by:Burke Jones
Let’s face it – Fido and Fluffy are an important part of your
family. Do you want to have to assign a dollar value to them if
they become sick or injured?
That may well be the case if you don’t have pet health insurance.
Rising veterinary costs mean that pet owners can pay hundreds –
and even thousands – of dollars for their pets’ health problems.
As the bills stack up, uninsured pet owners must determine how
much they are willing to spend on their animal friend. It can be
a heartbreaking decision to make.
Much like insurance for health, cars and homes, pet insurance
helps people put a little money away now to avoid a major payout
later. Coverage and cost vary, so it’s important to thoroughly
research the options if you decide to insure your pet.
Step one: Determine if Pet Insurance is Right for You
When people decide to get a pet, they often don’t consider how
they will deal with the inevitable unexpected illnesses or
accidents. Keeping a pet indoors by no means eliminates all the
hazards. They can still swallow foreign objects, ingest a poison
or injure themselves. As well, living indoors does not make a pet
immune to disease and infection – particularly those that are
common to their breed. Pets with access to the outdoors have even
more opportunities to pick up a disease or get hurt.
Don’t have a dog or cat? Insurance companies are starting to
offer plans that meet the needs of a variety of pet owners. Some
now offer coverage for birds and exotic animals.
Not all owners are good candidates for pet insurance, however.
Pet insurance is ideal for owners who deeply love their pets and
are willing to spend a significant amount of money to keep them
healthy and extend their life. They buy their cherished
companions the best food and care they can afford, sometimes even
putting their pets’ needs before their own. For this type of
owner, pet insurance can be a smart investment that can prevent
considerable costs and bring peace of mind.
Pet insurance is not a good investment for owners who don’t have
a strong emotional tie to their pet. Owners who would rather have
their pets euthanized than spend money on vet bills are not good
candidates for pet insurance.
Step two: Decide What Type of Coverage You Want
Most pet owners will weigh two main considerations when shopping
for pet insurance: budget and coverage. Peace of mind can also be
an important factor, but far more difficult to quantify.
Pet health insurance is still relatively new in the United States
and Canada, so the options available are fewer than for other
forms of insurance. That said, North American pet owners can
choose from a variety of coverage choices, ranging from
injury/accident-only to all-inclusive.
As with all insurance products, the cost of pet insurance
increases as the coverage improves. As a pet owner, you must
decide what is the right balance between affordability and the
care you want for your pet.
- Coverage
When choosing pet insurance coverage, first consider what kind of
insurance customer you are. Do you prefer all-inclusive coverage
that pays for everything from routine checkups and vaccinations
to accidents and chronic illnesses, or are you comfortable with a
lesser degree of coverage that just kicks in during emergencies?
Perhaps you prefer a flexible plan that offers discounts on a
wide range of services, from veterinary care to training. This
decision will lay the groundwork for your final choice.
Some issues to consider:
Make sure to check for coverage of pre-existing conditions as
well as breed-specific genetic ailments, such as hip dysplasia
for large dogs. Some plans refuse to cover these conditions.
Some plans place limits on annual, per-incident, per-illness or
lifetime costs.
How old is your pet? Coverage usually starts at eight weeks, but
some plans won’t cover pets over a certain age (usually between
six and 10 years old, depending on the breed, type of animal and
other factors).
- Cost
Payment options for pet insurance include flat fees or
deductibles and/or co-payments. Not surprisingly, plans with
lower monthly premiums come with higher deductibles and/or larger
co-payments.
Some issues to consider:
Insurance premiums are affected by the age, health and breed of
your pet, as well as the type of animal.
Some plans offers discounts for multiple pets.
Plans generally require customers to pay the vet bill first and
then submit receipts for reimbursement.
Find out if the insurance premiums will increase as your pet
ages.
Depending on the plan you choose, the monthly premiums can range
from less than $10 to about $40.
Step three: Choose an Insurer
You’ve determined what you can afford to spend and the amount of
pet insurance coverage you want.
Before selecting an insurer, here are some final considerations:
Make a list of your questions and priorities in advance. Make
sure to answer or check off each item when reviewing plan
options.
Research the insurer thoroughly. Review its website and sales
materials, read its testimonials, talk to other pet owners and
look for on-line reviews. How long has the company been in
business? Are its customers satisfied? Make sure you feel
comfortable about everything you hear or read.
Compare the plan’s benefit schedule with your vet’s fees to
determine to what degree the plan will cover the actual treatment
costs.
Find out how quickly the insurance company reimburses customers’
claim payments and if it has claim deadlines.
Read the fine print. Make sure you completely understand the
plan’s benefits and, more importantly, the limitations. If
something isn’t clear, ask – and get the answer in writing.
Otherwise, you might find you don’t have the coverage you need if
an accident occurs.
Start a file for your pet. Use it for all receipts and insurance
paperwork so you can keep on top of your claims and make sure you
are maximizing your insurance investment.
Your responsibility as a pet owner doesn't end with food, shelter
and affection. Pet health insurance can give the smallest member
of your family a longer and healthier life – and provide you with
more time to enjoy the unconditional love it so willingly offers
to you.