Concerned About Veterinary Bills? Pet Insurance Has Your Back

There is insurance for almost anything you could think of, so why not consider a pet insurance plan for your furry friend?

If you are one of those who did not insure their pets up until now, you should know that more than 60% of pet owners don’t purchase a coverage plan, as revealed by a recent study at the North American Pet Health Insurance Association.

Still, if we analyze how much vet care costs, we will discover that pet insurance might have its purpose and benefits. Overall, yearly vet costs for routine checkups range from $40 to $200 for cats and $50 to $400 for dogs. Of course, these costs are based on distinct factors, such as breed or age. And emergency visits can lead to expensive bills that can go up to $2000 and more. 

From my background as a pet owner, I can tell you that it is a dreadful experience to have to rush your pet to the ER in the middle of the night. So, this is why I took the time to create this article. Let’s see up next whether or not is pet insurance the best solution for any pet.

The basics of pet insurance? 

Similar to other types of insurances, especially those for humans, a pet plan can aid you in managing expensive veterinary care bills. Of course, you can select from various types of coverage that will get you different monthly costs or yearly premiums. 

Some insurances are great for basic coverage, which includes accidents or injuries. But other plans are designed especially for accidents and don’t cover your pet for anything else. At the same time, complex insurances can cover you in case of accidents, injuries, and even genetic health problems. And as you might expect, the broader the coverage is – the higher it will cost. 

Almost all pet plans come with a franchise. This leads to a particular sum of money you need to pay before you receive access to coverage. Based on the nature of the policy you select – the price will range from $100 to $2,500 for a yearly plan. Anyway, the general rule says that the higher the deductible is, the better the reimbursement will be. But let’s talk a little more about money…

Human insurances function on a copay basis, which means that you pay a specific amount of money for a doctor’s appointment, and the insurance deals with the rest. Pet insurance is all about reimbursements. You pay upfront when you get your pet, then request a claim in which you say why you need to be repaid. And based on your plan, you might receive a reimbursement that ranges from 20 to 100%.  

To secure the best choice for your pet, it is best to use a special source, like https://petinsurancefinder.com, where you will get all the important information. In this way, you will be capable of comparing the distinct features and amenities offered by different companies. Moreover, you will easily reach the provider directly to receive an accurate quote, as this is established based on your pet, breed, age, and medical history.

Pet plans and prices

The overall cost of an insurance plan is indeed established accordingly to your pet’s breed, age, and health status, but at the same time, the basic price for dog insurance is $20, while for cats is $15 monthly.

Main advantages of insuring your pet

• It is simple to make an informed decision – the benefit of choosing a pet insurance plan is that it is not so complicated like human plans. Pet policy is straightforward, and there are several comparison tools you can use. 
• You can get a low premium – well, if you have a young or extremely healthy pet, or you simply opt for a lower tier, you can benefit from a coverage less expensive than it is the case with other pet owners. 
• Deductibles are not so outrageous – if you take the time to understand your policy’s insights, you will discover that most policies come with decent deductibles. These only modify in case of your pet getting sick, otherwise, they remain cost-effective. 
• You are allowed to opt for your preferred veterinary clinic – some pet plans providers don’t restrict you and get you the chance to choose whatever vet office you prefer. All you have to do is make sure your vet has a license, and your reimbursement will be on in its way without hassle. And you will need only a copy of the bill from the vet office, and, in some cases, some medical records to back up your claim. 
• You should be careful about your pet’s wellbeing – studies show that pet owners with insurances are prone to ask for additional medical care than it is the case with those who don’t have a plan. Of course, no one desires their pet to fall sick, but it is always best to have someone who will help you with financial issues. So, if you purchase a pet plan, you can save yourself severe economic distress in case of an emergency.

The drawbacks of insuring your pet

• In some cases, premiums can turn out to be costly – old pets or those with pre-existing conditions (and this applies if you opt for a high tier, too), get a premium of at least $50 monthly. So, you will have to think about this before making a decision. 
• You still have to pay for procedures upfront – having pet insurance won’t save you from having to shell out big bucks if your pet needs a costly procedure. Whether you have coverage or not, it’s wise to have a separate savings fund for vet emergencies to ensure you can handle upfront charges until your claims are processed. 
• Having insurance doesn’t save you the hassle of upfront paying – pet plans function based on reimbursements, and this means you will have to pay out of the pocket the ER visits, and submit a claim for compensation to get access to your coverage. This is why it might be helpful to save some extra money, no matter if you have insurance or not. 
• Usually, you won’t get a 100% reimbursement – mostly, any pet owner with insurance will eventually have to pay up to 20% of the costs. Insurance providers do not cover some services, and these include preventive checkups, genetic conditions, or several other aspects depending on the company’s terms and conditions. 
• It is a limited coverage plan – most of the policies will restrict the amount you can request as reimbursement. This can be applied for an annual or over your pet’s lifetime, as the provider establishes in your initial contract. Thus, if your furry friend gets into a costly medical issue, you could use out your plan’s limit and be forced to cover the difference from your pocket. 
• It isn’t useful for a pet requiring only routine vet care – an insured dog costs around 325$, while a cat $265 when compared to $250 for an uninsured dog and $145 for an uninsured cat. Often this occurs since owners with insurance are more receptive to the importance of routine vet care. Still, such data doesn’t feature the premiums. If it were to add those, too, for a dog, the cost would be around $20, while for a cat $15, meaning the overall cost will become more than $500 for a dog and more than $400 for a cat. Thus, you can benefit from insurance and save some money only if you are fortunate enough and don’t experience pet emergencies.

Hence, do you really need pet insurance?

The enigma that remains uncertain is whether or not it is a wise choice to purchase a pet health plan. Well, the reality is that similar to other insurances, you won’t really manage to save a lot of money on a standard situation. Thus, pet insurance plans are efficient in case of emergencies, which is the only scenario in which you will feel like you made a good investment. This plan is all about having peace of mind and help in case of tedious pet issues. 

Always remember that you will never know when your pet falls ill next time, so being covered by a reliable provider can save you a lot concerning financial distress. And the best approach is to purchase a policy when your furry friend is young. You can always ask the advice of your vet, as he or she has detailed info about your pet and can tell you if you need insurance. And if you select the coverage for emergencies, you should opt for the highest deductible you can pay for.

Anyway, no matter how you plan to cover for your pet’s needs, it is always best to have a back-up plan. Veterinary emergencies are quite expensive, which is why a pet policy or even a savings account can save you a lot of distress.

How to purchase a pet health plan?

It is simple to request pet insurance, and all you have to do is to submit the following data: name, breed, age, medical history, and the veterinary office’s contact info. Also, you will be prompted to add additional information about the latest vet check-ups your pet had. 

Many policies come with a waiting period. This signifies that you can’t receive immediate coverage shortly after an accident or illness. You can view this as a fail-safe for companies, as it will prevent people from buying a policy only in situations in which they know they will shortly receive a vet bill. Anyway, if you believe a pet plan might help you, you should sign up today, before you end up in an emergency.

Susan Paige