Pet insurance

Hello, Weirdos! This week’s blog topic is about Pet Insurance! We often see posts on our Facebook Group page asking for members’ advice on whether pet health insurance is worth having. There are varying opinions on the matter and a lot of research to do when looking at pet insurance. Just like human medical insurance, different companies offer different types of benefits, at differently monthly costs, and coverage varies across those companies. What we do all know is this- pet health emergencies arise and they can be pricey!! Even just routine vet care could cost the average pet owner hundreds to thousands of dollars a year, especially in a multi-pet household. Routine care is to be expected and most pet owners have this understanding already once they decide to take on a new pet. However, emergencies can come out of nowhere and those are the costs that we aren’t always prepared for- having pet insurance could help alleviate some of that stress when we are hit with an unexpected vet bill.

To dive deeper into the pet insurance world, I’d like to recommend the article “The Best Pet Insurance Companies of 2020,” written by Noel Davila on the website Money.com.

You can click on this link here for the article: https://money.com/best-pet-insurance/

The article does a great job of compiling information about 10 different pet insurance companies and then ranking them based on different criteria, including pricing, coverage, and any additional benefits. It also gives a brief explanation of the key points of each insurance companies coverage and provides a link to each companies’ website so you can get more information if you’re interested! There is also a lot more general information about pet insurance within the article as well.

I highly recommend checking out their article, but if you don’t read it fully, I do want to at least share one part of the article with you here:
(Source: the following excerpt is from the article “The Best Pet Insurance Companies of 2020,” written by Noel Davila on the website Money.com).
Important Facts About Pet Insurance Plans
As you shop for pet insurance, consider these basic facts about pet insurance plans:

• Reimbursements: Unlike medical insurance for humans which pays your medical provider on your behalf, pet insurance does not pay your vet directly. Instead, you’d pay for all vet visits and charges and then file for a reimbursement. The best plans normally reimburse 90 percent of a covered expense. You could consider the remaining unpaid percentage your copay.
• Preexisting Conditions: Also unlike human health care plans, pet insurance companies will not reimburse you for conditions your dog, cat, or other pet already had before you bought the pet insurance policy.
• Payout Caps: Most plans stop reimbursing after you’ve reached your policy’s maximum coverage amount. Most policies have an annual expense cap but some have caps per incident (illness or injury) or even for the animal’s lifetime. Expect to pay higher premiums for higher caps.
• Deductibles: With many plans you set the deductible, which is the money you must pay before your insurance policy kicks in. Watch out for per-incident deductibles. Per-year deductibles provide a better value.
• Waiting Periods: Your insurance coverage won’t pay until you’ve completed a waiting period. Most companies require at least 14 days before reimbursing you for a vet visit your pet needs for an illness. The waiting period for an accident could be much shorter — 48 hours for example. The waiting period for an orthopedic problem or other chronic condition could be as high as six months.
• Exclusions: Pet insurance policies usually exclude specific conditions in the policy’s language. Be sure to read your policy before buying it so you’ll know how your pet insurance works.
• Networks: Not all pet insurers reimburse for services provided by all vets. Some pay only if you stay within a network of providers. The best pet insurance policies let you choose your own provider.
• Preventative Care: You’ll get the best value from an accident or illness coverage plan but you could add-on coverage for preventative care. Policies that cover routine care and accident or illness care are called comprehensive coverage.
• Pet Age: After your dog or cat reaches age 12, your choices for new coverage will diminish significantly. To have the most choices, buy a policy before your pet reaches an advanced age. 

                         -end quoted article
 
 I hope that this article and their suggested insurance companies can help you make informed choices about getting pet insurance for your pets! There are more pet insurances companies out there aside from just these 10, so if none of them seem like they fit your household’s needs then keep researching and find what works best for you and your pets!