How Does Pet Insurance Work?
Pet insurance is a policy that covers certain veterinary expenses. If your pet experiences an accident, illness or emergency, pet insurance brings peace of mind that it will receive the necessary treatment. This reduces the stress and financial burden that usually follows unplanned medical emergencies. Whenever you receive a vet bill, you pay in full and submit a claim to your pet insurance company for reimbursement. Many providers offer a reimbursement percentage ranging from 70% to 90%. The lower your reimbursement rate, the lower your monthly payment, but the more you’ll pay out of pocket for care.
It’s important to insure your pet when it’s still healthy, because most pet insurance policies do not cover pre-existing conditions. Things to consider when choosing an insurance provider or policy:
- What does the plan cover
- What are the coverage levels
- Which deductible is right for you
- How are reimbursements calculated
- Can you keep your current veterinarian
Pet Insurance vs Wellness Plans
There’s often confusion between pet insurance and a pet wellness plan. Unlike insurance, which is meant to help cover the costs associated with unexpected injuries and illnesses, wellness plans are meant to cover or reduce the costs associated with routine veterinary care. Wellness plans were designed to spread out the costs of routine care over a long period of time, rather than paying a lump sum during a regularly schedules wellness visit. One thing to note is that the cost of a wellness plan over a year is often equal to the total amount you would pay at individual appointment visits.
What’s Usually Covered Under Pet Insurance?
There are a few types of pet insurance coverage. Most common are accident-only and accident-and-illness. Some providers also offer preventive or wellness care add-ons. Every pet insurance company has unique features, offerings and exclusions. We recommend exploring several options to find the best pet insurance provider for their pet’s needs.
All pet insurance providers will have exclusions and below are a few common ones:
- Breeding
- Boarding costs
- Cosmetic or elective procedures
- Grooming
- Preexisting conditions
