Have you ever considered getting insurance for your pet? You may be wondering what it is and what it offers. Pet insurance is a great way to ensure that you have the funds necessary to treat your pet if they ever get sick or have an accident. Veterinary costs are generally manageable over the length of your pet’s life but if you were to get hit with an unexpected bill of hundreds or even a few thousand dollars, do you have a plan? Having a pet insurance policy helps you with the costs for unexpected injuries and illnesses as well as offset some costs for regular preventative healthcare.
Here are 4 things to consider when choosing the right pet insurance policy for your pet and your family.
COMPARE INSURANCE PROVIDERS
When starting the search for a pet insurance policy, it can feel overwhelming with all of the choices. It’s good to know what you are looking for to help you narrow it down. Do you want just accident and illness policies, or would you also like to have wellness benefits to help with preventative costs. Once you know what you want, you can do a side-by-side comparison to show you what each provider and plan offers. You can visit www.theinsuredpet.com to see reviews and comparisons on the top ranked providers.
Paws to consider: We recommend looking into each provider and seeing how long they have been in business, do they have a trusted underwriter, do they have veterinarians on staff to help determine claims, what is their track record for dependability.
UNDERSTAND WHAT IS COVERED
Each pet health insurance plan is different as well as each provider. It is important to research what is and what is not covered under each plan. If you are looking online and cannot get clear answers, pick up the phone and reach out to a customer service rep. This will also give you an inside look on how they treat their customers as well as do business. It is important to understand what each provider considers pre-existing, hereditary, congenital or any exclusions related to breed that may affect your coverage. Do not be afraid to ask each provider as many questions as you need to feel educated on their plans.
REVIEW COST AND VALUE
Having pet insurance is great, but there is no point if it does not cover what your pet needs. There are so many factors that determine the cost of a pet insurance policy such as your pet’s age and breed, the amount of deductible you choose, the reimbursement level and type of coverage. Take time to review how much you are paying per month versus the benefits you will receive and do not base your decision on cost alone. A low premium may sound enticing but you do not want to have to pay a high deductible or be limited in the benefits you will receive when you really need them.
UNDERSTAND HOW TO FILE CLAIMS AND HOW YOU WILL BE REIMBURSED
Check with each provider on how they expect you to file a claim. Some require a form filled out by your veterinarian, some ask for an invoice of the visit and now some are making it even simpler by offering an app on your smartphone to quickly and easily upload claims. You also want to make sure that you understand how you will be reimbursed. Some providers will pay based on an annual benefit and some will pay based on a percentage. For example- if your plan pays on a percentage and you have chosen a reimbursement level of 90%, your provider will pay out 90% of that bill less your deductible.
Choosing a pet insurance policy can be a lot of work but at the end of the day just make sure it works for you and your family, offers enough coverage for what you need and is simple when it comes time to use it. If you have any questions related to pet insurance give us a call at 720-851-0820 and we would be happy to help guide you through the process.
The Veterinary Center of Parker, Inc. is pawsitively excited to bring you Pet Tips & Advice. With each issue we hope to bring you a bit of information that you will find useful for you and your pet.
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