If you’re wondering how to find the best dog insurance, you’re not alone. Pet health insurance has been around for decades, but many pet owners are still unclear about how it works, how much it costs, and whether it’s worth buying. Read on for all the details.
What is pet insurance?
Pet insurance pays you a portion of your covered medical bills if your dog is injured or sick. Pet insurance works differently from human health insurance in that:
- You can see any vet of your choice — no need to look for an “in-network” veterinarian or clinic.
- You pay your veterinary bill in full at the time of service, then submit your claim directly to the pet insurance company for reimbursement.
- Pet insurance usually only pays for accidents and illnesses. Unless you purchase additional health care insurance, preventive services such as annual exams, vaccines, deworming, tooth extraction or castration and tooth cleaning are not covered at all.
Dr. Emily Tincher, senior director, veterinary relations at National pet insurance. “It is important to buy health insurance for pets when they are young, if possible. The older the pet, the more health problems are out of the coverage.”
Pet insurance terms and what they mean
To find the best dog insurance for you, it helps to understand the terminology of pet insurance. Some of the most important terms to know include:
Reward: The cost of purchasing pet insurance for a year, paid as an annual or monthly sum.
Deduct: A flat fee that you pay before coverage takes effect. Deductions can be annual (you pay only one deductible per year) or incident/conditional (you pay a deductible each time your dog develops a new problem).
Co-insurance: The percentage of bills you are responsible for paying after the company pays for covered services. Coinsurance is separate from the deductible. For instance, if your vet bill is $100 and your coinsurance is 20%, you will be liable for $20 and the insurance company will reimburse you for $80.
Payout: The amount the insurance company reimburses for your pet’s vet bill. In the example above, $80 of the $100 vet bill is the payment.
Before the status quo: A documented medical condition your pet had prior to the commencement of the policy. Nearly all pet insurance providers in the United States exclude pre-existing medical conditions, which is why it’s best to buy pet insurance when your dog is young, before when they develop any health problems.
To exclude, to expel: Conditions and treatments are not covered by the policy. Before purchasing a pet insurance policy, find out what is not covered. Some policies exclude hereditary conditions in purebred dogs, hip dysplasia, and cancer.
Meantime: The amount of time you have to wait from purchasing a pet insurance policy to submitting your first claim. Waiting times may vary for different types of requests. For example, you can claim an illness or injury 14 days after the start of your contract, but you may have to wait six months to file a claim for an orthopedic condition like dysplasia. hip bone.
Request limit: Most policies have a maximum reimbursement amount, which can be annually or over the life of the pet (if coverage is continuous).
Understanding the cost of dog insurance
The cost of pet insurance can vary depending on the type of coverage you want and other factors, including your dog’s breed and age, whether it has been spayed or neutered, and where you live.
Puppies are the least expensive to insure. The cost of insurance for an adult dog is higher, with rates increasing gradually with the age of the dog. Premium dog insurance is the most expensive, and some companies even “age” dogs after a certain age.
Dr. Tincher points out that after a certain point, even if an older dog can be insured, there can be a lot of exclusions due to pre-existing conditions that make this policy not really much used.
The best time to buy pet insurance is when your dog is young. If you have adopted an adult dog, get insurance as soon as you bring the new pet home.
“In general, the smaller the dog, the less likely it is to have underlying medical conditions or health problems when enrolled, so the plan will cover more conditions if needed, and insurance also tends to be less expensive,” says Jenna. less expensive for younger pets.” Mahan, registered veterinary technician and claims director at Embrace Pet Insurance.
There’s another good reason for new puppy owners to sign up for pet insurance right away – puppies tend to get sick and hurt more often than older ones.
Christie Ross, customer service manager of Pumpkin pet insurance. “If urgent surgery is needed, you might see a vet bill of more than $5k for an unexpected accident. Puppies also have more fragile immune systems than adults, making them more susceptible to certain diseases.”
So how much is dog insurance?
Pet insurance costs vary widely, but many companies allow you to customize your plan so you can choose the best pet insurance for your budget. When choosing your policy, you can usually choose from different deductibles, coinsurance, and maximum payouts.
Higher deductibles and coinsurance, for example, have lower annual premiums, but you’ll pay more per vet bill. Lower deductibles and coinsurance have higher annual premiums, but you’ll pay less each time your dog sees the vet. Policies with higher maximum payouts also have higher annual premiums.
Pet insurance health insurance for dogs
Jenna points out that pet coverage varies from provider to provider, but typically healthcare is not covered. “However, to save on these costs, pet owners should consider looking for a plan that offers other cost-savings for prevention and routine care,” she says.
Many pet insurance companies offer health insurance, which you can add to your accident and illness policy for an extra fee. Health insurance reimburses you for a portion of pet health care that is not covered under your regular policy. This can be helpful in budgeting for preventative veterinary expenses that are predictable throughout the year. However, sometimes paying out of pocket for good pet services can be a better option than purchasing a wellness plan.
“We recommend that pet families consult their primary care veterinarian to understand the recommended routine care for their pet, considering the breed,” says Dr. or a mixture of animal, size or other lifestyle factors. This information, taken together with your financial situation, will help you decide if health care insurance is right for your pet.
How to get pet insurance
The oldest pet insurance company, Nationwide (formerly Veterinary Pet Insurance, or VPI), was the first to offer pet health insurance in the United States. Forty years later, Nationwide is still the largest supplier.
Although the pet insurance market was once quite small, there are now more companies offering pet insurance than ever before. The growth in the pet insurance industry can be attributed to a number of factors, including the rise in pet ownership and the anthropomorphization of pets, especially during a pandemic when people connect and spend time together. more time with their pets.
Preston Turano, veterinarian and spokesperson for AKC pet insurance, another longtime pet insurance provider. “Veterinary treatment and costs have also increased, with the price of veterinary services increasing by 10 per cent over the past year. This is the biggest spike in records dating back two decades.”
Along with the older pet insurance providers, many newer companies have entered the market, offering diverse pet insurance products. The North American Pet Health Insurance Association (NAPHIA), a trade association for the pet insurance industry in the United States and Canada, lists nearly 40 U.S. companies offering pet insurance, plus nine in Canada. To browse insurance providers, visit the NAPHIA membership page this.
Pet insurance – is it worth it?
Buying pet insurance can feel overwhelming, but today’s variety of insurance companies and products means pet owners have the flexibility to choose a policy that’s right for them. both their needs and budget. When researching companies and policies, check online reviews and read policies carefully. If you have a purebred dog, look for a plan that doesn’t rule out genetic conditions in purebred dogs. Compare several companies and plans before choosing one to make sure you’re getting something that’s right for you and your dog.
Finally, choosing to purchase pet insurance can give you more peace of mind. While you hope you’ll never need it, you’ll be happy to have it if your dog is sick or seriously injured.
