As a pet owner, you know that your pet may fall sick or get injured any day. It can cost you a good chunk of money. Pet insurance can safeguard you against these unexpected and painful costs.
It is health insurance for your pets that lets you recover medical expenses. Typically, you pay for the medical costs and then claim them to the insurance company. Some companies pay upfront, which helps you avoid any disruption in your cash flow.
You can claim your expenses after they have reached a specific limit. Like, the insurance company may pay you after you have incurred 500 dollars in vet bills. Still, you may not recover all of your expenses. Generally, you recover between 70 to 80 percent of your actual cost.
Best pet insurance to buy
You need a comprehensive insurance plan that covers all significant aspects of pet health. You don’t need coverage limited to just pet illness. The best pet insurance plan goes the extra mile to reduce your expenses. Such an insurance policy may have higher premiums, but it’s worth every penny.
You may choose any of the following pet insurance plans:
Accident and illness insurance: This insurance plan helps recover the medical expenses if the pet meets an accident or falls ill. If you need more comprehensive protection, it needs to cover wellness costs. These can include charges for regular veterinary visits or vaccination.
Accident-only coverage: You may go for this insurance plan if you only need a limited coverage. Under this plan, you can claim vet bills only when you incur them to get medical treatment for an injured pet.
Wellness insurance does not cover the cost of treatment of an injured or sick pet. It only helps you recover routine wellness expenses like the cost of periodic vaccination.
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What does not fall under the scope of pet insurance?
It will not help you recover the following costs related to pet care:
Elective procedures: If you opt for an elective procedure like ear cropping or nail trimming, you will have to bear the expenses yourself.
Grooming and breeding costs: These expenses do not fall under the scope of pet insurance.
Check-up fee: Some insurance plans may not cover this cost. These are the charges you pay to a veterinarian for the medical examination of your pet.
Pre-existing condition: If a pet sustains some injury or falls ill before the coverage begins, you cannot claim those expenses under this insurance plan.
It is also essential that you follow the veterinarian’s advice to take care of your pet. If you don’t comply with their recommendations and the pet falls sick, an insurance company will not entertain any such claim.
What is the best coverage level for your pet?
You can choose any of the following coverage levels for your pet:
Reimbursement percentage: In this case, you select the portion of expenses you can recover. If you choose a higher percentage, you will have to bear higher insurance premiums.
Deductible: If you choose a higher deductible, you will pay lesser monthly premiums. Generally, insurance companies offer deductibles of $100, $250, and $500. When the vet bills reach the chosen limit, you submit them to the insurance company for reimbursement.
Annual coverage: You can also choose a yearly insurance plan. Under this policy, you determine the maximum amount the insurance company is liable to pay you. For example, you may select an insurance plan that offers total annual coverage of $5000.
You can also go for unlimited coverage. But it will increase the amount of premium you need to pay.
Pet insurance is a very effective way to avoid the high cost of vet bills. These bills can cost you thousands of dollars. But pet insurance can safeguard you against these financial jolts.