Pet Insurance Tips and Advice
If you are considering buying health insurance for that special companion (and you should), you will be joining millions of pet owners across the globe. With the increase of Veterinary expenses, pet insurance is gaining in popularity. Veterinarians have become specialized and equipped with the latest diagnostic equipment which increases the cost of hanging out a shingle. This is where the increases are coming from. Should you buy the insurance? Well, how much are you willing to spend to save your constant companion’s life? Simply put, pet insurance is just like health insurance for humans.
It is an affordable way to transfer the risk of your pet’s healthcare costs to a third party.
With dozens of pet insurance companies in the marketplace today, it is smart to compare plans and look for the pros and cons of the product being offered. Here are some plan features that should be reviewed:
Unlimited Benefits – Is there a cap on lifetime benefits and if so, how much is it? You do not want to think you’ve purchased a great plan only to discover in the fine print that it contains a low lifetime benefit amount.
Comprehensive Coverage – Look for a plan that is going to pay benefits for typical pet illnesses and the costs associated with them. You are also going to want coverage for diagnostic testing as this can amount to the majority of the billing. An MRI for Fido is just as expensive as an MRI for Auntie Sue.
Age Restrictions – Many plans contain age restrictions where your coverage may end when the animal reaches a certain age.
Drug Coverage – Many times drug coverage is sold as an add-on, be sure and verify this when shopping.
Exclusions – Always read the exclusions before making the purchase. This is where the insurance company is going to list in very small letters what they will not cover. Many carriers will exclude congenital conditions or ACL tear in the first year of the plan.
Per condition Limits – Be very careful of this language. There are companies that advertise comprehensive coverage but then add a sub-limit on many conditions.
Just as with health insurance, you are not going to find a company that will cover pre-existing conditions or elective services such as ear or tail clipping. Preventative care is the key for helping your pet live a long and healthy life, if you are not willing to pay this out of pocket, consider buying Pet Insurance.