Pet insurance is not necessarily a new concept, but it has risen in popularity over the past two decades due to the high costs associated with veterinary care. If you're like most pet parents, you'll do nearly anything to make sure your furry friend is in good health. Unlike human health insurance which can get overly complicated, pet insurance is relatively simple. Basically, it works on a reimbursement basis in which you pay the bills up front then get reimbursed following a claims submission process. The tricky part, for many individuals, is choosing pet insurance policies that work for you. For your convenience, here are some fundamental steps in the selection process.
Not All Policies Are Created Equal
If you are wonder how to choose pet insurance, it's important to realize that not all insurers are the same and not all policies will offer the same levels of coverage. Some plans strictly cover accidents while others may cover more invasive diseases like cancer. There are also those that offer preventative options. In general, the three standard types of pet insurance coverage are-wellness, illness, and accident coverage
Choosing Pet Insurance: See Past the Price
The price tag of a bargain policy may be initially appealing but it won't serve you or your animal any good, if the coverage is too restricted. Opt for one that couples affordability and quality coverage. Also be conscious that you'll be paying the vet bills upfront so you'll need to set aside the funds to cover that portion until reimbursement occurs.
Inquire About Exclusions & Waiting Periods
Ask the insurer what sorts of exclusions there are. Pre-existing conditions are not covered so if you're pet has a rocky medical history, this will most likely affect your ability to receive coverage and/or the rates. Waiting periods, otherwise known as the time frame until your policy goes into effect, also carry significant weight and should be carefully considered.
- Check the underwriter behind the policy and whether the company is in good financial standings across the board.
- Ask about the cap on the number of claims your can file.
- Educate yourself on all the costs, including deductibles, caps, etc.
- Take your pet's medical history, breed, age, and temperament into account when selecting a plan.
- Read the contract thoroughly and ask questions if you're unclear about coverage!