Pet insurance plans are becoming more and more popular as concerned pet owners realize their pets have a 1 in 3 chance of being injured or becoming ill each year. Concern for their four-legged friends coupled with a desire to protect their financial health is making pet health insurance most attractive.
Keep in mind the following tips when comparing insurers and pet insurance plans:
1. The age of your pet.
Find out what minimum and maximum ages are accepted. You’ll want to know if premiums rise with age and if your pet insurance can be canceled due to your pet’s age alone.The breed of your pet. Due to known genetic illnesses and other issues some breeds may not be accepted at all by some pet insurance companies. If they are they may charge a higher premium for “specific breeds” and some breed-related conditions may not be covered.
2. Know what type of coverage you are looking for
Accident only, accident and illness, or accident, illness and routine care are the three common types of coverage available.
3. How much are the deductibles and/or co-pays?
This is the amount you’ll have to spend up front before the insurance will begin reimbursing you.
4. Find out what the policy limits are
Are there limits per incident, per policy period, per pet, per lifetime? Once you reach your policy limit you are basically out of insurance.
5. Discover how is your reimbursement calculated?
Is it a straight percentage of vet bill or is there a rate schedule?
6. You need to know if hereditary conditions are covered
This varies widely from one insurance company to another. Even pet insurance companies that do cover hereditary conditions often cover different ones from the next company that covers them.
7. Are pregnancy-related expenses covered?
If you plan to breed your pet this is a must.
8. Ask if prescription drugs are covered?
If so must you purchase them from your vet or can you get them from a discount pet medication company?
9. What is the waiting period for illnesses? For accidents?
When you first purchase your pet policy there will be a “waiting period” where the insurance will not be active to protect the company against claims for pre-existing conditions. You need to know how long this period is.
10. What conditions are excluded from coverage?
No matter how comprehensive the pet policy you purchase there will be some veterinary expenses that are not covered. Find out in advance what they are so you can choose the policy that best meets your individual needs.
11. What is the companies cancellation policy?
Can you get a pro-rated refund if you cancel? What if the insurance company cancels? Under what conditions can you or they cancel?
If you follow these tips and answer these questions as you evaluate pet insurance plans you are sure to exactly what you are looking for. A pet insurance policy will insure you can get your furry, feathered or scaly friend the medical help he needs without breaking the bank.