Veterinary pet insurance is a great way to help pay for unexpected veterinary costs associated with your pet. Most people get a pet expecting to pay for certain things, mostly wellness visits and routine surgeries, however, accidents and illnesses can be very costly and are often not planned or budgeted for appropriately. Most of the pet insurance companies offer different levels of plans based on your desired deductible, the amount you must cover of the total amount. These deductibles can be annual or per event. Based on your chosen deductible, your monthly premium, or cost, will be determined. The younger your pet is when you register and pick a plan, the cheaper the premiums usually are. Premiums are also determined based on the breed of your pet. Preexisting conditions are typically not covered, but in special circumstances they can be considered “cured”. For example, if your pet has had an ear infection, but it has not recurred within a certain amount of time decided by the company, it will no longer be considered a preexisting condition and will be eligible for reimbursement based on your plan. With most companies, you are responsible for the costs upfront, and then you must submit your invoice to the company in order to be reimbursed, up to a certain percentage of the total cost after subtracting your deductible.
Companies vary based on what conditions they cover, and if they cover wellness expenses or not. There is a helpful chart that helps compare the different companies and their options. It is important to review the different options that are available and decide which one is the best option for you and your pet. A veterinarian can also help you decide by discussing which diseases or conditions your pet is more likely to develop during their lifetime. If you are hesitant to pay
for insurance, another option is to put the same amount you would be paying for a monthly premium into a special savings account that you could have ready in case of a medical emergency.
You don’t want to find yourself in a situation where you are unable to pay for the medical care your pet needs, so it is important to have a back up plan in place, whether that is insurance, or a special savings fund.