Pet Insurance

Why get pet insurance

Veterinary care can be costly. Pet insurance helps cover unexpected expenses and can make

difference in whether or not you can provide your beloved pet with veterinary care when they

need it most.

Pet insurance can contribute to making the choice to adopt a pet an easier decision, knowing

that your pet's health needs will be easier to manage, financially speaking. However, if you are

disciplined enough to set aside a portion of your savings for your pet’s unexpected health needs, then you may decide to forego pet insurance.

Where to find pet insurance companies

There are over 20 pet insurance companies, and each has unique coverage options. Search and explore options.

Ask your veterinarian who they recommend. Inquire if they accept payments directly from the insurance company or whether they will require you to pay the bill and wait for reimbursement. Choose an insurance company to suit your pet's needs and your budget.

Check with your employer. Employers often partner with insurance providers who handle

enrollment and claims processing, with employees paying premiums through payroll

deductions.

When to get pet insurance

Enroll your pet in a policy while they're still healthy. Taking this sort of precaution improves

their chances of being fully covered if something happens down the road. If your pet’s breed is

predisposed to certain conditions, it is very important to be informed about what is, or is not,

considered a pre-existing condition, which may result in denied coverage.

Some details to know about pet insurance

Premiums: Just like human health insurance, pet insurance has monthly or annual premiums.

Premiums are generally based on your pet's age, breed, and where your pet lives. Beyond that, your premium is also based on the plan you choose, your deductible, and your copay.

Annual Deductible is the annual amount you pay for treatments covered by your policy before

the insurance company will begin to reimburse you.

There is also a Reimbursement Percentage. This is the percentage of the covered allowable

charge for which your insurance company is responsible.

Pre-existing conditions: A pre-existing condition is any injury or illness whose symptoms were

showing before the start of your pet’s policy.  A condition is considered pre-existing based on when the symptoms first started, not the date of diagnosis. For some insurance companies,

pre-existing conditions are based on the last 12 months of your pet’s medical history. Pets with a pre-existing condition (or two, or even three) aren’t prohibited from enrolling. Likely, the

coverage will exclude those specific ailments or any conditions related to the pre-existing

condition(s).

Enrollment criteria: A recent veterinary exam is very helpful during enrollment. If you cannot

provide medical records showing your pet’s annual health exam by a veterinarian occurring

within the 12 months prior to the start date of your insurance policy, the basis for pre-existing

conditions will be the first veterinary examination after the start date of the policy

What does a typical pet insurance plan cover:

Comprehensive pet insurance policies cover annual wellness exams, shots, chronic conditions, acute illnesses, and injuries. Other types of pet insurance cover most medical costs, with

benefits for accidents, illnesses, and hereditary conditions. Having this type of insurance allows

you to move forward with critical decisions for your pet when the condition and decision are time-sensitive.

There are also basic wellness plans for covering wellness exams and common needs such as nail clipping and flea prevention. Basic wellness plans enable you to make more frequent

preventive visits to the veterinarian without worrying about the cost.

Be aware that spaying and neutering are not always covered, and if so, there are often specific

age criteria.

Extra coverages to explore include: Dental Insurance, Behavioral therapy, Training,

Rehabilitative treatment, Alternative therapies (e.g., laser therapy, acupuncture, chiropractic),

Prescription diets for chronic diseases, Supplements, including those recommended for treating

chronic disease, and End-of-life expenses, including humane euthanasia, cremation, and/or

burial.

Final thoughts

When deciding on pet insurance, weigh the pros and cons. Can you, instead, fund your own pet

savings account as an alternative? Either way, be sure to keep your pet in mind when you

budget expenses. With foresight, you can ensure your pet receives wellness care, and you will

have peace of mind should an unexpected health turn occur.