Step #1 — Pick a Reimbursement
Pet insurance policies reimburse you based on either a percentage of your total vet bill or based on a fixed amount that is determined by a benefit schedule.
There are Two Types of Reimbursements
- Percentage of vet bill — Reimbursement is based on the total cost of treatment. You will receive a percentage of the amount that you have paid to your vet.
- Fixed Benefit schedule — Reimbursement is based on a set schedule that pays up to a specific amount for each condition, regardless of how much you have paid.
- Review what costs are covered with percentage-based plans.
- Some companies may exclude things like routine vet exam fees. Those exclusions will limit your overall reimbursement.
Step #2 — Learn What’s Covered and What’s Not
Compare policy options carefully to ensure that you fully understand the coverage that they provide as well as any potential factors that may change your coverage in the future.
- Some companies may have clauses that change your levels of coverage if you do need to file a claim, or they may restrict coverage once your pet hits a certain age.
- It is essential also imperative to thoroughly understand the company’s definition of pre-existing conditions or any other items that would be not covered by any type of policy.
Step #3 — Review Prices and Value
When it comes to medical care, cheap isn’t always a good thing. Compare both prices and coverage to find the best total overall value — not just the lowest price.
- Pay attention to deductibles. Some plans offer per-incident or per-condition deductibles that you must pay for each claim or condition.
- Others plans offer annual deductibles that you must pay for only once for every 12-month policy term.
Step #4 — Pick The Best Plan for Your Breed
There are two types of plans:
1. Complete Plans that offer total health protection, including genetic disease coverage.
2. Limited plans that covers accidents, illnesses or routine care only.
- Learn about your pet’s health risks. For dog and cat breeds that are prone to certain diseases, it may be wise to avoid limited plans.
- Understand all of the plan’s limits and exclusions before enrolling.
Step #5 — Research The Company’s Reputation
When you think that you may have decided on a plan, take the time to read reviews by other pet parents before signing up. Review the company’s customer satisfaction record, claims paid out, and financial stability.
- Rather than reading a variety of reviews on unverified websites, find one trusted resource to review and compare plans.
- Ask other pet parents or talk to your veterinarian about pet insurance recommendations.
Don’t Buy Pet Insurance Until You Can Answer Yes to The Following Questions:
- Do you understand the reimbursement amounts?
- Do you know what is covered what is excluded?
- Do you know the type and amount of your deductible?
- Do you know if your pet’s plan covers everything or just the basics?
- Have you read good reviews about the insurance provider?
Pet insurance is one of those things that may mean nothing one minute and everything the next. Don’t wait for a medical emergency to learn about pet insurance.
The wrong coverage can mean the difference between life and death for some pets.
Finding the best pet insurance plan will give you peace of mind, knowing in advance that your furry friend is covered against any unexpected health problems.
If you are still confused, trying checking out our Pet Insurance FAQs to brush up on some basics.