Like health insurance for humans, pet insurance exists to ease some of the financial burden that pet owners incur when their pets are sick or injured. Pet insurance has stipulations that are similar to human health insurance ? pre-existing conditions are not covered, and pet owners must meet deductibles and co-pays. The market for pet insurance has been expanding, and more pet owners are seeking coverage for their pets. However, before deciding to purchase pet insurance, you should have an understanding of how it works.
How do companies determine insurance rates?
Pet insurance companies examine a variety of factors to determine the individualized rate for your pet. These include your pet?s species, breed, age, and medical history. The younger and healthier your pet, the lower the premium will be. Some insurance companies also take other factors into consideration, like the place from where you adopted your pet and where your pet lives.
The deductible you choose also affects your insurance rate, explained Darryl Rawlings, the CEO of the pet insurance company Trupanion. ?Deductibles are a way that pet owners can tailor their premium rate to their budget.? However, not all companies offer deductible flexibility, so be sure to research your options if that is something in which you are interested.
What is covered? What isn?t covered?
Each company has different levels of plans through which you can cover your pet. Some cover emergencies, diagnostic tests, and treatment. Other packages may include physical therapy, cremation or burial costs, and behavior modification therapy. Not all plans cover routine procedures like check-ups, heartworm tests, and vaccines, so be sure to read through potential policies to make sure you are getting the amount of coverage you want.
Rawlings explained that Trupanion covers 90% of veterinary costs that arise from unexpected circumstances, like a pet getting sick or injured, as well as hereditary and congenital conditions. ?Because our coverage is specific to unexpected veterinary costs you can?t prepare for, expected costs are not eligible for coverage,? said Rawlings. Expected costs include exam fees, preventative care like vaccinations, spaying/neutering, and dental cleanings.
Other companies may offer plans that do cover expected costs. The ASPCA offers a ?wellness? option that covers routine procedures. However, this is a cost that is added to your monthly premium, rendering the overall premium more expensive.
As mentioned earlier, pet insurance does not cover pre-existing conditions. Pre-existing conditions are ?accidents or illnesses that have shown signs of being present prior to the start of coverage, or during coverage waiting periods,? said Rawlings. This is universal among pet insurance agencies.
How does it work?
Pet insurance typically works as reimbursement. A pet owner will bring his or her pet to the veterinarian, most commonly due to an accident or illness, and then both the pet owner and veterinarian will fill out a claim form, which they will submit for review. The pet owner must wait for return, and the time varies based on the company. For example, Trupanion strives to issue checks within 24 hours, but they are typically sent within a week, according to Rawlings. It is important for insured pet owners to keep in mind that they will need to have the money upfront for unexpected accidents and illnesses, and that being reimbursed will take time.
Is it worth it?
When it comes to pet insurance, the biggest question is, Is it worth buying? The answer varies. A recent Associated Press article featured Tobie Stanger, the senior editor for Consumer Reports, who said that pet owners will pay more for pet insurance over time than they will receive in claims ? however, that?s only the case if a pet does not have serious complications during its lifetime. Serious complications are rare, but they can happen. It is a risk that a pet owner needs to consider.
In the article, Stranger suggests an alternative to pet insurance ? personally setting aside a little money each month specifically for your pet. This can work as your own personal pet insurance fund, in the event that your pet does encounter unexpected injury or illness. And if you pet does not become sick or hurt, then that money is still there for you, rather than wrapped up in an insurance policy. But the downside to setting money into a fund each month is that it may not have time to accumulate before your pet needs emergency care.
In the end, it comes down to assessing your individual financial situation and personal preferences. If you would rather have the peace of mind an insurance policy provides, or if you do not think you will be able to set aside money into an otherwise untouched fund, then pet insurance may be for you. But if you are good at saving and prefer to have your money readily available, then you may do well without a pet insurance plan.
If you decide that pet insurance is for you, then your first step is to do research. Pet insurance companies have websites that provide quotes and information on individual policies. Take a look at each one, and then pick the option that best suits the needs of both you and your pet. Don?t be afraid to call the companies to request more information.
?Many pet insurance providers have complicated policies and exclusions that lower the value of the product, which the pet owner often only realizes at the time of needing care or making a claim,? said Rawlings. ?Make sure you understand the value of the policy you are considering, and choose a pet insurance provider that will support you when you need it most.?
Ultimately, if you pursue pet insurance, you should choose a plan that works for you and your pet.
Photo: Jenna Savage/CMN
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