Pet insurance helps provide peace of mind for unexpected vet bills. Most pet insurance plans work on a reimbursement model, which means they pay you back for veterinary care after your deductible is met, depending on the policy you have.
Pet insurance can cover unexpected accidents & illnesses, including surgery, tests & diagnostics, emergency treatment, hospitalization fees, foreign object ingestion, cancer treatment, and some even cover hereditary conditions, prescription medication, and alternative therapies. Since 1 in 3 pets will need emergency veterinary treatment every year, this could save you thousands in veterinary expenses.
Pet insurance plans that work on a reimbursement model can be used at any licensed veterinary practice or animal hospital.
Some things that are generally not covered include pre-existing conditions, elective procedures (like unnecessary cosmetic surgeries), and routine/preventive care. As pre-existing conditions are not covered, most people enroll within 6 months of adopting before any conditions arise. This is especially important for breeds that tend to suffer from hereditary conditions like hip dysplasia. If you’re interested in reimbursement for routine/preventive care, look for a Wellness Plan add-on.
Some key terms to know:
Reimbursement rate: The percentage of covered costs you’ll be reimbursed for a claim after your deductible is met. Some plans do offer 100% reimbursement rates.
Deductible: The amount you need to pay before your reimbursement rate kicks in. Some plans do offer $0 deductibles.
Coverage Limit: The limit on the amount the insurance company will pay you. Some plans do offer unlimited coverage limits.
Premium: The amount you pay each month to maintain your coverage. You can lower your premium by decreasing your reimbursement rate, increasing your deductible, or decreasing your coverage limit. Some plans do offer a discount if you pay annually.
Pre-existing conditions: Conditions that have arisen before your coverage kicks in. If your pet has a diagnosis, or if symptoms are present before your coverage is active, that specific condition will not be covered (nor will any issues related to that condition).
