While pets provide support, companionship, love and devotion, an accident or an illness will require emergency medical attention.
So, if you don't have the money to pay for your pet's medical attention, you will either have to sell something in your home or even take a loan. Fortunately, pet insurance can help you offset some of these expenses. Here are some of the questions to ask when choosing pet insurance.
1. Is Pet Insurance Worth the Cost?
Most pet owners assume that pet insurance is too expensive, while others feel it's not worth it. But as noted earlier, pet insurance will come in handy and protect you from paying exorbitant medical bills in case your pet gets sick or injured. But as much as pet health insurance will give you peace of mind, it's also important to note that the best pet insurance plans can cost thousands of dollars annually.1
So, is pet insurance worth the cost? When deciding whether you should take pet insurance or not, you should consider 2 key factors: your financial situation and your risk tolerance. If your pet experiences a stomach upset or a simple ear infection, the treatment will only cost you a few hundred dollars. On the other hand, if your cat or dog faces a serious medical condition, then the medical bills will be in the hundreds of dollars. And if you don't have pet health insurance, you may be forced to put down your beloved pet for financial reasons.
2. How Much is Pet Insurance?
The cost of your pet's insurance will depend on a wide range of factors like your pet's breed, age, as well as the insurance plan that you choose. For instance, purebreds cost more to insure than ordinary breeds since they tend to be highly prone to some hereditary conditions. Pet insurance costs for older pets will be higher than younger pets since they require more treatment and care.
On average, you will spend $50 per month for dogs and $30 monthly for cats for a plan with decent coverage. Most insurance plans for dogs range between $25 and $70 for dogs, while those for cats range from $10 and $40.
So you definitely want to compare different offers.2
3. Which are the Best Pet Insurance Plans?
The best pet insurance plans should cover both: accidents and illnesses. Considering that most pet health insurance policies don't cover preventative care or regular health checkups, illness and accident protection are the only main benefits of purchasing pet health insurance.
As for reimbursement level, you can choose anything from 50% to 100%, which means you can choose to be fully or partially reimbursed by your insurer. And as for incident maximums, most plans vary from $1000 to as much as $15,000. The higher the max, the higher the rate.3
4. Does the Plan Cover Chronic Issues, Breed-Specific Conditions, and Congenital Illnesses?
Most pet health insurance plans only cover a limited number of illnesses. Therefore, when choosing an insurance plan for your dog or cat, you need to ask the insurer whether the above issues are covered.
For instance, your pet may have been born with a congenital condition, but the symptoms may only appear later on in life. Therefore, you need to clarify with your insurer whether congenital conditions are covered as well as the extent of the coverage.
Also, some breeds experience breed-specific illnesses and conditions. For example, pugs and other dog breeds with flat faces tend to experience a wide range of breathing problems. So, before you purchase a pet health insurance policy, you should first research the health conditions associated with your pet's breed and then choose a plan that covers them.3
5. Are Bilateral Conditions Covered?
Cruciate ligament injuries are quite common in older cats and large dog breeds. And if your dog or cat experiences this condition on one knee, elbow, or hip, then it's highly likely that the problem will occur on the other limb. Some insurance companies consider these issues pre-existing conditions.2
6. Are Exam Fees Covered?
Pets require ongoing care and preventative treatments. And for every visit to the vet, you will be charged a service fee. Pet examination fees will depend on the clinic you visit. For instance, it can be as low as $25 in an ordinary pet clinic and as high as $300 if you take your pet to a specialist. Most pet insurance plans only cover emergency treatments and diagnostics. And this means exam fees may not be covered. So, ensure you clarify with the insurance company whether exam fees are covered before you choose a plan.4
7. Are There Incident or Illness Caps?
A per-illness or per-incident caps refers to the highest amount of money that pet insurance companies are willing to reimburse for a certain illness or issue. So, if the per-illness limit is $2,000, but the vet bill amounts to $4,000, then you will have to pay the difference out of your pocket. Some pet insurance plans also come with lifetime limits, which is the maximum payable benefit you can receive during your pet's lifetime. So, in case your pet incurs high vet expenses early in its life, then it will be left without insurance coverage later on. Therefore, make sure you check with your insurer and clarify any incident or illness caps.5
- https://naphia.org/find-pet-insurance/naphias-pet-insurance-buying-guide/[↩]
- https://www.caninejournal.com/pet-insurance-comparison/[↩][↩]
- https://naic.org/prod_serv/PIN-OP-19.pdf[↩][↩]
- https://www.petinsuranceguideus.com/the-basics/[↩]
- https://nymag.com/strategist/article/best-pet-insurance.html[↩]
