The Benefits of Having Pet Insurance
Just like your car or home, your pet can have major medical issues that require professional veterinary care. And these bills can add up quickly.
It’s wise to have pet insurance to protect your wallet and prevent dipping into a designated savings account when unexpected expenses arise. Here are some of the top benefits of having pet insurance.
Cuts Down on Vet Costs
If you have pet insurance, any eligible vet costs will be covered after your deductible has been met. This can make a huge difference when an unexpected illness or injury strikes, and it keeps you from having to dip into your family’s emergency savings fund for your furry family member.
Some pet owners end up putting off necessary veterinary care for their pets because they simply can’t afford it. This can be very sad for the pets and their families, and it can even lead to euthanasia if the condition gets worse.
Before you sign up for a plan, consult with your veterinarian to get the most accurate and helpful information about what is covered and excluded from each policy. Find out how much the premiums will increase over the lifetime of your pet and how the deductibles will change, as these factors can impact the cost of the coverage. Also, look into a more modest “accident only” option that won’t cover illnesses or diseases–this can be quite affordable and is worth considering.
Protects You from the Unexpected
Pets are prone to accidents and illness just like any other members of the human family. Often, these illnesses and injuries require treatment that can be expensive. With pet insurance, you can rest easy knowing that you don’t have to worry about the potential costs of caring for your furry family member if an emergency arises.
You can customize your pet insurance policy to meet the specific needs of your pet by adjusting your annual deductible, maximum payout, and reimbursement level. You can even add coverage for hereditary conditions that don’t show up until later in your pet’s life, such as hip dysplasia or heart disease.
Typically, you’ll want to sign up your pet for a health insurance policy when they are young and healthy. This way, you’ll have access to the most benefits throughout your pet’s lifetime. However, most insurance companies have age restrictions, so be sure to check with your provider for details. They’ll also explain how pre-existing conditions are treated in their policies. Most will cover them if they’re curable and don’t recur within 180 days.
Promotes Regular Vet Care
Pet owners who have pet insurance are more likely to bring their pets to the vet for routine checkups, vaccinations, and teeth cleanings. This is important because health problems that are not detected and treated in time can become expensive or even life-threatening.
Pet insurance plans typically work differently from human health insurance, in that they reimburse the policyholder for claims rather than paying the veterinarian directly. This allows pet owners to visit any licensed veterinarian in the country without being limited to “in-network” providers.
Having pet insurance also promotes regular preventative care, such as routine vet visits, vaccinations, and heartworm prevention. Many insurers offer stand-alone add-ons that can cover things like dental illness, physical therapy, and behavioral treatment. This type of coverage can be especially helpful if you have multiple pets and are concerned about the cost of caring for them all at once.
Increases Treatment Options
Many pet parents choose to save money instead of paying for insurance. While this may help for some procedures, emergencies like Alexis’s can quickly drain savings, especially if the pet requires multiple trips to the vet for treatment and follow-up visits.
Pet insurance plans also reimburse for prescription medications and health supplements to treat illnesses, such as pain relievers or antibiotics. They can also cover the cost of pet food to manage chronic conditions, such as diabetes or thyroid problems.
Some pet insurance providers offer plan add-ons for routine care, such as annual wellness exams and vaccines. These typically have lower annual limits and deductibles, but don’t necessarily include hereditary or pre-existing condition coverage.
Some policies also have lifetime deductibles, so a pet doesn’t need to meet a new deductible each year for the same condition. This helps keep claims more streamlined, allowing pet owners to close claims in as little as five minutes. Some even pay veterinarians directly, which can be helpful for unexpected issues that require immediate attention.
Trims Down Costs of Expensive Procedures
Whether you want pet insurance to cover your dog or cat’s teeth cleaning, annual shots, or even spay and neuter surgery, you can find a plan that meets your needs. However, it’s important to understand what’s included in each policy before you choose one.
Most pet insurers will provide you with a schedule of benefits, which lists the covered conditions and the monetary allowance for each diagnosis. Some will list secondary diagnoses or conditions, which receive financial reimbursement in addition to the primary diagnosis. You’ll also want to look for a policy that covers hereditary diseases and conditions if your furry family member is prone to them, such as hip dysplasia or cataracts.
Most providers won’t cover preexisting conditions, but if your pet has a curable hereditary condition and it goes untreated for 180 days, the insurer may consider it a new condition and reimburse you accordingly. However, the length of the waiting period varies among providers. Some have a 90-day wait, while others require a longer wait before covering your pet for preexisting conditions.
Pet Insurance is Available to Pets of All Ages
If you haven’t purchased pet insurance yet, now is the time to do so. You can get quotes from different companies and choose a plan that fits your budget. You can pay for your policy monthly, quarterly, or annually.
It’s best to buy a comprehensive plan that covers accidents and illnesses. You may be able to add routine wellness care as an additional option. The plan’s annual deductible and maximum coverage will determine how much you’ll receive in reimbursements for each covered visit or procedure.
The schedule of benefits lists the conditions covered by your policy and specifies a monetary allowance for each condition. Some pet insurance policies exclude pre-existing conditions, but others do not.
For instance, if your dog has hereditary knee issues, it may need surgery for a cruciate ligament injury that will be considered a pre-existing condition. However, if the injury happens within 180 days of the start of your policy, the company will cover it like any other accident or illness. Then you can focus on getting them the care they need without worrying about how much it will cost.
Pet Insurance Protects Your Savings
When it comes to smart financial planning, you need to protect what matters most – and that often includes your family pets. Having pet insurance can help you do that.
Just like any other kind of insurance, pet policies have deductibles, limits, and annual premiums. But a good policy can cover the vast majority of your vet costs, lessening or even eliminating your out-of-pocket expenses.
This coverage can prevent you from dipping into your emergency savings or other funds to pay for an unexpected pet health issue. It can also reduce your stress levels and give you peace of mind knowing that you’re prepared if an expensive problem arises.
It’s best to get your pet insured as soon as you can, preferably at a younger age, when it’s less likely that pre-existing conditions will negate related coverage. However, it’s still possible to sign up your furry friend at any age. Just make sure you carefully research each company and compare their policies to find the best fit for your family.
It Can Reduce Pet-Owning Stressors
Pet ownership can be stressful enough without having to worry about pricey vet bills. As Nerdwallet explains, pet insurance can prevent you from having to dip into your emergency savings fund for your dog or cat’s medical care.
Most pet insurance policies have low deductibles, which limit your out-of-pocket expenses. They also typically cover some breed-specific health conditions. Some policies also offer routine wellness coverage, including vaccinations and annual checkups, as an add-on.
The best time to enroll your pet in a pet insurance plan is while it’s young. Premiums are generally cheaper for pets that are younger and less likely to have pre-existing conditions.
It’s also important to understand that most pet insurance plans don’t have healthcare “networks,” and you can use any veterinarian you choose. Most pet insurance plans also don’t cover certain types of veterinary procedures, such as spay and neuter surgery, or preventive care like teeth cleanings. Some policies, however, do cover these services, which is why it’s important to research the options and prices available to you.