What Should Be Included in a Good Pet Insurance

Good pet insurance is a life-saver when our pet gets sick or gets into an accident. It helps us cover expensive medical expenses. Unfortunately, not all have good stories to tell from their pet insurance experience.

In fact, each pet insurance company has a unique selling point. That is why we should know the qualities of good pet insurance before signing into one. But how would we know if we signed a good plan or policy?

We know that ads for pet insurance companies make us want to sign into one right away, but you shouldn’t. You should first check if this company offers insurance that is ideal and best for you and your pet.

What a Good Pet Insurance Must Include

Good pet insurance will save you from stress and piles of bills from your visit to the vet. Here, we listed what you must look for while reviewing plans or policies.

Reasonable Price

Prices or rates for pet insurance are usually around $30 to $50 per month for decent coverage. Affordable accident-only plans usually start at $10 but with many limitations. Plans can go up to $100 per month for insurance that offers premium access.

Keep in mind that a higher premium doesn’t guarantee better service. You must tailor your plan according to your pet’s needs and of course, your budget.

Before getting insurance for your pet, check the company’s reputation first. Ratings may vary depending on the state you’re in. With that, you should research the different companies available in your area.

If your pet visits a specific vet regularly, ask him/her for the best recommendation.

Wide Coverage

Most insurance companies offer two types of coverage: accident-only and accident & illness coverage.

Good pet insurance must cover consultations, examinations, and surgeries. Better plans include medication and supplies, dental care, and laboratory or imaging tests.

Build a checklist with your vet for your pet’s common procedures. Then use this when reviewing insurance plans.

Discounts

Discounts mean a lot when you have to pay a large amount of money. Some pet insurance companies offer 5% discounts for paw parents who have 2 to 3 pets. Others can offer up to 10% discounts for those with 4 or more pets.

Licensed Insurer

Frauds and scammers are rampant these days. So before signing the insurance contract, you should check whether your insurer has a license for marketing pet insurance. You should also do a background check for the pet insurance company.

By doing this, you will less likely experience issues with your insurance. A good pet insurance company must be stable and trusted by many.

Reimbursement Plans That Fit You

Reimbursement is the money you can claim after a procedure or medical visit. Most pet insurance companies offer between 65% to 90% reimbursement plans.

Only one company in the United States offers a 100% reimbursement plan. A lower monthly premium usually means less reimbursement rate.

There are three types of reimbursement plans that you should be aware of before signing.

Actual Cost

This type of reimbursement is based on your vet bill or hospital bill. It uses a reimbursement formula based on your copay and deductible. Companies either subtract deductible first then copay or subtract copay first then deductible.

These are the ones that usually reimburse about 70% to 100%. However, if you are saving money because of recurring medical visits, you can resort to the next one.

Benefit Schedule

A benefit schedule is where an insurer could set a maximum amount of money that you can reimburse per treatment. This usually applies if the procedure is recurring.

Thus, this will affect the amount you can claim. Each time you make a claim, the reimbursement rate reduces.

Each insurance company differs in its benefit schedule. Good pet insurance should always offer the best reimbursement plan for you.

Usual and Customary

This type of reimbursement plan relies on the pet insurance company. It decides how much you can reimburse depending on the usual cost. Meaning, each type of condition or injury has a list of amounts that can only be reimbursed to you.

Deductibles That Work With You

A deductible is the portion of the bill that you will pay. You can have a lower deductible if you avail a higher monthly rate. You can also have a higher deductible if you have a lower monthly rate.

Besides, you could still talk to your insurer if you change your mind and lower or raise your deductible. Most companies present what deductibles are available to each policy.

What to Look out for in a Pet Insurance

Some insurers can be a bit tricky in signing you into their insurance contract. Be cautious because instead of reducing the bills, you may see yourself paying more.

Lastly, be aware of the hidden costs and exclusions of the policy before signing. It is not surprising that a list of what is covered is presented, but not what is not. Read the fine print carefully to find out what your plan covers.

We all wanted the best quality of life for our furry companions. Yet, illness and accidents are unexpected, so finding the best pet insurance is vital. Determining what pet insurance plans offer may help you find what is reliable for you and your fur baby.