do your due diligence when comparing insurance plans for your beloved pet to make sure it fits your needs.
What’s Covered by Most Pet Insurance Plans?
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With many different kinds of plans and companies, comparing pet insurance plans can feel daunting. So we’ve created a list of what you can expect most plans to cover, as well as additional benefits you may look for.
Covered By Most Plans:
Chronic conditions (arthritis, diabetes, heart conditions, etc.)
Hereditary problems (hyperthyroidism, dysplasia, von Willebrand disease, etc.)
Unexpected injuries (broken bones, object ingestion, bite wounds, etc.)
Dental (tooth resorption, periodontal disease, gingivitis, etc.)
Surprise illness (allergies, glaucoma, tummy issues, etc.)
Cancer screenings and treatment
Testing (allergy tests, bloodwork, MRIs, x-rays, fecal exams, and more)
Medications
Surgery (ligament conditions, cataracts, bloat, etc.)
Emergency vet visits
Additional Benefits You May Be Able to Get Coverage For
Depending on your chosen plan and provider, you may be eligible for additional coverage. This can help make your fur baby’s care more affordable. When comparing plans for pet insurance, look to see if they also offer benefits for these things:
Physical therapy
Chiropractic care
Fees for vacation cancelation
Expenses related to breeding and pregnancy
Advertising and reward costs for lost pets
Acupuncture
Behavioral training and modification therapies
Comfort care for end-of-life euthanasia
Costs related to cremation or burial
Don’t Wait to Buy Pet Health Insurance
Buying insurance when there isn’t a problem always seems like a waste of money. But there are good reasons to invest in it as a preventative measure for the well-being of your pet and family.
Pre-existing conditions aren’t covered by pet insurance. While you can, with some providers, find wiggle room and get coverage for curable conditions, it’s not easy. Usually, this kind of exception will require getting through a waiting period with no symptoms. However, if your pet has a pre-existing condition, you can still get coverage for everything else.
Is Pet Insurance Right for You?
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Deciding whether pet insurance is right for you is a personal decision. What’s best for your situation will depend significantly on your financial situation. As your pet’s parent, you’ll do anything to give them the best quality of life. Pet insurance can help you reduce the strain on your finances in the event of an unexpected pet disaster.
