Is Pet Insurance Worth It?
Pet insurance is often thought of as unnecessary. Routine preventive care doesn’t break the bank, and how expensive can a pet emergency really be? Unfortunately, most pets will experience at least one emergency situation in their life and, depending on the care needed, the costs can skyrocket into the thousands. Additionally, unexpected chronic diseases such as diabetes, kidney disease, or hyperthyroidism can all rack up the dollars, too. In these instances, pet insurance is a lifesaver — literally. It gives you the freedom to never have to deny your pet the care they need based on cost.
Let’s take a deeper look at how pet insurance works and how to choose the right plan.
How Does It Work?
Pet insurance works in a similar way to human insurance. You’ll pay a premium and have a deductible that you’ll have to reach before you can claim your coverage. One big difference between pet and human insurance is that with pet insurance, you will likely have to be able to pay for your pet’s care at the time services are rendered. Then, you can file a claim with your insurance company to be reimbursed. Reimbursements typically cover emergency costs and unexpected illnesses anywhere from 70-90%. Different companies offer a variety of plans that will suit any budget. Do your research to find the best plan for you and your pet.
Choosing the Right Insurance Plan
There are a lot of insurance plans and companies out there, and each one offers something a little different. To help you in your search, here are some tips for choosing the right pet insurance plan:
There are several different options such as accident-only insurance, wellness plans, lifetime policies, and limited policies that cap at a certain amount. The premium, deductible, and how you get reimbursed differs for each as well, so it’s important to find the right combination.
Many plans cover emergency and unexpected illness, but may not cover hereditary or congenital conditions should they develop. Additionally, most plans do not cover pre-existing conditions.
Not every pet insurance company is created equal. Make sure you investigate your insurer by looking at their reviews, how long they’ve been in business, and their track record.
The best way to avoid a lack of coverage due to pre-existing conditions is to enroll your pet when they are young! You’ll also benefit from lower premiums, too.