Pet health insurance is becoming more and more popular. About
five percent of U.S. pet owners carry pet insurance, up from less than one
percent in 1995. But pet insurance can be expensive. Before you buy, consider
the various policies available, the cost, and what kind of care your pet is
likely to need.
Vet Bills Higher Than Ever
The average dog owner spends $800 per year on veterinary care;
cat owners pay an average of about $500 per year, according to the American Pet
Products Manufacturers Association.
Why so much? Health care costs have increased dramatically in
recent years, in part because vets use more sophisticated diagnostic tools
(MRIs and CAT scans, for example). These tools, which are pricey in themselves,
detect problems that require further treatment. And those treatments, which now
include such previously unavailable procedures as radiation and kidney
transplants, are expensive.
Types of Policies
Several companies offer pet insurance these days, with a large
variety of policy types and premium levels.
"Safety" plans: The cheapest policies cover only treatment for
injuries, such as broken bones and bee stings.
"Wellness" plans: Wellness plans include routine care, such as
physicals and vaccinations. Some experts say that the premiums, deductibles,
and copays for these plans usually cost a bit more than paying out-of-pocket.
Of course, if your pet gets injured, such a plan may save you money.
Comprehensive plans: On the pricier side, some policies cover a
broad range of treatments, from cancer medications to acupuncture.
HMOs: HMOs for pets work like HMOs for humans. The pet owner pays a
monthly fee. If the pet is treated by a vet participating in the HMO, the vet
submits the insurance paperwork and gets reimbursed directly (if the services
are covered by the plan). The downside to an HMO: it may limit your choice of
vet, as many don't participate in HMO plans.
Policy Exclusions and Limits
In addition to premiums, consider the coverage exclusions,
limits, and other costs that are common to pet insurance plans:
·
Deductibles -- for example, you may have to pay
$100 or more out-of-pocket each year before the insurance coverage kicks in.
·
Copayments -- for example, the plan may cover only 50% of
treatment costs.
·
Annual and lifetime caps -- once you go over the cap, you pay
out-of-pocket.
·
Exclusions for pre-existing problems, medicines, dental care,
and other things.
·
Exclusions for hereditary conditions -- often, coverage does not
include health problems that commonly occur in certain breeds, such as bone
cancer in Saint Bernards or hip dysplasia in German Shepherds.
·
Benefit schedules -- the insurance company often sets limits on
how much it will pay for a certain procedure. If the vet charges $300 to set a
broken leg and your insurance policy caps the charge at $250, you'll have to
cover the remaining $50.
Does Pet Insurance Make Sense for You?
To decide whether or not pet insurance is a good deal for you,
calculate how much you'll pay for vet care if you obtain insurance (include
premiums, deductibles, copays, expenses after caps, and expenses for excluded
services) and compare that to how much you would pay out-of-pocket if you don't
have pet insurance.
How much you'll pay depends on several factors, including:
Age of pet: The older your pet, the higher the premiums will be. Some policies don't cover dogs older than 9 or 10. If your pet is young now, remember that premiums will go up.
Breed: Purebred dogs and cats tend to have more health problems than
mixed breeds. If the insurance policy covers the ailment that is most likely to
affect your pet, insurance may be a god-send. But check the fine print: many
policies don't cover particular conditions common in certain breeds.
Health: If your dog or cat is in good health, not overweight, and gets
lots of exercise, healthcare costs will be lower. Also, indoor cats get injured
much less than those that run free.
How much would you pay to keep your pet alive? Take a hard look at how much you'd be willing
to pay -- or simply could afford to pay -- if your pet required costly medical
care. Having insurance reduces the chance that you'll have to put a dollar
value on the life of your pet.
How to Choose a Policy
If you decide to buy pet insurance, take these steps to get the
best policy for you.
Shop around: Today, there are more options than ever for pet insurance. Ask
for recommendations from friends and your vet. Look online or contact several
of the better-known companies and compare policies and prices.
Check with the Department of Insurance: Pet insurance companies must be registered
with your state's Department of Insurance. Make sure the company you use is
registered.
Consider plans through your employer: More and more companies are making pet
insurance plans available in benefit packages. Almost always, the employee pays
the premiums, but at a five to ten percent discount over what they'd pay on
their own.
Read the fine print: Be sure you understand all the costs of the
policy such as premiums, copays, and deductibles. Find out whether the premiums
will rise as your pet ages or as you file claims. And pay close attention to
exclusions -- for example, dental care, vaccinations, and conditions common in
certain breeds.
- Pets aged 8 weeks and older may enroll
- 24PetWatch pays up to 100%
- No physical exam required
- Annual check-up and vaccinations required
- Pre-existing Conditions Excluded from Coverage
- No Annual Maximum Benefit Restrictions
- Guaranteed acceptance
- Fixed Premiums and Deductibles
- Automatic Policy Renewal
- Monthly or Annual Premium Payment
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