Admit it – you’ve asked yourself this question at least once since you got your new pet! And as many pet owners, you might’ve labeled it as an unnecessary expense in your financials. But think about this scenario: your pup injures her leg, and you need to rush her to the nearest ER clinic. And as a result, you face an expensive veterinary bill due to the fact that your pup needs immediate surgery and additional post-op treatment. And because you don’t have a pet plan, you will have to cover for the costs from your pocket, or consider the worst-case scenario: the euthanasia!
Of course, not all pets get injured at all times. So, you shouldn’t expect your dog to get a daily injury. Still, there are plenty of unexpected accidents in which your pet can get involved. And studies show that 1 in 3 pets (no matter if they’re a cat or a dog) need unexpected veterinary care yearly. And if you’re unlucky and your pet ends up in this situation, you will most likely go into financial distress. Pet owners love their pets so much that it’s not uncommon for them to go into debt to offer immediate care for their fluffy friends.
Still, having pet insurance can offer you a lot of peace of mind. It can save you the hassle of making a difficult decision between your finances and your pet’s life. Besides, you can even access additional amenities, which in turn can boost the lifespan for your furry friend. Hence, if you’re considering pet insurance, read on to find out the basics of this marvelous tool for your pet care.
Fast facts on pet plans
Pet plan was introduced back in the 1980s. But they didn’t get immediate popularity amongst pet owners as it was the case with Europe. In the US, pet plans started to gain recognition at the beginning of the 2000s, when major providers began to advertise the benefits of having your furry friend covered. Still, up until today, the skepticism revolving around this concept didn’t cease to exist. Market data shows that only 1% of pet owners opt for having their pets covered, even though this type of plan is rather affordable when compared with other types of insurances.
So, what’s behind a pet plan?
The basics of a pet plan are quite similar to other insurances you might get for yourself or your home. All you have to do is cover for a monthly premium, and deal with deductibles and co-pays that might come from the treatment of your pet. Mostly, pet plans function based on a reimbursement system, so you will have to cover upfront for the vet costs and request reimbursement later. To submit a claim, you will have to prepare documents that reveal your vet’s opinion on the issue, the invoice, and any other documents the provider might request. Based on the type of package you have – you can receive coverage for something between 20-100%.
Anyhow, numerous providers consider a direct billing solution. This means that your veterinary office will issue an invoice directly to your pet plan provider. You will still have to cover upfront for the amount that won’t get covered, but some say this is a faster approach to the concept.
Even though pet insurance might seem simple, it is always recommended to research and asses the offers from different companies before settling on a plan.
The average price of a pet plan
You should know that the cost of a pet plan depends on both the providers and the features you select. It can vary between a $10 and a $200 monthly fee for each pet you insure. Mostly, a pet plan for a dog is slightly pricier, with an average of $25, while a cat can be insured for $15. Anyhow, there are many characteristics that can impact your coverage and monthly costs for a pet plan:
- The pet’s breed (purebred pets are costlier);
- The pet’s age;
- Whether or not the pet is spayed/neutered;
- The area you live in;
- Pre-existing health issues;
- The annual coverage;
- The amount of deductible you opt for;
- The type of reimbursement you select;
- Extra coverage included in the plan.
Overall, it is highly recommended to take some time and analyze distinct offers and coverages from various providers. An excellent place to start might be PetInsuranceFinder.com. This is an online service that can aid you to look at numerous pet insurance plans and compare them in one place. In this way, you will get an accurate idea about the features of a policy and how they can match your pet’s lifestyle.
Coverage & pet plans
The coverage for your pet insurance is an important aspect you need to assess carefully. As a general rule, pet plans are created to cover for accidents and unexpected health problems. And preventive care is usually not included. Such exclusions might refer to yearly check-ups, vaccinations, or grooming. For such situations, a savings account for your furry friend might help you plan ahead for the costs.
Still, even though most companies don’t offer coverage for preventive care, you can still manage to identify a couple that can help you with those costs, too. This is known as wellness coverage, and it represents an add-on to your standard policy. Keep in mind that this can have a direct impact on your premium, and it can increase the total value.
An important thing you shouldn’t overlook is that pre-existing health problems are not included. This is a safety measure for the company so that people are not enticed to enroll in a plan after their pet got sick. As such, it is always best to get a pet policy when your furry friend is still young so that you avoid unnecessary hassle. Also, if you have a breed predisposed to specific health issues, you should look for a plan that offers that particular coverage.
The conclusion about pet plans
So, the bottom line is that pet plans represent a significant decision you need to take for both you and your pet’s wellbeing. And if you are one of those pet parents who will do anything for their pet, insurance is the best approach for you. Still, when choosing coverage for your furry friend, it is best to research and asses the features of several policies before settling on one. The purpose is to find the best match for your pet’s lifestyle so that you will receive great coverage when needed. Anyhow, you can avoid financial distress with pet insurance, and we can say for sure it will get you a lot of peace of mind and help you with protecting your family, too.