Pet Insurance

What is Pet Insurance?

Pet insurance is health insurance for animals. Pet Insurance operates just like health insurance for humans, with premiums payments, and deductibles, and various coverage plans. Plans are based on the pet’s age, species, pre-existing conditions, and in some cases, whether they are indoor or outdoor pets. Most companies begin their coverage for pets when the pet is between 6 or 8 weeks old. Depending on the company, the policy may be extend the lifetime of the animal, or it may expire after your pet has reached a certain age.

There are many downfalls of pet insurance: the deductibles will most likely be high, you will be required to co-pay the vet bills, and there may be potential yearly caps that prohibit you from receiving financial benefits once your bills have exceeded the set yearly amount. Pet insurance can cost anywhere between $2000 and $6000 during the life of your animal. If you are considering this kind of insurance, it would be wise to purchase it while the pet is still young; as the animal ages, it becomes increasingly difficult to find a company who will insure it.

What to Ask Before Purchasing Pet Insurance Plans

There are some specific questions that it would be wise to ask before selecting a pet insurance policy.

-Does the insurance company use a network or provider list? If your veterinarian is not on this list, you may want to consider the added expenses that may accompany this (increased driving time, etc.)

-What are the exclusions? Does your pet have pre-existing conditions that will not be covered by the policy? Are routine preventive treatments excluded?

-What are the deductibles or co-payments? How much will you be required to pay out of your own pocket before the company steps in?