What You Need to Know about Senior Travel Insurance

Should You Consider Pet Insurance?

For many families, their pets are like family members, which means that caring for them when they get sick or injured can be extremely costly. This is why it’s important to consider getting pet insurance in order to help ensure your pet’s health and wellness with the peace of mind that comes from knowing you have financial coverage in place if any major medical problems arise. Here are a few reasons why pet insurance might be right for your family!

Deductibles

Pets can be expensive to insure, which is why most companies require you to meet a deductible before they will payout. If you have a cat with an average veterinary bill of $300, that’s $1,200 if your policy has a $100 deductible. On top of that, pet insurance rarely covers pre-existing conditions—so if your dog already had parvo when he was diagnosed and required treatment (that would have been covered by Pet Insurance), it won’t be reimbursed. Before purchasing a policy or signing up for the one you see advertised, read all of its fine print! Be sure you know exactly what’s covered and what isn’t.

Co-pays

Pet insurance comes with a variety of coverage options, including monthly fees and per-visit charges. Different plans also include different co-pays or fees that you pay before your insurance kicks in. If you plan to visit your vet frequently, it might be worth paying a larger co-pay for cheaper visits down the road. Some plans also require you to meet deductibles—that is, you must pay a certain amount out of pocket before any insurance will kick in. Be sure to research each company’s offerings and policies so that you can find a plan that works best for your budget and how often your pet needs treatment. Pet insurance plans typically have an annual maximum that can range from $1,000 to $5,000 on average.

Coverage Amounts

Pet insurance offers coverage amounts that are limited by annual deductibles. The deductibles range from $250 to $1,000 and cover accident-related injuries or illnesses. For example, if your pet needs dental work that is not an emergency, you can expect to pay half of a deductible before your pet insurance kicks in. Once it does, your pet insurer will cover 80 percent of a medical procedure’s cost. If your policy includes preventive care like vaccinations or screening tests, these costs are also covered at no additional charge. But keep in mind that some policies include a lifetime maximum benefit of around $5,000.

The Necessity of a Wellness Policy

If you’re considering purchasing pet insurance, keep in mind that without a wellness policy, you’ll have a harder time qualifying for coverage of pre-existing conditions. Also, your claim payout could be reduced if your pet isn’t considered well. This is where a wellness policy comes in: by ensuring regular vet visits and proper care for your family pet, you can prove your health to insurers and protect yourself from financial disaster if something goes wrong. Regardless of whether or not you purchase an insurance (and how much), having a healthy pet should always be your goal.

Knowing What is and Isn’t Covered

If you’re on board with buying pet insurance for your dog or cat, then it’s a good idea to do some research on what your policy does and doesn’t cover. Read through your policy and ask questions to avoid surprises later. In particular, look out for coverage limits, deductibles, waiting periods before benefits kick in, and treatment protocols that don’t align with your vet's recommendations. For example, you might discover that certain conditions—like hip dysplasia—aren't covered at all or are only partially covered.

Preventative Care, i.e. vaccinations

Regular vaccines are a significant investment, and they're not just for kittens and puppies. Older pets, especially those that suffer from chronic diseases or conditions such as heart disease, diabetes, or kidney failure, may require additional medications and more frequent visits to their veterinarian. The costs associated with these conditions can quickly escalate into thousands of dollars. Luckily, there is an option to offset these costs called pet insurance. How does it work?

Lifetime caps on payouts

Just as with health insurance, pet insurance has a maximum payout that it will pay out over your pet’s lifetime. The cap is often around $15,000 to $20,000 but varies between insurers. What you need to do here is figure out how much those payouts would be worth to you and your family in lost wages if Rover or Fido had a very serious illness or injury—$3,000 for example. Ask yourself: How much money would I lose from being unable to work for a month because my dog tore his ACL and needed surgery?

Dealing with pre-existing conditions

The issue of pre-existing conditions can quickly become a sticky point in pet insurance. In essence, if your pet has certain pre-existing conditions at the time of application, that condition may be excluded from coverage or have an exclusion period of up to 12 months (in some cases more). The same often applies to hereditary issues and injuries caused by accidents. However, exclusions vary significantly between policies so it's important to understand what is covered under your policy and what is not. Some questions you might want answers to include: What will happen if my pet develops a medical condition before applying for cover? How long do I have after applying for cover before a condition is excluded?

How do I choose an insurer?

Choosing an insurer is a big deal. After all, you’re about to trust them with one of your most prized possessions. Think carefully about what you need, and how you want your policy set up. Then speak with several providers (and their agents) to get quotes on coverage and find out which companies they work with to make claims easier in case of accidents or illnesses. Also, note any pre-existing conditions that could impact your pet’s health in the future. Many insurers will not cover health problems that show signs before you sign up for coverage, so taking care of it now can save money in case something comes up later on down the road.