• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

What to Know Before You Purchase Pet Insurance

May 24, 2020 Leave a Comment

Share this:

  • Tweet
  • Email

Pet insurance is health insurance for your pets. Many pet owners don’t often think about pet insurance coverage in hopes that their pet lives a long healthy life.

What to Know Before You Purchase Pet Insurance

This is the goal for all pet owners and families, but unfortunately, that isn’t always the case. Sometimes unexpected emergencies, illnesses, or injuries occur that can leave owners in a financial bind.

To avoid having to make any drastic decisions on behalf of your pet due to the lack of monetary funds, it doesn’t hurt to understand the benefits of having pet insurance for chronic illnesses and other unfortunate events.

It’s essential to know what pet insurance will and won’t cover when weighing the pros and cons of purchasing a plan.

The Definition of Pet Insurance

Let’s explain the pet insurance policy. As with most insurance policies, outside factors such as the age of your pet, their breed, and living environment determine your monthly premium or the monthly cost you will pay for coverage.

Generally, larger animals have higher monthly premiums because their life expectancy is shorter, while smaller breed’s premiums may be less due to longer life expectancy.

That said since no insurance company is the same, each policy and potential coverage is different.

Also, energetic pets tend to cost more to insure since the probability of injury increases with activity.

Older pets also cost more to insure since ailments tend to increase with age, while younger pets will cost less because of minimal health issues.

Breaking Down Insurance Terms

Pet policies are similar to your health insurance coverage and include deductibles and benefit limits.

The deductible is the amount you’ll need to pay before your insurance plan begins to cover any services or procedures.

However, unlike your medical insurance, pet insurance requires bills to be paid out of pocket first.

Once statements are accounted for, then you can submit reimbursement receipts for compensation.

Typically most insurers provide payout rates between 70-90%.

Your benefit limit includes the most pet insurance policies that will pay per year.

This means that if any medical expenses exceed what the plan covers, then additional services will need to be paid out-of-pocket.

Five of the primary payout limits for most insurers are: 

  • Per incident Limit
  • Body system Limit
  • Per Year Limit
  • Lifetime Limit
  • Benefit Limit

If you are familiar with personal medical plans, then finding a plan suitable for your pet shouldn’t be too difficult.

Many times you can choose a high or low deductible plan to align with your financial budget and the needs of your pet.

What is Covered?

If you would like to get a quote to insure your pet, initially, you will need to disclose if he has any pre-existing conditions.

So, what is a pre-existing condition?

Well, it refers to whether or not your pet currently has any identified illness or injury.

Often such conditions include the following ailments:

  • Cancer
  • Diabetes
  • Urinary Problems
  • Allergies
  • Other significant lacerations, broken bones, and injuries

It’s crucial to disclose any of the conditions listed above before enrolling your furry friend in an insurance plan.

As a rule of thumb, pre-existing conditions are not covered by most policies.

Even if your pet displays problematic symptoms before enrolling in a plan, but doesn’t have a direct diagnosis, such issues are still considered pre-existing.

Therefore, coverage isn’t offered for any treatment associated with predisposed illness or injury.

With that in mind, remember that although pre-existing conditions won’t be covered, any potential new issues not connected with their previous condition will be.

General Insured Services

It can be difficult to pinpoint exact coverage since it varies among different insurers, often the following issues are included in common pet insurance policies:

  • Surgery
  • Hospitalization
  • Medications
  • Therapy
  • Cancer Treatments
  • Heart Conditions
  • Emergent Care
  • Chronic Illness
  • Diagnostic Testing
  • Heredity Issues
  • Alternative Therapy

The type of plan you select will determine the coverage included for your pet.

If your pet gets hit by a car, then an accident-only plan will cover the cost of its care.

These plans are the least expensive.

Comprehensive plans cost more but generally cover more conditions.

Where Can I Get Pet Insurance?

If you are spending more than $600 a year in your pet’s care and medical expenses and can’t afford to pay high emergent healthcare bills up-front, pet insurance may be beneficial.

Generally, minor medical issues can be covered out-of-pocket, but more extensive conditions require additional financial help.

Monthly premiums are typically affordable and can offset unexpected illnesses or injuries your pet may sustain throughout its life.

Also, unlike your health insurance, pet coverage doesn’t include in or out-of-network physicians. You can visit any veterinarian you choose.

There are lots of different pet insurance providers out there, which is why using an online broker can help select the best policy for your pet.

Some of the top pet insurance companies include:

  • Pet Plan
  • Progressive
  • Healthy Paws
  • ASPCA
  • Embrace

Using a brokerage can save time, and unnecessary frustration spent looking for an insurance company on your own.

Summarizing the Facts

When shopping for insurance coverage, it’s important to consider your pet’s size, breed, age, and environment.

Each of these categories will determine the potential monthly premium you’ll need to pay throughout the year.

It’s also probably a good idea to research the type of plan that will suit your pet’s needs the best.

Most insurers offer accidental coverage policies or comprehensive coverage policies.

Accidental plans only cover care for injuries inflicted by a vehicle, while comprehensive plans cover far more conditions and their care.

If your pet has any pre-existing conditions, you’ll need to disclose them at enrollment. Typically, they are not covered by a pet insurance plan.

However, any potential new issues not connected with their previous condition will be.

Some of the most common issues covered by a policy include surgery, hospitalization, specialist care, and any unexpected incidents or injuries.

Now, you can rest assured that whatever insurance plan you choose, it will fit both the needs of your pet and yourself.

You’ll be more equipped to make the right healthcare choice for your pet by planning and educating yourself in advance.

5 Things to Consider Before Buying a Pet Health Insurance

It’s been available for more than two decades, but they’re still many people that find pet health insurance entirely new.

Pet medical plan is somehow similar to the human insurance plan. There are deductibles, annual insurance premiums, and different protection plans based on what you choose. Insurance plans are usually based on pre-existing conditions, age, species, and in some cases, the lifestyle of your pet.

According to some industry experts, the optimum time to buy a pet insurance plan is when your dog or cat is still young.

Several pet health insurance policies don’t insure pre-existing conditions. Covering early may also provide you with insurance policy coverage for specific initial vet treatments such as spaying and vaccinations.

Before buying insurance for your pet, you should consider the following things:

  1. Check Out Company’s Stability

While searching for pet health insurance, check out the company’s stability.

Although pet health coverage has been around for more than 30 years and has grown to become a developed industry, you will find a couple of companies that’ve been out there for a few years.

Therefore, when searching for pet insurance, seek information about the insurance provider.

Learn how long it’s been in the industry and if it’s monetarily strong.

  1. Veterinary Information

Be sure that the organization has a piece of in-depth veterinary information.

A reputable pet health insurance company must have knowledge about insurance industries and the veterinary. It should have skilled veterinary experts in their team.

It pays off if the animal medical practitioner actually recommends pet health coverage.

  1. Wellness Insurance Coverage

As soon as conducting a pet health insurance comparison online, search for wellness insurance coverage. Preventative health care is very important for the long-term health of your pet.

To remind and encourage pet owners to take their family pet to the veterinary on a normal schedule, there are plans available offering insurance coverage for standard preventive procedures and treatments like vaccinations, wellness exams, neutering, heartworm protection, prescription flea control, teeth cleaning, and more.

  1. Comprehensive Coverage for Health Conditions

Apart from wellness coverage, check the particular comprehensive coverage for health conditions. Insurance policies should include a plan for dental disease, prescription medications, diabetes, and allergy symptoms.

In addition, check if the family pet has an insurance plan even if it’s away from home. The best pet insurance should protect the pet no matter where you are.

  1. Have Your Own Animal Medical Practitioner

At the same time, check if it’s possible to have your own animal medical practitioner. Most of the pet owners would prefer to have their own vet, including vet specialists such as allergists, neurologists, and oncologists.

If pet health insurance isn’t for your pet and you, you can find many other options you can decide on to keep your furry friend healthy.

You should check with your vet. Usually, there are some hospitals that provide wellness plans. They offer low prices on spay/neuter vaccinations and relevant medical assistance. A few have geriatric health check-up plans you should check on.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« How to Control Stock Trading Impulses
Making Money: 4 Cool Ways to Make Money Without a Job »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media