In our current financial climate, some pet owners are struggling to pay their bills. Veterinary care costs can add to this financial stress, especially unexpected bills. Pet health insurance offers a solution by providing coverage for accidents, illnesses and, in some cases, routine wellness care. The Emerald Animal Hospital team knows pet insurance, which differs significantly from human health policies, can be confusing. So, we explore pet health insurance and how it works to help you decide if a policy is right for you.
What is pet health insurance?
Pet health insurance is a financial tool designed to help offset veterinary care costs. Pet insurance policies provide coverage for diagnostics and treatments related to accidents and illnesses, and may partially cover some wellness care services. Pet owners pay a monthly premium, which ensures their furry pals get the necessary veterinary treatment and they do not have to face financial strain. This means you can choose the right treatment path based on your values and health goals for your pet, rather than using finances as the sole determining factor.
How does pet health insurance work?
In most cases, pet health insurance operates on a reimbursement basis. You will take out a policy and pay the monthly or annual premium, and then visit your veterinarian as normal and pay the bill upfront. Afterward, you can submit a claim to the insurance provider by following their online or app-based submission process. The insurance company then reimburses you for eligible expenses, according to the policy terms you chose and agreed to on enrollment. These typically include an annual deductible, a reimbursement rate, and an annual coverage limit.
Most plans specify what is and is not included in detailed plan documents. The most important thing to note is that pre-existing conditions are never covered, which means any claim that could be related to a sign or symptom of an issue that existed before you enrolled your pet can be denied. Enrolling pets at a young age is the best way to avoid this, but keep in mind that premium costs typically start low and increase incrementally each year.
Do you need pet health insurance?
Whether pet health insurance is right for your pet depends on your pet’s predicted health needs and your financial situation. Some things to think about include:
- Financial preparedness — How much have you saved to cover large veterinary bills? Serious emergencies or specialty surgeries can easily cost several thousand dollars, and pet health insurance can help offset these costs.
- Pet health needs — If you have a breed with known health issues, insurance can help cover their corrective procedures or chronic diseases. However, you must obtain insurance before these conditions appear to ensure they’re covered.
- Plan constraints — Pet health insurance policies come with strict rules and regulations, and you likely will feel that you have to jump through hoops to get your entitled reimbursements. Pet insurance might not be for you if you aren’t willing to comply with requests to expedite claims processing or submit appeals when necessary.
Pet health insurance alternatives
Before purchasing a health insurance plan, consider alternative ways you might pay for veterinary care. The following options can help you cover small veterinary bills or assist in covering deductibles or copayments in tandem with insurance:
- Third-party payment plans — Companies like CareCredit and Scratch Pay are examples of third-party payment plans that help spread out veterinary care costs with minimal interest.
- Credit cards — Regular credit cards can be a good option during low-interest promotional periods.
- Pet savings — Contributions to a dedicated pet savings account each month can cover minor issues, but a large bill in your pet’s younger years could overwhelm this amount.
Pet health insurance can be a valuable tool for protecting your pet’s health and your wallet. Although the Emerald Animal Hospital team doesn’t endorse specific pet insurance providers, we can help you understand a policy and its implications before purchasing, or communicate with your chosen company to provide documentation or assist with appeals.
Keeping your pet healthy and providing routine preventive care is often a stipulation in pet insurance policies—call us to schedule your pet’s next wellness visit to ensure you comply with plan rules.
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