Although rising policy sales over the past few years suggest there is growing interest in pet insurance among American pet owners, the U.S. market still has a long way to go if it is to achieve the level of penetration seen in Great Britain (25% of dog owners) or Sweden (nearly 50% of all pet owners), since the rate of pet insurance ownership in the United States is still in the low single digits. At the core of the challenge are a much tougher regulatory environment for pet insurance in this country, concerns that existing plans do not offer enough value, competition from managed veterinary care providers and discounters, and a lukewarm feeling among veterinarians and retailers when it comes to promoting pet insurance to their clients and customers. Nevertheless, marketers and investors remain optimistic, bringing to bear in this market an increasingly sophisticated arsenal of strategic initiatives.
First of all, we must clarify the definition of pet insurance. Pet insurance is simply “peace of mind” for dog and cat owners. If you own a dog or a cat, it is inevitable that you will one day have to take them to the veterinarian. Pet insurance reimburses the money you spend on veterinary care for your cat or dog, so you won’t ever have to choose between their health and your personal finances. With a pet insurance plan, you can rest easy, knowing that your pet will receive the best veterinary care possible when they need it most.
Secondly, you may ask how the pet insurance works. Upon your pet insurance plan’s effective date, your pet is covered for any injuries they suffer, and after 30 days, they are covered for illnesses as well. Wellness care is also available! In the unfortunate event that your pet is injured or becomes ill, simply take him or her to any licensed veterinarian in the U.S. or Canada. Then, pay for their services and submit your claim form along with any receipts to us. Once your annual deductible is met, you will be reimbursed 80% of covered allowable veterinary charges within approximately 15 days of receiving the claim.
For a monthly premium, a fully licensed insurance company covers an animal’s health care. Rates vary, but a quick quote provided by a top company offered two plans:
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Comprehensive coverage-The premium is a little more than ＄25 a month and includes a ＄50 deductible per visit. After that initial ＄50, a pet owner is covered for vaccinations, check-ups, follow-up care, X-rays, CAT Scans, MRIs, medications, prescriptions(including heartworm), IVs, chemotherapy, radiation, surgery costs, spaying/neutering, and other veterinary hospital-related fees.
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Basic coverage-The basic plan costs a little under ＄17 per month and also includes the ＄50 deductible per visit. After that, all surgery costs, X-rays, CAT Scans, MRIs, veterinary hospital fees, and medications are covered.
