A Complete Guide To Pet Insurance
Everything You Need To Know About Pet Insurance, But Were Too Afraid To Ask!
by Pet Pro Supply Co., in collaboration with Fursure
The price of veterinary care has increased continuously for several years. While you may have a healthy bank account to cover any unforeseen incidents with your pet, you can never be too sure about just how much "the unexpected" will cost you at the vet. No one likes to think about harm coming to their furry friends, be it getting sick or hurt, but a dose of reality is important. These things can, and do, happen.
Just like with health insurance for humans, a quality insurance policy can help mitigate the risk of a huge bill And, just like with health insurance for humans, picking the right policy can be really confusing.
Below we give you a complete rundown of what you need to know about pet insurance.
What is Pet Insurance?
Pet insurance works the same way as human health insurance. In short, it is coverage for your pet against any medical mishaps that may occur, such as accidents or illness.
Here’s how pet insurance works:
- Purchase your plan
- Bring your pet to vet in case of a checkup up, illness or emergency
- Pay at the time of service for your pet’s care
- Submit your claim to the insurance provider
- Get reimbursed for treatments that are covered under your policy
That's straightforward; it's just like out-of-network coverage for people. Go to the doctor, pay it out of pocket, get reimbursed.
Another point to mention is that the insurance itself (and its costs) is customized to your specific pet based on their gender, age and breed. It will also take into account any medical conditions they may have.
Two other important facts about pet insurance:
- In most cases, chronic conditions, disease and/or allergies can be covered
- If you have more than one pet, you can get insurance for each and most providers will offer you a multi-pet discount, which varies between 5%-10%.
The Million Dollar Question: Should You Get Pet Insurance?
The answer is yes. We’re always going to recommend that you get a pet insurance plan for your pet. This is because no matter the age, gender, breed or behavioral tendencies of your pet, there’s always the chance of serious accidents and illnesses occurring. This the reason you have insurance for you and your family - why not for your pet, who you treat just like family?
A common answer is: "well, vet bills are cheaper than human medical medicals." In general, that is true. But in the case of our pets, especially with accidents that could lead to surgery, or life-threatening illnesses such as cancer, the veterinary treatments are not cheap. Pet insurance alleviates the financial burden on pet parents because (with the right plan) these payments will be heavily subsidized and possibly even fully covered.
Here are some unfortunately common situations that are covered by pet insurance:
In the case of accidents like...
- Your pet gets hit by a car
- Your pet swallows a foreign object
- Your pet breaks a bone
- Your pet swallows something poisonous
- Your pet gets attacked by another animal
- Skin Conditions
- Kidney Disease
- Full congenital and hereditary coverage
- Blood work
Additionally, some pet insurance providers will cover wellness visits such as annual exams, flea and tick, shots, teeth cleaning and spaying/neutering.
As you can see, there is a huge range of possible harms that can come to your pet, and pet insurance can help you cover the vast majority of these incidents.
How Much Does Pet Insurance Cost?
OK, pet insurance sounds great, but how much does it cost?
It's actually much cheaper than most people expect.
First, let's consider costs when you don't have pet insurance. Just as two examples: it typically costs $3,000 if your pet swallows a foreign object, and up to $9,000 if your pet has cancer. Astronomical.
In contrast, here’s the average monthly cost of pet insurance:
- ~$48 for a dog (ranges from $25 to $70)
- ~$30 for a cat (ranges from $10 to $40)
The price of your plan will be determined by several factors that are unique to your pet, such as their gender, age, breed and where you live.
Additionally, just like with human health insurance, the price you pay for your policy will be calculated based on your deductible, annual maximum spend and reimbursement level.
It's also important to note: currently, no pet insurance options cover pre-existing conditions. That’s why we recommend getting pet insurance as soon as you bring your new pet home, or as early in their life as possible. This way, any medical conditions that develop over time will be covered.
Do I Need a Broker To Buy a Policy?
Finding a good plan that covers your pet adequately and fits your financial situation is certainly not impossible to do on your own, but it’s going to take hours of research, cost comparisons and probably some hairpulling.
Instead of stressing yourself out, you can use insurance brokers and comparison experts - just like with human insurance. Brokers like Fursure help pet parents find the best policy. They've done the leg work and know which insurance providers will match both your pet's needs and your wallet. They can provide customized options based on the information you provide about your pet and walk you through the entire process end to end, from comparing to buying.
Pet Insurance Gives You Peace of Mind and Stability
Since you can't predict the future, there's no sense in trying to somehow calculate the chances that your pet will suffer an accident or fall ill, and the associated costs with the related treatment. Pet insurance gives you peace of mind day to day, and also allows you to choose the best healthcare options in case something bad does happen, without costs clouding your judgment.
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