Top 10 Pros and Cons of Pet Insurance
What Does Pet Insurance Cover? Is It Right for You?
If you own a cat or a dog, it is wise to sign up for pet insurance because it can reimburse you in case of an illness or an unexpected accident. A health care policy can protect you and cover some of your pet’s medical expenses. Pet medical or health insurance comes with a premium that you pay every month. You will pay the medical bill up front and claim reimbursement through the insurance agency. But what does pet insurance cover? We will get to that. First, let’s discuss the pros and cons of pet insurance plans for cats and dogs so you can see if it is right for you.
Pros of Pet Insurance
1. Does Not Discriminate
It is prudent to obtain the best pet insurance soon after adopting a pet to take advantage of the lower premiums. However, you can take time to get a health policy or get it even years later because pet insurance is not biased toward age or breed.
2. Peace of Mind
Getting cheap pet insurance enables you to select the treatments for your injured or ailing pet depending on the best option available and is not restricted based on your finances. Most pet insurance companies reimburse up to 80% of the costs after deductibles.
3. Pet Savings Account
Pet health care insurance is like having a pet savings account. Whenever your dog or cat incurs any major or unexpected medical expenses, pet insurance can take care of it. Taking a pet health policy is an excellent way to avoid the temptation of dipping into an emergency fund.
4. Pick Your Veterinarian
The best pet insurance is not like human health insurance where you may be required to use specific medical providers; a pet health care policy allows you to get care from your choice of animal health care provider. After you have obtained the medical bill, you can submit it to your insurance agent for reimbursement.
5. Easy to Budget
Pet insurance premiums can be paid annually, semi-annually, quarterly or monthly. You can decide which payment scheme works best for your budget. Most plans offer discounts if you have additional pets.
Cons of Pet Insurance
1. Some Unused Benefits
Some pet health care insurance covers treatments and conditions you may never use. For instance, your dog or cat may never need alternative therapy such as acupuncture or chemotherapy. However, you are still paying for those treatments. If you never take advantage of such policy benefits, you will end up paying for a significant number of unused benefits.
2. Unaccounted Costs
If you sign up for cheap pet insurance, you might have some expenses not accounted for earlier. Since most pet insurance plans only cover a certain percentage of eligible costs, you may pay some bills from your pocket. If unprepared, you might find yourself in the red, dipping into the family emergency savings. Besides, most policies have a maximum reimbursement limit. If your dog or cat has recurrent health issues that push your expenses past this quota, you pay the total price.
3. Pay Upfront Costs
Pet insurance has a reimbursement policy. The responsibility of paying the total fees upfront lies within you, and your vet will not submit a claim on your behalf to your insurer. It would be best if you did it yourself directly. Meanwhile, before your insurer processes your claim, the pet’s owner must pay the vet bills.
4. Some Unclaimable Visits
The pet insurance plans for dogs that are not routine are sometimes not covered. Many insurers insist that preventative exams, regular visits and vaccinations are not included in the vet policy. It implies that apart from the pet insurance premium you purchase, there may still be some vet visits that you must pay separately. If your insurance company gives you a choice to add wellness coverage as an inclusion, your premium will go up.
5. Pre-Existing Conditions
Pet insurance plans for cats are not the best option for cats with pre-existing medical conditions. The same applies if your cat is slightly older. Under these circumstances, the probability of getting your pet insurance approved is slim. You might want to set aside some funds specifically for your cat’s health care in this situation.
Services Covered by Pet Insurance
What does pet insurance cover? Services covered by pet insurance depend on the kind of policy you take. For example, accident insurance covers your pet for emergency treatment, tests and injuries, such as broken bones, lacerations, poisoning and animal or bug bites. These insurance policies do not cover illnesses and other medical conditions.
A comprehensive insurance policy offers protection from illnesses and accidents. The bottom line is that the benefits covered depend on your policy type. Below are some common benefits covered by a pet insurance plan:
- Veterinary fees. Typical pet insurance plans for cats cover the veterinary costs (medical treatment if your pet gets injured or suffers any illness or disease). It can also cover the price you pay to purchase the cat if they die due to any injury.
- Third-party liability. The best pet insurance plans for dogs offer third-party coverage for dogs only whenever it causes damage to the property of a third party. For instance, if your dog gets injured by running into the street and getting hit by a car, the pet insurance can pay for the injuries and damage to the vehicle.
- Prescription drugs. Prescription drug coverage implies that the insurance company will pay for any medication prescribed for your pet by the veterinarian. These include medications for acute illnesses and chronic conditions, such as thyroid issues. It also covers accident recovery medication, supplements and foods the vet prescribes.
- Holiday pet insurance. Some vet insurance policies can cover the curtailment or cancelation of the holiday break due to illness, loss or injury of your dog or cat. That way, you don’t have to worry about mishaps while on holiday.
- Comprehensive wellness coverage. Some comprehensive wellness insurance covers alternative therapies, behavioral therapies, chiropractic care, acupuncture, hydrotherapy and laser therapy. Some of them can even cover specific dietary and food treatments for the health condition of your pet.
- Miscellaneous insurance. Extra coverage can be added to your existing pet insurance by purchasing a miscellaneous policy. The package covers non-veterinary issues, such as rewards and advertising for lost pets, burial or cremation for deaths, pet boarding fees and liability coverage for any property damage caused by the pets.
