We believe that no pet should be denied treatment that can restore its health or save its life. But when the cost of quality medical care exceeds the family budget, pet owners may be forced to incur burdensome debt or even euthanize their pet. Depending on your circumstances, pet health insurance may be a good option to ensure you can afford the care your pet needs when emergencies arise. Pet health insurance is becoming increasingly popular.
Here are some questions to help you decide if a pet health insurance is a practical option for your pet’s veterinary needs.
- Do you have an established savings plan in place? Do you enough money set aside today to pay for a veterinary emergency?
- Can you budget for a portion of your income to be designated for pet care?
- Can you afford a significant, unexpected charge on your existing credit card(s)?
- Can you qualify for another credit card?
- Do you have peace of mind that you can afford whatever care your pet needs?
If you answered NO to all of these questions, pet health insurance is worth considering. And for more and more people, having the convenience of a monthly payment is preferable to enduring the sudden shock of a large bill. There is no one-size-fits-all solution because the best insurance plan is the one that offers you the best benefits and coverage for your pet at a reasonable price—and that can vary by pet age, breed, and even your zip code. There are several pet health insurance companies to choose from. Here are some things to consider when shopping around:
- Will the insurer pay the practice directly if you cannot afford a large out-of-pocket bill? This service allows the pet owner to pay only the deductible and coinsurance at the time of invoicing.
- Are exam fees covered? If not, the burden of paying them out of pocket is equal to an additional copay.
- Is the deductible defined as per incident (accident or illness) or per policy year? With the former, the deductible for a specific incident is charged once over the pet’s lifetime. However, unrelated incidents will each be charged a separate deductible even if they occur within the same policy period.
- How long after enrollment will the policyholder be required to wait before an accident or illness qualifies for a benefit?
- What is the level of dental coverage? About half of the companies cover dental accidents but not dental illness such as periodontal disease and feline tooth resorption.
- Are therapeutic diets covered?
- Are behavioral issues, hereditary illnesses and rehabilitation therapy eligible for benefits?
Aggregator websites such as pawlicy.com, petinsuranceinfo.com, petinsurancereview.com, and petinsuranceshopper.com comb insurance provider websites, saving a visitor time and effort. But be aware that such websites might not compare every carrier, so excluded companies need to be checked directly.