INTRODUCTION TO PET INSURANCE
WHAT IS PET INSURANCE
Pet insurance is insurance that pet owners use to cover the costs of veterinary care. Just like your personal health insurance, you pay a monthly or annual premium to the insurance company, just like with your own insurance the insurer reimburses you for certain medical bills for your pet.
The Basics of Pet Insurance
- Premiums payments: You make regular payments (monthly or annually) to maintain your pet's insurance coverage.
- Waiting Periods are required: There are waiting periods between the time you purchase a policy and when you can file a claim for coverage. This waiting period is to prevent you from waiting until your pet is sick, then getting insurance. This waiting period can vary depending on the insurer, it is usually a 30 day period and there are also various conditions included.
- Take your Pet to the Doctor: You take your pet to any licensed veterinarian for treatment for the covered event, accident or illness.
- You have to pay the bill at time of service: you pay the medical bill upfront and then you file a claim with your insurance company for reimbursement of the covered event. It is possible to have the Insurance Company pay the Doctor directly, "Direct Pay".
- Variable Deductibles: There are variable deductibles, each policy is different and will state it in the policy, which is the amount you pay out-of-pocket before your insurance coverage begins. This can be an annual deductible or per incident.
- Getting your Reimbursement: Once you've met your deductible, a set amount such as $250.00, the insurance company will reimburse you for the covered veterinary expenses, based on your plan's reimbursement rate which is 90%, (standard in the Industry)
- There are limits to coverage: Your policies will have an annual limit, which is the maximum amount the insurance company will reimburse you within a policy year. There are Policies that do not have limits which will cost more.
COVERAGE FOR YOUR PET
- Accidents: If your pet gets hit by a car, broken bones, cuts, accidental poisoning from drinking anti-freeze, or foreign object ingestion, they ate your favorite shoes.
- Illnesses: Common Diseases and ailments like cancer, parasites, tick born, diabetes, arthritis, infections, allergies and fungus.
- Diagnostic testing: Testing to diagnose accident injury and sickness include MRI, , blood work-up and diagnosis, X-rays, ultrasounds,
- Surgery and hospitalization: When covered for an accident or for a serious illness, always check your policy for your limits on coverage.
- Prescription medications: Are covered for the treatment of a covered accident or serious illness, this does not include routine wellness medication unless you have a rider for your policy.
What Pet Insurance Doesn't Cover
- Pre-existing conditions: You can not wait until your pet gets sick to get a policy. Tumors, sickness that existed before you decided to get insurance.
- Preventive Care: Services that include vaccinations, wellness exams, spaying/neutering anal glands and nail clipping are not covered by basic plans but are offered as a rider as an add-on wellness plan.
WHO CAN SELL PET INSURANCE
Insurance companies that offer Property and Causality insurance can also sell pet insurance policies. There are also companies that specialize only in pet insurance.
To sell pet insurance, individuals typically need a property and casualty insurance producer license. Using a licensed insurance Agent assures you that the Agent has product knowledge and can give you a good explanation of the different types of pet insurance and the coverage options that you can get and how they are related to the cost. A licensed insurance agent can also educate you on your consumer rights as a policy holder. An agent will find pet insurance for dogs and pet insurance for cats. Cat health insurance and dog health insurance have many differences and an agent can guide you through all the steps.
DOES EVERY DOCTOR TAKE YOUR INSURANCE
Not every doctor will take every type of pet insurance , just like your family doctor they have preferences to what companies they prefer to work with. Always check in advance to see what your best choices are. If you are paying up-front, like most pet insurance require, the Veterinarian has no say. You are not limited to a network of providers. You can use your preferred Doctor, get your pet specialty care, or visit an emergency clinic, regardless of whether the Doctor accepts your insurance or not.
You have the ability to choose any licensed Veterinarian you want! The reason is because you pay for the entire bill at the time of service, then submit the claim to your pet insurance. This claim will include the itemized invoice from the visit and the necessary medical records to support the claim. Once your claim is processed and approved, your insurer will reimburse you for the covered expenses, minus any deductible and copay. The standard insurance covers 90% of the covered event.
Direct pay option
This policy is not as common as pay up-front, the insurance company pays the Doctor directly for the covered portion of the medical bill. Direct pay must be set up in advance with your policy and your Veterinarian must approve it in advance.
WHY YOU NEED PET INSURANCE
Pet insurance is becoming increasingly popular and beneficial for pet owners for several key reasons, primarily related to managing the unpredictable costs of veterinary care. Accidents and illnesses that happen to your pet are very expensive to treat and cure. When you add up the cost of unexpected veterinary bills such as x-rays, surgeries and prescription medications, this gets into the thousands of dollars.
When you have Pet Insurance you do not have to worry about the financial hardships, but you can focus on your pet and getting your Furry friend all the medical treatment necessary to save it. You can make the right medical decisions with out being concerned with where the money is going to come from.
Pet Insurance will ensure that your loved pet will be able to receive the best available medical treatments that normally you would not be able to pay for.
Some plans include coverage for routine wellness exams, vaccinations, and other preventative care, helping you stay proactive in maintaining your pet's health and catching potential issues early.
Most providers offer customizable plans, allowing you to select coverage levels, deductibles, and reimbursement percentages that fit your budget and your pet's needs.
pet insurance policies allow you to choose any licensed veterinarian or specialist, giving you the freedom to seek care wherever you prefer. Pet insurance for dogs and pet insurance for cats are available with many variables. Pet insurance comparison , side by side pet insurance comparison is necessary to save money, ask your insurance agent to guide you.