Pet Insurance

Insuring your pet can help save you from costly vet bills.

Similarly to health insurance, there are some factors that can affect your premium, but most owners will pay around $20 a month for their dog and $15 for their cat.

The North American Pet Health Association reports that every year, more and more owners are buying insurance for their pets. Similarly to health insurance, there are some factors that can affect your premium, but most owners pay around $20 a month for their dog and $15 for their cat.

Emergency vet visits can cost thousands of dollars, but with pet insurance, you’ll only have to pay a fraction of what that may be. Depending on your deductible, you can save thousands of dollars every year. Before purchasing pet insurance, you should consider:

  • What other services your pet insurance can provide.
  • The financial burden that comes with any pet procedure.
  • The comparable costs to those procedures with insurance.

Let’s consider some pros and cons of purchasing pet insurance.

Pros of Pet Insurance:

  • Easily comparable plans with straightforward terms.
  • Lower premiums than regular health insurance.
  • Reasonable deductibles.
  • Most have no out-of-network penalties.
  • More likely to seek care in the event of an illness.

Cons of Pet Insurance:

  • Plans can have limited coverage.
  • High premiums for older pets or pets with pre-existing conditions.
  • Owners still pay some portion of their vet bill.
  • Owners still have some out-of-pocket costs.
  • Won’t save much if your pet needs regular care.

Luckily, there are lots of pet insurance providers who can offer diverse plans that will even cover the cost of things like behavioral therapy!

What Does Pet Insurance Cover?

Depending on the insurance provider you go with, their policy may change. Most pet insurance providers have a set of benefits that have different levels of coverage. When shopping around for pet insurance, consider if you’ll need coverage for:

  • Dental cleanings, exams, and X-Rays.
  • Spays and neuters.
  • Routine care, wellness visits, and vaccines.
  • Diabetes management.
  • Cancer care and treatments.
  • Hospitalization and emergency care.
  • Surgical Procedures.
  • Allergy Treatments.
  • Surgeries and tumor removal.
  • Screenings, ultrasounds, MRIs, and cat scans.
  • Accidents and injuries.
  • Prescription medications.
  • Behavioral therapy.
  • Boarding kennel fees.
  • Costs from unexpected passing, injuries, or illnesses.

Consider if you want your pet insurance to cover additional services like preventive care and check-ups. It’s imperative your pet insurance covers basic accidents, illnesses, and emergencies as these can be the most expensive costs to cover. 

Most pet insurance providers will allow you to choose what reimbursement options you have, and what maximum you want your insurance to cover. You can be reimbursed between 50 to 100 percent of your vet bill, and can have coverage that will pay from $1000 to over $15,000 of vet bills.

To find out what options you have for pet insurance, speak to one of our partners at Quote Purple.

What Won’t Pet Insurance Cover?

Depending on which provider you decide to go with, there are certain limitations on your pet insurance. Some pet insurance providers will not cover:

  • Pre-existing conditions.
  • Routine wellness care.
  • Elective procedures.
  • Liability coverage.

It’s best to apply for pet insurance as soon as possible. Most insurance providers recommend enrolling your pet at 8 weeks old to ensure nothing is considered a “pre-existing condition.”

How Can I Save on Pet Insurance?

With pet insurance, you pay a premium every month, but you may not have deductibles and co-pays depending on your plan. Instead, most plans will reimburse you, or will have a maximum cap on the amount they cover. Some employers also offer pet insurance in your employee benefits. Talk to your employer to see if you’re already covered, then speak with one of our partners  to see what options you have.

Even if you decide to you with a plan with a lower reimbursement rate, you can still save hundreds of dollars. Let’s say your pet ate something they weren’t supposed to, and you need emergency lab work and X-Rays to determine if your pet is okay. Most vets will charge around $500 for X-Rays with an additional $100 for lab work. Even if you only have a lower rate around 50%, you’ll save $300 on that initial vet bill plus an additional coverage to pay for any medications your pet may need.

Many pet insurance providers will also offer Telehealth options included with your plan, so you can avoid the vet bill altogether!

To find out more about your pet insurance options, call Quote Purple to speak with one of our trusted partners.

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