Pet Insurance

​Our #TuesdayTips are a little late this week, maybe we can make Wednesday the new Tuesday for this week only?
 
Today we will cover some basics about pet insurance. Pet insurance or pet health insurance helps cover the cost of medical expenses should your pet become ill or have an accident. Some pet insurance companies also offer routine and wellness coverage (vaccinations, annual wellness exams, spaying/neutering, heartworm testing/medications, etc) for an additional fee.
If you can cover the worst case scenario costs out of your own pocket, then you may not need pet insurance. Most people, however, cannot cover a surprise $3,000 bill if their pet needs emergency care or surgery so we highly suggest getting pet insurance as early in your pet’s life as possible.
 
Pet insurance is similar to human health insurance in that it:

• Has premiums, deductibles, co-pays and maximum payouts. (not all)
• Has waiting periods that define when coverage starts. Companies can also have different waiting periods for different medical conditions.

 
Pet insurance differs from human health insurance in that:

• Your pet’s pre-existing conditions are not covered
• Some plans offer specialty food coverage, i.e. if your pet is on a hypoallergenic or urinary diet they may cover a percentage of the cost of the specialty food
• There may be breed- specific exclusions
• Most use a reimbursement program. This means you pay the vet bill, and then you file the claim with the pet insurance company for reimbursement. It is very different from human medical insurance where the doctor files the claim and receives the payment directly from the insurance company. This means you will have to have some means to pay the veterinary bill while you wait for reimbursement. Most companies are quick to process claims.
• Pet insurance companies do not use networks. You are able to visit any licensed veterinarian. Some plans also allow you to visit a licensed veterinarian in another country while traveling.

 
We here at IVS work with Trupanion as they offer a one month free trial for all new puppies and kittens who come into the office and we have found them to offer the best rates for their packages. There are many different companies available and they all offer different plans. If you are thinking of getting some insurance for your pet it’s best to do your research to ensure you are getting the best fit for your individual needs. 
 
We are here for you on your insurance journey. If you need us to send files or give some generalized advice we are only a phone call or e-mail away. No one knows everything about all the companies or plans, but we will do our best to give you the best information we know.