Pet Health Insurance

Does your pet need pet health insurance?

Could you afford surgery if your pet was hurt in an accident or fractured, which can cost several hundred to several thousand dollars? A pet health insurance plan ensures that your pet receives the best veterinarian treatment possible in the case of a sickness or an unexpected accident.

Does your pet need health insurance?

Should all pet owners purchase insurance for their pets?

Pet owners are frequently unaware of the potential costs of identifying and treating certain illnesses or injuries that can harm their pets. I've seen many pet owners face unexpected expenses and the agony that comes with realizing they aren't financially prepared. "Would I be able to pay for this if something like this happened to my pet?" If not, you should think about getting pet insurance.

On the other hand, some pet owners believe that their family pet should be replaced if it becomes extremely ill or injured and requires more than a few hundred dollars to treat. For these people, pet insurance would be a waste of money.

Does having pet insurance benefit all pet owners?

Pet insurance is not available to all pet owners at this time because it operates on a reimbursement model, which requires the pet owner to pay their veterinarian in full and then file a claim to be reimbursed for covered expenses minus the deductible and copay (the insured's portion of the payment). Many pet owners can afford a monthly pet insurance payment, as well as a deductible and copay, but cannot afford to spend thousands of dollars up front and then seek reimbursement from the pet insurance company.

Some pet insurance companies have provisions in their policies that allow them to repay the veterinarian facility directly if the bill is greater than the policyholder's ability to pay out-of-pocket, as long as the vet agrees to such an arrangement. However, not all vets are likely to agree to such a request.

What would you say to a pet owner who is trying to justify the cost of pet insurance?

Most pet insurance providers now offer policies that allow pet owners to select from a variety of yearly or per-incident maximums, deductibles, and copays, allowing them to tailor a policy to their specific needs. Pet owners should use caution when purchasing insurance based solely on who offers the lowest premium. You should preferably choose a policy that allows you to file a substantial claim with a low out-of-pocket expense (including the premium).

Are there any plans that cover pets with pre-existing conditions?

No. However, if your pet has previously had a condition that hasn't recurred in the last 6 to 12 months (rules vary by business), the insurer may not consider it pre-existing. When purchasing pet insurance, every pet owner should request a medical record review. This permits the pet insurance company to evaluate your pet's medical history and notify you if any previous conditions are considered pre-existing and are not covered. A pet owner does not want to pay months or years of premiums just to have a significant claim denied due to a pre-existing ailment.

If someone adopts an older pet does it make sense to still get pet insurance?

When you acquire an older pet, you may or may not be aware of the animal's medical history. If the pet has past medical records, a medical record review should be performed. If the new owner does not have past medical records, the insurer may request a physical examination to rule out any obvious pre-existing diseases. I recommend having an examination performed and then submitting the results for evaluation to the insurance company. If the adopted pet is judged generally healthy, obtaining pet insurance may make sense since as a pet ages, he or she is likely to develop one or more chronic diseases that may necessitate continuing medical bills.

Tips for buying pet insurance

Kenney also provided the following advice to anyone looking to purchase pet insurance:

• Inquire whether the company's plans cover chronic conditions as well as genetic or congenital conditions. If yes, what are the coverage's limitations?
• How does the pet insurance provider determine compensation amounts? In general, there are three options: pay whatever the vet charges, pay what is considered ordinary and customary in your region of the United States, or use a benefit plan depending on the diagnosis. This will have an impact on how much you get compensated.
• Always read reviews about the pet insurance providers you're thinking of using.
• Always read a sample policy from any pet insurance companies you're thinking about using. If you don't understand something, contact the company via phone or email for clarification.
• Determine your out-of-pocket expense (deductible) if you ever need to file a substantial claim. You don't want to get a policy that requires you to pay as much as or more than the insurance company when you file a substantial claim.