How Does Pet Insurance Work?
Pet insurance works on the same basic principles as most other forms of insurance. But, unlike insurance for people, where you have to deal with co-pays and different coverage amounts for different procedures, pet insurance works differently. You generally pay your veterinarian directly and then submit for reimbursement through your pet insurance provider. The pet insurance company will then review and pay the agreed upon percentage of the bill for items that are covered by your policy. In some cases, with certain insurance companies, the hospital can submit a pre-approval to the insurance company and be paid directly. This leaves you only responsible for your deductible and the percentage of the claim that insurance won’t cover. Most veterinarians accept all insurance.
Dog and Cat Medical Insurance Facts:
- Less than 5% of dogs and 1% of cats are covered by pet insurance.
- As your pet gets older, pet insurance becomes more and more expensive.
- There are plenty of plans that cover most pets regardless of age or pre-existing conditions.
Pet Insurance Cost: 4 Reasons It Is Worth It:
1. You’ll Never Have to Decide Between Your Wallet and Your Pet.
Sometimes deciding whether or not to have a surgery or treat a life-threatening disease is one of the hardest things you will have to do as a pet owner. By having pet insurance, you can take the financial aspect out of the equation and base your medical decisions purely on what’s best for your pet.
2. Costs Are Rising
More and more treatments are becoming available for pets every day. Some of these treatments, advanced diagnostics, and surgical procedures can be costly. The peace of mind that comes with knowing that any these procedures will be covered outweighs the month-to-month costs of pet insurance for most owners.
3. You Can Pick a Plan That Fits Your Needs
Pet insurance can be tailored to fit your budget and needs. If you sign up when your pet is young, you have more options to choose from. These options range from major accidents only to vaccinations and general checkups.
4. It’s Easy
One of the big benefits of having pet insurance is how easy it is to be reimbursed. Most plans ask that you send in a receipt and records from your veterinarian. Within a few weeks, you’ll receive a check for part or all of the costs from that visit. Knowing your plan is important, so you know what’s covered.
All Breeds Are Not Created Equal
Just like humans, every dog and cat is different. Each breed is unique and comes with its own unique set of health conditions and abnormalities that might threaten it during its lifetime. Consider the health risks associated with your particular pet and you might find that the benefits outweigh the monthly costs of having insurance.