Health Insurance For Pets - Know the Facts
Before Buying Pet Insurance, Get Answers to These Questions
Aug 16, 2009
Pet health insurance is a topic that many pet owners are interested in, especially since veterinary care comes with a hefty price tag these days. Many pet owners wonder if a pet health insurance policy is worthwhile. Before making a decision to purchase health insurance for pets, find answers to the following questions to avoid unpleasant surprises later.
How Long has the Insurance Company been in Business?
The pet health insurance business is extremely competitive, and companies come and go very quickly. Try to find a company that has been in business for at least ten years. Ask the vet if he or she has ever heard of the company, or has had dealings with them in the past.
Is the Pet Owner Purchasing a Comprehensive Pet Insurance Policy, or a Discount Plan?
These are two different things, and it's important to understand what is covered with each. A comprehensive policy should cover more illnesses and procedures, while a discount plan is exactly that: the pet owner pays an annual fee, and then receives a discount on veterinary pet care.
Are Annual Exams Covered?
Will the policy cover an annual check-up that includes shots, heartworm checks, and teeth cleaning? This type of preventative care may prevent future problems.
How Much is the Pet Insurance Deductible?
Some plans have a yearly deductible. Other companies charge a deductible for each vet visit, or for each procedure. These deductibles can add up quickly, so it's important to understand how the deductible works.
Are Certain Conditions Excluded?
Any pre-existing conditions or hereditary problems are usually not covered. It may be possible to buy coverage for excluded conditions, but it will probably be expensive. Ask exactly what the policy covers.
What About Caps?
The insurance company may set a limit, or "cap," on how much it will pay for a certain illness or accident. There may be different caps for different procedures. Know what the caps are, as there may be an annual cap, or even a lifetime cap, for each pet.
When Does Coverage Begin?
Is there a waiting period before the pet is covered for a certain condition? The pet owner should know exactly when coverage begins and ends.
Does the Pet Owner Choose the Vet?
Some companies cover only visits to vets in their networks. This can be a problem if the approved vet is quite a distance away. Also, the pet owner may not want to have to change vets.
Is Emergency Veterinary Care Covered?
If the pet owner wants insurance for emergency vet care, is this type of visit covered? Again, can a local vet be used, or only one in the company's network? Are after-hours visits covered?
Can the Policy be Renewed for the Same Premium?
Some companies may not want to renew a policy as the pet ages. Or they may increase the premium drastically. How much will the premiums go up? If a pet is treated for a condition like canine diabetes, will that be considered a "pre-existing condition" when it's time to renew?
Are Prescriptions Covered?
If a pet requires ongoing medication, will it be covered? Many prescription medications for pets are just as expensive as the human versions.
Is the Company Willing to Answer Questions?
This is very important. If the company is unable or unwilling to explain their plans thoroughly, and answer questions completely and clearly, look elsewhere. If the pet owner gets a runaround before buying a policy, it's to be expected that there will be problems when it's time to file a claim.
To find the best value in pet insurance, it's important to do the research, and read the fine print in any policy being considered. Avoid making an expensive mistake by finding answers to all questions about pet care before buying any pet insurance policy.
Sources:
The Top 10 Questions to Ask When Buying Pet Insurance
Pet Health Insurance - Is This an Option for Your Pet?
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