Understanding Pet Insurance: Is It Right for You

Pet insurance brings peace of mind. When unexpected medical costs arise, pet insurance can keep you from having to make tough decisions. This guide gives you more information on pet insurance so you can decide if it’s the right option for you and your furry friend.

An Informed Decision

Pet insurance policies differ based on a pet’s age, breed, and medical history. No matter what, though, pet insurance can mitigate possible emergency illnesses or accidental injuries. Additionally, as pets age, certain age-related illnesses can affect quality of life. Basically, pet insurance can help offset certain medical costs for pets of any age.

A Bird’s Eye View

Generally speaking, owners can choose between three basic types of coverage, which are:

• Accident-only plans: these typically have a lower monthly premium and are designed to help with costs related to emergency treatments of sudden illness or injury. Many pet owners buy this type of plan when their pet is young and more susceptible to acute, not chronic, conditions.
• Comprehensive plans: these cover treatments for a range of issues, including emergencies or accidents. They can be more costly every month, but have more protection against breed or age-specific conditions. 
• Wellness/preventive care plans: these help reduce the costs associated with routine care, such as exams and vaccinations. This type of coverage can be added on to other types of plans to help owners manage the costs of preventive care. 

The Nitty Gritty

Pet insurance policies usually use the following terminology:

• Deductible
• Premium
• Co-Pay
• Co-insurance
• Coverage limits
• Exclusions
• Pre-existing conditions clauses
• Reimbursement maximums

When deciding between plans, take a good look at your personal finances to see how much you can afford to pay per month toward the policy (premium). It may be worthwhile to set aside a certain amount every month toward paying the policy’s deductible. 

Pet Insurance Benefits

Have a working knowledge of the plan’s deductible; some can be very high, meaning that you have to pay for a certain amount of veterinary expenses before the plan’s coverage kicks in. You’ll probably have a higher out-of-pocket payment before you’re able to submit a claim. Other deductibles can be very low, but your monthly premium may be higher. Be aware of your plan’s reimbursement levels and when you’re able to submit claims. 

There are bound to be things that are listed as “not covered” in any plan. If your pet has a history of certain illnesses or injuries, or their breed increases their risk for developing specific conditions, you may not be able to receive reimbursement for treatments. 

Affordability and Coverage

It can be very confusing to begin the process of shopping for pet insurance. We recommend taking your time, asking for feedback from trusted sources, and familiarizing yourself with all the various terms that either limit coverage or reduce potential reimbursements.

Our staff at Beverly Hills Veterinary Associates are knowledgeable about a range of insurance products available to pet owners. Please call us at (248) 646-5655 with any questions or concerns.