Treatment & Specialties
Pet Insurance: Don’t Get Caught Off Guard
Talia Yourell, CVT
It seems that the price of everything from a coffee to real estate and all things in between has increased exponentially over the past few years. Unfortunately, veterinary medicine has felt the impact of these economic changes as well, as our cost of doing business has also increased. This begs the question: in an uncertain economy, how can you afford care for your pet if something unexpected were to happen to them? The answer is pet insurance.
Over the past 10 years or so, the popularity of pet insurance has skyrocketed, and for good reason. Having the reassurance of knowing that your ability to seek care, perform necessary diagnostic tests and accept treatment on behalf of your pet is inextricably linked to your ability to pay for these services. While you can budget for anticipated costs like annual wellness visits, vaccines, and monthly preventatives, you cannot always plan for a foreign body ingestion, a broken bone, or an acute toxicity. While we all want to be able to provide “gold standard” care to our pets, that can be costly. This is where pet insurance comes in.
Who needs pet insurance?
Anyone that is not financially comfortable with the possibility of spending more than a few hundred dollars on a potential emergency vet visit should consider pet insurance. Most importantly, anyone who wants the freedom to be able to approve recommended testing and treatment for their pet should consider pet insurance.
When should I get insurance? Am I too late?
When it comes to enrolling your pet in an insurance program, the sooner the better. Puppies and kittens are notorious troublemakers. They eat things, fall from high places and cause all sorts of mischief. Middle aged pets develop allergies, are susceptible to injuries and will begin to show other long-term issues. Older pets develop chronic disease, masses, and are more likely to be diagnosed with cancer.
It’s important to note that most insurance companies will not cover prior illnesses (pre-existing conditions), so it is ideal to insure your pet before any signs of illness. For puppies and kittens, this means the day you bring them home. While it may be too late for any illnesses your pet has already been treated for, you may still want to consider if pet insurance would help your pet (or future pets) down the road.
It’s important to note that you shouldn’t cancel your insurance plan after puppy/kittenhood because if you decide to re-insure them down the road, any issue that the pet has been seen for that was previously covered will then be considered a pre-existing condition and will no longer be covered.
How much does insurance cost?
In Massachusetts, insurance plans for dogs start around $25 for accident-only plans, and can go higher than $70 a month for comprehensive plans that include many options. Insurance plans for cats tend to be about $5 less expensive per month.
Factors to Consider When Purchasing Pet Insurance
There are a variety of companies and plans to suit most people’s needs. Here are several things to consider when choosing a plan:
- Plans are available from the basic level that includes only accidents, to more comprehensive plans that include accidents and illnesses. Some have options to add coverage for preventative care/wellness services such as vaccines, spay/neuter surgery, dental work, etc.
- Be sure to note if the office visit is covered as part of your plan, as well as if your plan limits you to certain hospitals/providers.
- Look at the deductible amount, percentage of reimbursement and maximum yearly coverage amounts. These factors can often be adjusted to affect your monthly cost.
- Watch for age ranges, as some plans will not insure older pets and most require that the pet be at least 6 or 8 weeks old.
- Find out if the plan has restrictions on covering breed-related diseases.
- There may be wait times before you can use your benefits.
- Insurance companies may require prior approval for anticipated expenses, such as planned surgeries.
It is important to fully understand your pet’s insurance plan before signing up, including the process for filing claims and being reimbursed. Most pet insurance carriers will reimburse you as your plan covers, but you have to pay the bill first.
Pet insurance is an investment in your pet’s health. A single visit to the ER could make your investment worth it, and potentially save your pet’s life. To compare insurance quotes from top providers, visit https://quote.petted.com/quote.