Pet Insurance 101
Published: Feb. 23, 2011
Source: Rosemary Burke
An archive of Pet Columns from the University of Illinois College of Veterinary Medicine is available online at http://vetmed.illinois.edu/petcolumns/.
If you've ever been confronted with unexpected veterinary bills, you may be wishing for an easier way to cover those costs. One solution many people are turning to is pet insurance. Rosemary Burke, Assistant Director for Business and Client Relations at the University of Illinois Chicago Center of Veterinary Medicine, offers these guidelines for navigating the often-confusing field of pet insurance, from determining if pet insurance is right for you to finding the best policy for your pet.
"Pet insurance is similar to car insurance or homeowners insurance," Burke explains. "It reimburses the owner after the pet has received care. The pet owner is responsible for submitting claims."
However, pet insurance is not for everyone. Pet insurance should be thought of not as a way to save money, but as a means to help pay for catastrophic or costly events. Most pet owners do well with high-deductible policies that cover major illness, accidents, and unanticipated medical needs.
Pet insurance policies are available for annual wellness expenses as well as accidents and illnesses. Shop around: there are numerous companies and options. Always read the policy fully and know exactly what it includes before your enroll. All of the pet insurance companies limit coverage in some way, whether through deductibles and co-pays or benefit schedules, limits, and coverage exclusions.
If pet insurance is right for you, Burke recommends these websites and companies to help you research the various providers: AM Best Company, PetInsuranceReview.com, The American Animal Hospital Association's HealthyPet.com, Pet-Insurance-University.com, and your state government's department of insurance.
No matter what company you're considering, you should ask the following questions, among others:
? How long has the company been in business?
? What is the waiting period before coverage starts?
? Will the premium increase as my pet ages or if I file a claim?
? What is the pre-existing conditions policy?
? Is there a bilateral conditions policy?
? How is reimbursement determined (actual bill, usual and customary charges, benefit schedule)?
? Does the policy cover cancer, chronic disease, hereditary and congenital diseases, or medical conditions common to your pet's breed and species?
There are some things you can do whether you choose insurance or not to minimize the risk of health problems and costly future medical bills:
? Spay or neuter your pet. Neutered animals are less likely to get into fights, and spaying/neutering reduces the risk of some cancers.
? Be pro-active with your pet's health. Get annual check-ups and make sure vaccines are current.
? Do not allow your pet to be overweight, which puts it at higher risk for many diseases. If your pet is overweight, work with your veterinarian to bring your pet's weight to a healthful level.
If you have questions, contact your local veterinarian.
Veterinary Extension/Office of Public Engagement
University of Illinois College of Veterinary Medicine
217/333-2907
News writer: Brittany Way
phone: 217-333-2907; email: ope@vetmed.illinois.edu
As you know, our dog has had various health issues since we adopted him. (But he's SO worth it!) We thought that pet insurance might be a good idea, but were concerned that there would be a lot of exclusions on any policy we got him. We did a lot of internet research; PetPlan seemed to be generally highly rated and well thought of, but no company had perfect reviews.
We have ASPCA PetHealth Insurance for Shayna. We chose the least expensive option which covers illness and injuries. At a cost of approximately $22 monthly there is a $100 yearly deductible, a $1500 per incident cap, and a yearly $8000 cap. After the deductible, there is an 80/20 payment. Pre-existing conditions are not covered.