What to Know About Pet Insurance: Choosing the Right One!
Confused about where to begin with pet insurance? Not able to get through a paragraph without knowing what they are saying. Don’t worry, we’ve got you. Here’s what to know about pet insurance. From how it works to making sure you are choosing the right one, this is a guide you’ll want to read.
As always, we strive to bring you up-to-date, research-based information on dog diet, health, and nutrition to give your best friend the long life they deserve.
The article is all about what to know about pet insurance: what is it, how it works, how to choose the right one, and whether it is worth it.
What is Pet Insurance?
The idea of pet insurance is a relatively new thing, so it’s normal to be confused about what it really is. It’s similar to human health insurance in many ways. It’s there to help when health issues arise and your furry friend needs to see a veterinarian. By buying pet insurance for your pup, you ensure a safety net against the high veterinary bills that come with injuries and health issues. However, it can also be quite challenging to deal with, with a bunch of different policies, terms, and contingencies, just like human health insurance…
Since it is so new, the number of pet owners who opt for pet insurance is a whopping 4%. It begs the question of if it is really worth it or not. Or, is it just so new, that nobody has come around to it yet?
How Does Pet Insurance Work?
When you choose a pet insurance policy, there is a waiting period. This is the period where you must wait for your dog to stay healthy before the policy becomes in effect.
Once in effect, the majority of pet insurance companies work on a reimbursement basis. You pay for the full amount, upfront out of your pocket. Then, you create claims with your pet insurance, where they will reimburse you between 70-100% of the amount. However, more recently, there have been more pet insurance companies with “in-network” versus “out-of-network” veterinarians, much like human health insurance policies. This means your pup might only get reimbursed at specific veterinaries with specific veterinarians.
There is an annual coverage limit and a deductible that usually needs to be met before any reimbursement is made.
Lastly, what’s covered is completely subjective and different based on the pet insurance company. The basic option is accident-only insurance, which means they will only be covered for any injuries due to accidents. Anything else might or might not be covered. For example, wellness visits, spay/neuter surgery, behavioral therapy, and acupuncture are all options that might or might not be accepted by the pet insurance company you choose.
How to Choose the Right One?
Choosing the right one can be extremely confusing and laborious. Trying to contact and sort through a bunch of pet insurance policies can be complicated. Therefore, the best recommendation is to have what you believe is a must-have ready before you start looking for a pet insurance policy. Consider some of these questions.
- Do you prefer the reimbursement system or the in-network/out-of-network system? One means you might have to pay out of pocket for every visit and one limits where you can take your dog to the vet.
- What does your dog’s health look like, are they genetically predisposed to certain health issues? Do they have any pre-existing conditions beforehand? Are they clumsy at all and prone to accidental injuries?
- What specific health issues and concerns do you need in your pet insurance policy? Of course, accidents happen, but maybe you want a pet insurance policy that also covers wellness visits, prescription medication costs, or alternative healthcare.
- How long of a waiting period are you looking for? The shorter the wait period the better, if you need a pet insurance policy fast. However, if you are not in a rush, maybe another policy has better benefits with a longer wait period.
These questions are here to guide you in the right direction. Knowing what is best for your pup before trying to tackle all of the insurance policies that will be presented to you, makes the process much easier. Know that even with these questions answered, their age, breed, and overall health and wellness will play a role in what their specific policy looks like.
Is It Worth It?
Yes, for the majority of the people out there. If you’re like me and got your first dog right out of college, pet insurance was never in the picture because I simply couldn’t afford it. For those in the same boat, that’s okay. Maybe something to revisit later.
Assuming you have the financial means, pet insurance is 100% worth it. If you’re reading this blog on dog health, most likely, you are willing to do a lot to keep your dog healthy and happy. When (not “if”, but “when”) your furry friend gets hurt or sick, the last thing you want to think about is the hefty bill coming your way. Yes… it costs a monthly fee and yes…you can continue to believe that your puppy is different and they will stay healthy. However, accidents happen. Isn’t there a saying… accidents happen, to even the safest drivers out there. You want to be prepared when something happens.
Want more reason to try pet insurance? Let’s price this out with an average price of pet insurance in Florida. The average price is $60/month and the insurance covers 90% of any accidental injury. Imagine they get into an accident at the end of year 2 with active pet insurance. They were running too fast, tripped, and tore a tendon in their leg. An emergency surgery can cost up to $3000. By the end of year 2, you’ll already have paid your pet insurance company $1440. Pet insurance companies will pay up to $2700 (90% of $3000), which means the surgery ends up being $300.
Therefore, in total, you paid $1730 for a $3000 surgery. You saved money!
Conclusion
Hopefully, this article was able to show you some benefits of getting pet insurance and some common terms and conditions associated with pet insurance! It can get quite complicated, which deters many dog owners from starting. However, understanding the terms and coming prepared will make a world of a difference throughout the process.
