Just like us humans, pets can also have health insurance policies. It may sound a little strange and extra to some but having the reassurance of protection for the “just in case” moments is priceless. That peace of mind is not only for incidental situations but can leave you more at ease during vet visits rather than the worry of all the little costs that rack up. With this simple breakdown, it will be easier to understand and help you with the decision making process.
How it works
Pet insurance (veterinary health insurance) is on a month-to-month basis, like human health insurance where you pay a monthly premium to your insurer for coverage. It comes with a detailed description of all the conditions that are covered and specifically within each instance. The policy is calculated using a percentage of the treatment cost which you are then reimbursed for by your insurance company. It is pretty customizable for your buddy depending on existing health issues, age, breed-specific needs, allergies, or accidents. The younger your pet, the more tempting it is to try and bypass the monthly cost but every pet owner should consider it because we never know what could happen; especially as they age. The unexpected is always to be expected and could potentially set you back thousands of dollars.
The typical insurance policies are for cats and dogs (most expensive to treat) but there are definitely plans for reptiles, birds, bunnies, guinea pigs and beyond. Vets will often give discounts for multiple pets; though they will each have their own account.
What is covered?
The extent of coverage is all dependent on the plan you have and there are no current policies that cover pre-existing health conditions; however, some providers will cover curable conditions if symptoms don’t show up again. Like anything, there is a spectrum with alternative options for coverage on pre-existing conditions. The good news is that unlike human health insurance policies, minimum coverage laws do not exist. This means that there are no rules on how coverage is marketed, sold, and implemented. The majority of these policies will cover a big chunk of even the most expensive health hiccups.
There are typically four types of coverage plans: accident-illness, accident-only, wellness, and accident-illness plus wellness.
The insurance policy applied
There is a difference between human health insurance and pet insurance in that humans visit the health care provider that falls within their network whereas pet policies can be used at any licensed vet clinic. As there are no networks or co-pays to worry about, the insurance carrier will reimburse you once you have paid upfront for the treatment. In some cases, if the costs are quite high, the provider will pre-approve you for the upcoming procedure and directly pay the vet themselves. Be sure to save any and all receipts for claim processing and any wait time that may occur until your reimbursement.
Although it takes a little bit of research in the beginning, once you have landed on a provider it is generally smooth-sailing and there are some great resources like PawlicyAdvisor that break down all the nitty-gritty details. Once you have your policy down pat, download the Petlox app to get connected to an awesome vet to take great care of your little bestie!