What is a Reimbursement Rate?
A reimbursement rate is the percentage of covered veterinary expenses that your pet insurance provider will pay for eligible claims once your deductible has been met. Most pet insurance plans have a reimbursement rate between 80% to 90%, which determines how much you will be reimbursed after your insurance claim is processed and approved.
How Reimbursement Rates Work
Some pet insurance providers offer flexible rates, allowing you to find what works best for your budget and preferences. To receive a reimbursement for veterinary care, you’ll need to file an insurance claim that contains an itemized bill from the vet. Once your insurance provider reviews and approves your claim, they will send you a check or directly deposit the funds into your bank account based on your reimbursement rate. Generally, the higher the reimbursement rate, the higher the monthly premium and/or annual deductible will be, as policyholders will receive larger payments from their insurance provider for each processed claim.
Key Takeaways
- Your reimbursement rate is the percentage of covered veterinary expenses that your pet insurance company will pay you for.
- The standard reimbursement rate ranges between 80% and 90% in the pet insurance industry.
- The higher your reimbursement rate, the more expensive your monthly premium will likely be, because you’ll pay for less vet costs out-of-pocket once you’ve reached your deductible.
