While veterinary pet insurance can certainly benefit your beloved pet, it’s important to note that not all insurance policies are created equal. That is why it is crucial to know some particular facts about these insurance policies. Here are some of them:
1. Pet insurance is gaining popularity
As you might think, this is due to the rising costs of veterinary care. Just as human health care expenses are constantly rising, so are the costs of caring for your pet. So if you want to reduce your out-of-pocket expenses for veterinary care, consider purchasing an insurance policy.
2. Policies differ in what they cover
All pet veterinary insurance policies cover certain expenses, such as medications, lab tests, and emergency care. The most complete ones also cover procedures such as check-ups, grooming your pet, and vaccinations. You can even find policies that cover the costs of dental care, flea control and nail trimming, although fewer policies cover these expenses.
3. Most plans cover 80% of the vet bill
The stipulation is that you must first meet a fixed deductible, which tends to range between $50 USD and $100 USD. You are required to pay your pet’s medical bill. Then you file a claim with the insurance company. After the company has processed your claim, you will receive a reimbursement check.
4. Some companies require a copay on your bill
There are some pet veterinary insurance companies that charge this copay, instead of a deductible. The copay is typically between 10% and 20% of the total veterinary bill. You should consider whether this would be a more practical option for you than paying a deductible.
5. Pre-existing conditions are generally not covered
Unfortunately, the situation is the same as with most human health insurance plans.
6. Premiums for this can vary significantly
This is based on several factors, such as the age and breed of your pet. In fact, you may need to pay as little as $10 USD per month.
When looking at the various types of pet insurance policies, it is worth considering these aforementioned facts. Your pet is valuable to you, so choosing the right policy is crucial.
