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.