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Protecting the
smallest member of your family: A step-by-step
guide to pet insurance
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. | |
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About
The Author... |
| Burke Jones is a
frequent contributor to Pet Health Depot writing
about Dog Insurance and Cat Medicine.
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