Anybody who has pets knows how expensive medical costs can be. A single medical procedure for a pet can easily cost a thousand dollars or more. For some their pets are like members of the family and if medical procedures can ensure the pet lives a few extra years many will gladly pay the price.
However, something new is becoming popular among pet owners. That is pet insurance which costs around three hundred a year. For a price similar to human health insurance people can be sure that there is money available when their pet needs medical care just that same as with human medical care.
Each pet insurance company offers different policies, and it is important to carefully compare the options to make the final decision. Here are ten tips to help you in comparison:
1. Which Deductible Should You Choose?
Choosing a higher deductible will lower your monthly premium, but means your out-of-pocket will be higher each time your pet requires medical treatment.
2. What are the Policy Limits?
Modern veterinary medicine can be sophisticated and extensive, which can make low per-incident limits (or low lifetime limits) unrealistic. You should choose a plan that covers the true costs of unexpected illness and accidents.
3. Look for plans that cover illnesses, accidents, and optional routine care.
• Illnesses –Common ailments are covered by any policy, but what about chronic diseases like cancer or diabetes? Are they covered, as well? For how much?
• Accidents – cuts and broken legs should be covered. In an accident only plan, look for surgical coverages that include removal of swallowed objects and treatment of hernias.
• Routine Care – these optional coverages may include such preventive measures as annual exams, vaccinations, teeth cleaning, and diagnostics such as blood panels and urine testing.
4. How is Your Reimbursement Calculated when You File a Claim?
This may be the most misunderstood and most important part of your pet insurance coverage.
Reimbursement is calculated in one of two basic ways:
• either as a fair and straightforward percentage of your veterinarian's bill, or
• as a percentage of a benefit schedule which limits the amount the insurance company is willing to pay.
The actual reimbursement as a percentage of a benefit schedule can be as little as 30% of your vet bill. Avoid surprises by knowing what you're buying.
5. Can You Choose Any Vet or Are You Restricted to a Network?
Look for plans that allow you to visit:
• The Veterinarian You Choose – Don't buy a policy that requires you to select a doctor you don't know from a list. Be sure you're allowed to visit any licensed Veterinarian.
• After-Hours Emergency Care – Illnesses and accidents sometimes happen after normal business hours. Does your policy cover emergency care at 2 a.m.? You'll also want to be sure your use of an emergency clinic doesn't reduce the amount of coverage allowed for follow-up care.
• Specialists – When your pet needs treatment by a veterinary ophthalmologist (eye care) or veterinary oncologists (cancer), you'll want to be sure your policy covers specialist care.
6. Who Determines Your Pet's Treatment?
Pets Best believes you and your veterinarian will determine the best course of treatment for your pet. Choose a plan that doesn't limit your choices with a complicated fee schedule, or benefit schedule.
7. What is Excluded?
Amazingly, there are pet insurance companies who will not list treatments and conditions that are not covered by their policies. Be sure you ask for specifics about what is and is not covered by your policy so that you know which treatments are available for your pet.
8. Does Your Veterinarian Recommend the Pet Insurance Company?
Your vet's staff members have heard all the news, good and bad, from other policy holders. Ask which one they recommend.
9. Is the Pet Insurance Company Licensed in Your State?
You'll have the coverage you need when you choose a pet insurance company that's regulated by your state government. Choose a company that's licensed in your state.
10. What Experience Can I Expect?
When you have a problem, or you need help with a claim, a pet insurance company who employs pet lovers who care, and who understand pets, can make all the difference.
We hope that these ten suggestions make you better understand pet insurance.
