What’s the Deal with Pet Insurance?

Mimo Varila January 15, 2020

0 3 minutes read

Several pet parents think about getting a pet plan for their furry friends. And a recent study performed by Packaged Facts found out that the number of insured pets in the U.S. increased with up to 55% for ten years ago. And dogs are the ones who get more frequently insured. More than two million dogs have insurance, while only 900,000 cats benefit from such amenities.

Indeed, the study talks about a small percentage of the whole number of dogs and cats in the U.S., but the market tendency reveals that insuring a pet is continuously increasing no matter the state you live in. Experts believe there is no real motive for not insuring your pet because unexpected events can happen to anyone at any time.

Vet care can quickly become expensive and hard to cover. This is why a pet plan can ease a pet owner’s mind and offer financial aid in times of distress. In most cases, if a pet owner doesn’t have the means to cover an expensive medical procedure, the only approach is to consider affordable euthanasia. And veterinarians get frustrated by this, too. Many pet issues or injuries can be treated nowadays, thanks to tech advancements. When an owner doesn’t have the money to pay for such treatments, a veterinarian faces a harsh decision. He or she needs to let a pet die, even knowing an expensive treatment might’ve saved the pet’s life.

Vets say that less than 10% of their clients have insurance. But those who have it come more often for pet checkups, which in turn increases the lifespan of a pet, no matter if we’re talking about a cat or a dog. Yet there are plenty of pet parents who don’t believe in the benefits of pet insurance. For some, it only represents an additional monthly expense that ultimately won’t provide the promised help. So the controversial mystery that prevails is whether it is worth having a pet’s plan or not.

To get the benefits, you need to know what to seek in a pet plan

There are numerous pet policies available on the market. And to make the best decision that will enable many advantages, you need to know what to look for. A standard pet plan can cover only accidents and can cost you a monthly fee of around $10. Other plans might offer coverage for health problems such as cancer or breed-related issues. The general rule says that the more in-depth the plan coverage is – the more benefits you will get. But it will also be more expensive. Premium plans can offer broad coverage for unexpected health problems, accidents, injuries, surgical procedures, veterinary ER visits, treatments, or even hereditary health issues. Other policies might also feature kennel fees coverage or reimbursements for trip cancellations because of pet health problems.

If you pay for it, you can get even wellness plans included in your policy. And these are great for covering for vaccinations, dental care, neutering, or heartworm prevention. You can select the annual deductible or the per-incident deductible, along with the total reimbursement amount. Overall, almost all plans allow you to use your preferred veterinary clinic, so you won’t be forced to switch to an approved one within the provider’s network.

Still, there are some downsides, too. One of them is that you will have to pay upfront and later on request reimbursement. And this happens because many insurance providers and vet clinics don’t have a system in place to facilitate this process. Another drawback might be that the reimbursement will take at least two weeks to reach your bank account, depending on your provider. And let’s not forget about pre-existing health problems that most likely won’t benefit from coverage. Enrolling your pet in a plan must be done when he or she is still young and healthy.

So, should you purchase a pet plan?

Before you decide upon this, you should assess your financial status and your pet’s needs. Also, it is always best to compare quotes from several providers to discover which one offers the best services for a particular budget. Also, you should be very attentive to choosing an insurance company for your cat or kitten as it’ll help to avoid unpleasant situations in the future.

Thus, it is recommended to use such sources like Petinsurancefinder, that have an online comparison tool that helps you determine which insurance is best for your furry friend.

What treatments benefit from coverage in most of the pet policies?

Primary and follow-up appointments to the vet for sickness or injury.
Lab tests and diagnostic methods, like ultrasounds, X-rays, CAT scans, MRI’s, and blood tests.
Non-elective operation.
Hospitalization.
Anaesthesia.
Prescription medicine.
Euthanasia for humane reasons.