Taking care of your pet is a full-time responsibility. For those truly dedicated “pet parents” who see their pet as a family member, providing a animal companion with love and shelter are only two of the most important tasks. In order to ensure that your pet is always healthy and given the greatest quality of life, proper medical coverage is also a necessity. Luckily, the past few years have seen great opportunities for pet insurance. Many companies offer the same crucial options available for human health insurance. But before you enroll with any pet insurance company, here are four quick facts about pet insurance, as well as some tips on researching which policies are best for you and your animal friend!
1. Pet Insurance can be a great money-saver.
In the United States, a pet parent is faced with a veterinary bill for over $1,000 every 6 seconds! Emergencies with dogs, cats, and other more exotic pets are surprisingly frequent. Proper care can become expensive, and this is especially true of older pets. In other parts of the world, this statistic is comparable, as pet ownership is a very common passion. For anyone who wants to provide their pet with the best health and security (while not spending a large fortune on unexpected vet bills), good pet insurance with multiple facets of coverage can be a great money-saver on diagnostic tests and treatment in case of illness.
2. Pet coverage is similar to human insurance policies.
As you begin your pet insurance research, keep in mind that a pet insurance plan has many similarities to your own health coverage. For example, deductibles, exclusions, and a possible waiting period for reimbursement are all factors that apply to any comprehensive coverage. In addition, much like human health insurance, different insurers offer diverse coverage options. For example, some pet insurance may cover routine veterinarian visits, but not emergency care, while others will cover both scenarios. Likewise, some policies may have specific deductibles for vaccinations and medications, while a different pet insurance company may not. It’s important that you understand the coverage terms for your annual deductible and illness coverage. For good due diligence, be sure to look at all the coverage that each insurance option provides before you sign on the dotted line.
3. Pet insurance can factor in your pet’s age.
The age of your pet matters when seeking new enrollment, the same way that pre-existing conditions can affect a human’s health insurance. Although most pet insurance companies won’t turn away new enrollment opportunities, there may be some exclusions regarding the individual policy terms for either dogs or cats over a certain age. For example, the annual deductible may be larger for senior pets over the ages of 12 to 14 years. Likewise, pre-existing conditions, chronic conditions, or preventative care options may factor into the coverage terms, although routine care is rarely an issue.
For the peace of mind that your pet is always receiving the widest amount of coverage, however, it’s best to contact a few pet insurance providers and inquire about their policy terms or possible age cut-off.
4. Many employers offer pet insurance coverage.
Due to the popularity of pet ownership, many nationwide companies now offer some form of pet insurance as part of available employee health benefits. Although the possible pet insurance companies vary according to the employee policy terms, some employers will allow the pet parent to select from a list of options. Additionally, some of those pet insurance entities may allow you to select the veterinarian that’s best for you, or offer bonus incentives. As is the case with human insurance policies, these may include discounts on deductibles and prescription medications. Wellness rewards or mobile app features for contacting veterinarians 24/7 are also possible bonuses.
