Pet Insurance Questions
Most people are familiar with healthcare insurance for themselves and their family but what about their pets? Animal cover is a new idea in insurance to help cover the four-legged members of the family. Granted, your workplace may not cover the insurance but it is very valuable to have in case your mammal becomes sick.
Routine veterinary care may not be expensive but if your mammal was to become sick or injured, costs could quickly mount up and be beyond your ability to repay. The old adage of "better to be safe than sorry" is very true when it comes to insurance. It is better to have it and not need it than to find yourself with a sick animal and no way of paying the vet bills. Most people are unaware or inexperienced when it comes to mammal cover but this article will cover some of the basics when it comes to what to expect in it.
What is pet insurance?
Pet insurance is healthcare insurance for your pet. Primarily this insurance is taken out by dog and cat owners. Really expensive pets can be insured for their value. Chances are that if you can afford a $500,000 horse, you can pay for the veterinary bills out of your own checking account. Pet insurance is used by those who would not be able to afford if their pets became seriously ill and required extensive care. It is a way to manage veterinary costs in the same manner as normal healthcare coverage.
Where do I find pet insurance?
Most veterinary clinics carry brochures on pet insurance but if your vet does not, there are resources online that can help you. One website that is very popular with pet owners is www.petinsurance.com. VPI Pet Insurance offers insurance for dogs, cats, birds and other exotic pets. If you are not comfortable going with just one quote for pet insurance there are other avenues to explore. Many pet stores can give you information on what type of insurance they suggest. The same applies for any fellow pet owners on internet chat forums or from pet retail stores such as Petco or Petsmart.
How much can I expect to pay for insurance?
Pet insurance rates, much like our insurance rates, will vary according to each person. Some insurance carriers decide the rate of their plans based on the person's credit score. Other underwriters do not use this method to determine the amount the insurance holder will need to pay each month. The average plan will run around $30 a month for a dog and $20 a month for a cat. There may be additional fees that vary according to the insurance underwriter. Always make sure and check the information before you buy the insurance policy. If you have any questions make sure and call the insurance company. If the wait is an impossible amount of time or they seem vague on their knowledge, go to another company. If they are that horrible with potential customer concerns imagine what they would be like if you were a customer.
Is there a co-pay or deductible?
Just as you pay a deductible for your own health insurance, pet insurance also has a deductible. But it is a significant amount lower. Most pet insurance deductibles are $50.00 per accident category. Pet insurance does not work in the same manner as typical healthcare insurance. At the time of the vet visit you will pay for the entire amount and then fill out a claim form that is then submitted to the pet insurance carrier. The carrier will pay you a set amount for that procedure. The costs allowed per procedure vary and only the insurance company can determine what percentage you will have to pay after the deductible.
What is covered?
There are usually several different insurance plans to choose from and each varies on what is allowed along with the amounts the insurance will pay per each procedure. Some routine visits may not be covered under the basic plans. In some cases it may be cheaper for you to pay for the entire vet visit rather than submit the claim and be reimbursed. You will have to review each insurance plan to determine which one is right for your particular needs. Unfortunately accidents will happen and you can never know the exact foreseeable health care needs that your pet will need during his or her lifetime.
Do all vets accept pet insurance?
Pet insurance works differently than typical healthcare insurance. You do not have to worry about finding a provider in the network or worry about whether or not your doctor accepts the insurance. All you have to do is pay for the procedure and then file a claim with the insurance company. The upside is being reimbursed for a percentage of the procedure. The downside is paying so much out of pocket initially and having to wait for the insurance to send you a check.
How much out of pocket will I be expected to pay if my pet needs surgery?
Unfortunately the downside to pet insurance is that you will have to pay for the entire amount out of your pocket before the cover company pays you a portion back. When you take your animal in for surgery you will need to take along a claim form that the veterinarian will complete. After completing the form and filling out the claim information, along with attaching copies of the receipts and invoices, you will mail or fax the information to the insurance. After reviewing the information the cover company will mail out a check for the amount of the procedure they cover.
Some veterinary clinics will make payment arrangements with you in case of an emergency. If you have a long history of good payments to your vet, you can discuss this at a visit. Chances are high that he or she can work with you. The ultimate goal of both you and the vet is a healthy and safe animal.
Is there a limit on what my pet insurance will pay out?
Yes, there is a limit on how much of the procedure is covered by the insurance company. This amount varies depending on which cover plan you select, what your deductible is and how much the actual procedure runs. When you sign up for pet insurance the company will provide you with a list of procedures they cover along with how much per procedure is covered.
What if I have to rush my pet into the vet on an emergency?
If an accident were to happen to your pet and you had to rush them into an emergency, your insurance is really of no use to you immediately. Unlike traditional healthcare insurance, pet insurance does not place stipulations on where and when you can receive care for your pet. You will have to pay the veterinary bill out of your own pocket and then receive the allotted reimbursement allowed by your insurance carrier.
Can my pet be turned down for insurance?
The great thing about pet insurance is that your pet cannot be turned down. It does not matter if it is elderly or young. Most insurance policies have a fourteen day waiting period before the insurance is effective. They also may include a stipulation regarding pre-existing conditions. One common condition that is included in the insurance policy is for an ACL tear. These require a twelve month waiting period before any reimbursement.
Can I buy my pet's medications online and then be reimbursed for the expense by the insurance company?
All FDA approved medications will be reimbursed. All you have to do is include the receipt from your purchase of the medication, fill out a claim form and submit the information to the insurance company. The insurance company can provide you with the allowed amounts they pay for medications.
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Today's Tip On Pets
While health care coverage for people has been available for many years and is almost considered a must have for every individual and family, insurance for animals is still a relatively new option for pet owners. For those who have many of them, it seems like a very important thing to have, since dealing with illness or accident for multiple animals can escalate costs quite quickly. |
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