Your pet decides to chew on plastic and they become ill. You buy a houseplant that your pet eats takes a bite out of. You unknowing discover it is very harmful and have to rush your pet to emergency pet care. Your pet suddenly becomes Superman and leaps to injure their paw. So many different scenarios can occur when rising a pet child and if you are not prepared the expenses associated with veterinary care can add up quickly. That is where pet insurance comes in handy. So, what is pet insurance? Pet insurance helps to cover the total or partial amount of veterinary expenses associated with treating an ill or injured pet. Primarily used to cover animals including dogs, cats, horses, and exotic pets, the pet is looked at as a form of property, with the owner of the property receiving reimbursement after the pet receives care. It is the owners responsibility to submit a claim to the insurance company to receive reimbursement.
After reaching a deductible, which is the amount the pet owner pays out of pocket before the insurance company contributes to expenses, pet owners are typically responsible for a percentage of the veterinary costs, ranging from 70-100% or when they can pay off a benefit schedule. Insurance policies and veterinary payment policies can vary as well with some veterinarian offices allowing pet owners to submit insurance claims first before paying out of pocket initially for expenses while some insurance companies pay the veterinarian directly. Additionally, there are two categories associated with pet insurance; non-lifetime and lifetime. Non-lifetime insurance covers most conditions a pet may encounter, but once renewal becomes available any claimed conditions will not be eligible for coverage. With the claimed condition arises in the renewal year the pet owner will be responsible for costs. Lifetime insurance covers a pet’s conditions throughout their lifetime and once renewed the following year the same coverage applies without exceptions. Although lifetime insurance has inclusive coverage various policies do have their own limitations, so it is suggested to consult with an expert pet insurance provider to guarantee the best pet insurance for dogs, cats, and other pet children alike.
When applying to insurance, it should also be noted that limitations do exist for pets that have pre-existing conditions. Overall, with the wide variety of pet insurance companies that are more readily available pet insurance offers pet owners the ability to customize coverage according to their pet’s health needs and budget with deductibles and co-insurance pricing being negotiable. To get the most out of this pet policy, pet owners are encouraged to do their own research regarding what is covered and what is not covered. Important questions to consider include if co-pays are required, do you have a choice of the hospitals or offices, are prescription drugs covered, what percentage of the bill will be the owner’s responsibility, etc. With the right research and policy selection pet insurance is a great way to offer pet owner’s added peace of mind.