Are you interested in buying health insurance for your pet? This can be a big financial decision for a pet owner. With so many opinions on whether or not this type of coverage is worth the money, you may be confused on how best to move forward. The best-informed consumers generally have an easier time making a decision, so make sure you have the basic knowledge down.
What is and is not covered?
While health insurance for a human may cover a wide range of medical conditions, the same is not always the case with pet insurance. For this reason, you need to know what a policy covers before you make a purchase.
For example, does the plan cover genetic conditions? This may be important if your pet suffers from an inherited health problem. Did you know that poodles, for example, are prone to an eye problem called progressive retinal atrophy? If your pet insurance policy does not cover some common conditions, you may find yourself paying out-of-pocket for pet health care in the future.
Is there a coverage limit?
This is one of the most important questions to ask. Some pet insurance policies may have a lifetime benefit payout. In short, this means that once the provider pays a certain amount in benefits they are not obliged to cover anything else. This may not be an issue in most cases, but if your pet gets seriously ill or injured it could become important.
Additionally, many pet insurance plans have a per-incident limit. As the name implies, this means that your insurer will only cover up to a set amount per claim. The rest of the bill is your responsibility.
Which pet insurance is best?
Just like health insurance for humans, there are many companies selling pet health insurance. In a competitive industry, it is a buyer’s market so you have every chance of finding an adequate policy at a reasonable price. The policy you choose should be as appropriate as possible to the health needs of your pet.
As you compare pet insurance companies, consider the following details:
- How much does the plan cost per month, or per year?
- Exactly what is and isn’t covered?
- Does the insurer have good customer service?
Is your vet in-network?
You are probably already familiar with a particular veterinarian who provides your pet’s health care. However, when you buy pet insurance you may only be covered for treatment received from a vet in the insurer’s approved network. This is a detail to check on before you purchase a policy. Changing to a new vet is not the end of the world, but it is something that some people would rather avoid.
How do I buy pet insurance?
Once you make the decision to obtain pet insurance, you may find these three steps a helpful guide:
- Compare multiple policies from multiple insurers
- Ask any questions that are on your mind
- Make a final decision based on the “three C’s”: cost, coverage, and customer service.
With this advice, you should find it simple to buy health insurance for your pet – if you decide that this is something that you want to do.
- Pet Insurance: To Buy or Not to Buy
- Pet Insurance Coverage: Discover the Perfect Plan
- Pet Insurance In Australia: The Facts
- Should You Get Pet Insurance?
- Where to Start With Pet Insurance Comparison
This article is opinion only and should not be taken as financial advice.
Filed Under: Insurance Comparison