Choosing the Right Policy is the Most Important Decision You’ll Make
Pet parents care so deeply about their furry friends, that they’ll do almost everything they can to ensure they lead happy, rich lives.
One way pet parents are improving their dog’s or cat’s quality of life is by purchasing the best pet health insurance policies available to them, so that they can better afford veterinary care.
If you’re considering buying a policy, consider these seven tips before making a purchase.
Determine Whether You Need Pet Health Insurance At All
Before you decide to make an impulse purchase of a pet health insurance policy, you’ll want to evaluate your finances and savings and determine whether you need pet health insurance at all.
Some people who have significant savings or income, for example, may prefer to pay out of pocket for veterinary care.
Others may not be able to afford expensive treatments, like major surgeries, but have pets who are older and healthy so far.
Ultimately, the only one who can decide whether expending the energy to consider pet health insurance is you.
Find Out If Your Veterinarian Will Help You File Claims
Filing a pet health insurance claim is relatively easy. There’s a simple claims form to fill out and submit to your carrier.
Most veterinarians are happy to help you complete the claims form. But be sure to ask your veterinarian whether they’re willing to do this.
Your pet’s doctor may also be able to recommend their favorite companies.
Shop for Insurance Before Your Pet Is Ill
If you’re thinking about finding pet health insurance after your dog or cat is already sick, then it’s too late to benefit from coverage for their current condition.
In fact, you’ll find that many pet health insurance companies do not cover pre-existing conditions and require a seven to 14-day waiting period before coverage takes effect after you purchase a plan.
That means you’ll need to act now, rather than later.
Consider Your Monthly Out-of-Pocket Cost and What You Can Afford
Just like human medical insurance, pet health insurance requires you to pay a monthly premium – the cost to subscribe to the service.
Pet health insurance premiums will vary, with the most affordable premiums often offering the least amount of coverage. Pricier premiums will cover more veterinary costs.
Consider your monthly budget and opt for a policy that provides the majority of the coverage you need that best suits your and your pet’s lifestyle.
Here you can see Tips for Buying Health Insurance
Understand What the Numbers Mean
Pet health insurance financial obligations are more than just premiums. You’ll also need to know about the plan’s annual limit, annual deductible, and reimbursement percentage before choosing.
The annual limit is the maximum amount of money you can possibly be reimbursed for in a single year.
Annual limits can vary, starting out at just a few thousand dollars and rising to well over $10,000. Some are unlimited! However, plans with a higher annual limit come with a higher monthly premium.
The annual deductible is the amount of money you’ll pay out of pocket before you begin receiving reimbursements.
Annual deductibles can be as little as $100, and can increase into the hundreds of dollars. The higher the deductible, the less expensive the monthly premiums are likely to be.
And finally, you need to know the reimbursement percentage. This is the amount of money you’ll be reimbursed by the pet health insurance company.
Percentages start at about 70 percent of the total cost of veterinary services. The lower the reimbursement percentage, the lower the monthly payment.
Shop Around to Get the Best Deal on Insurance
Not all pet health insurance providers are created equal. To get the best deal, it’s smart to comparison shop. Get estimates from three or four providers to find the right plan for your cat or dog.
When looking at policies, be sure you’re comparing the same coverage so that you get a better picture of how far your money goes.
For example, if you’re looking at a policy with a $30 monthly premium, $500 deductible, and 70 percent reimbursement rate from Company A, those numbers must match at Company B, so you know which is offering the best deal.
Re-Evaluate Your Coverage On a Regular Basis
If you’ve decided to purchase pet health insurance coverage, remember that, like car insurance, rates will go up year after year.
Be prepared to re-evaluate your coverage and costs on a regular basis so you know you’re continuing to get the best deal and the right coverage, especially if your income has changed.
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