Pet insurance is often overlooked by pet owners. However, having a policy can help save you from unexpected costs in the case that your cat or dog has needs emergency care or other medical care. Just as with insurance policies for humans, not all pet insurance policies or pet insurance companies are the same and understanding the differences and the types of coverage is extremely important for guaranteeing your pet and your wallet’s well-being!
Types of Pet Insurance:
- An accident-only plan for vet bills related to accidents such as broken bones or swallowing foreign objects.
- An accident and illness plan provides broader protection but at a higher cost, including infections, cancer, arthritis, diabetes, and allergies.
- Routine wellness or preventative care plans provide reimbursement for things like immunizations, flea treatments, and spay/neuter.
How Does Pet Health Insurance Work?
Pet health insurance works mostly on a reimbursement basis, meaning you pay the vet up front and file a claim for a reimbursement on the eligible veterinary care expenses. The amount you get back, like most other insurance policies, depends on your deductible, and the reimbursement percentage (usually 70-90%) and annual limit amount you chose, which all impact your monthly or annual premium. Some insurance companies offer an unlimited annual limit option.
What Does Pet Insurance Not Cover?
Although it would be great to have unlimited pet insurance coverage, there are several costs not covered by insurance, such as pre-existing conditions (medical conditions that started before insurance went into effect), non-vet related costs, and routine care. The most common examples of services excluded from pet insurance are pregnancy, DNA testing exam fees, accidents/illnesses caused by intentional violence (i.e. fighting, racing, cruelty, neglect), elective & preventive care procedures, and experimental treatment (a clinical trial where the treatment is not guaranteed to work).
Unless you purchased a wellness or routine plan, you will still have to pay for regular care and the other costs of owning a pet, such as grooming, toys, pet food, vitamins, and boarding fees. However, there are multiple carriers/pet insurance companies, such as Embrace and Fetch, that can cover wellness and boarding fees in certain instances.
How Much Does Pet Insurance Cost?
In the most recent report, the North American Pet Health Insurance Association stated that the average monthly cost of accident policies for cats and dogs in 2021 was $49, while the monthly cost of illness policies was about $29.
Although these insurance policies may seem pricey, there are several pet insurance companies that provide cheaper alternatives. Lemonade, for example, offers an insurance plan for dogs and cats, which cost a monthly payment of $19.44 and $11.00, respectively.
However, the price of pet insurance plans/pet insurance quotes vary depending on a range of factors. Some of the leading factors include your zip code, your pet’s age/breed/size, the company you choose, the reimbursement percentage, the annual deductible, the type of coverage plan you choose, and any optional additions you select.
https://www.usnews.com/insurance/pet-insurance/what-is-pet-insurance
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