Is pet insurance worth it? With veterinary bills costing thousands of dollars for injuries, illnesses, and routine care, pet insurance can be a financial lifesaver for pet parents. This comprehensive guide will explain everything you need to know about how pet insurance works and what it covers.
An Overview of Pet Insurance
Pet insurance helps cover the costs of veterinary care, surgeries, medications, hospitalization and more. It works similarly to human health insurance - you pay a monthly premium and when you incur a vet expense, you submit a claim and get reimbursed a portion of the costs.
There are a few main types of pet insurance plans:
Accident-only plans cover unforeseen injuries like broken bones but not illnesses. These tend to be the most affordable options.
Accident & illness plans cover both injuries and common illnesses like ear infections, vomiting, diarrhea, etc. This is the most common and recommended type of pet insurance.
Comprehensive plans offer a wider breadth of coverage including hereditary conditions, cancer treatments, diagnostic tests, and alternative therapies. This offers the highest level of protection.
Wellness plans cover routine preventative care like vaccinations, dental cleanings, and annual checkups. This helps budget for regular pet maintenance costs.
What Does Pet Insurance Typically Cover?
Pet insurance policies have exclusions, but most plans cover:
Vet visits & exams: For both general wellness checks and injury/illness exams. Plans usually reimburse 70-90% of the vet visit fee.
Diagnostic tests: Like blood work, urinalysis, ultrasounds, x-rays, and more. These are covered at a reimbursement rate around 70-90%.
Surgeries & hospitalization: Including anesthesia, operating fees, medications given while hospitalized, and nursing care. Reimbursement is typically 70-90% for this.
Chronic & hereditary conditions: Once symptoms arise, future care is covered for conditions like cancer, diabetes, hip dysplasia, allergies, and more.
Prescription medications: Any medication prescribed by a licensed vet is covered, including heartworm prevention, insulin, anti-inflammatories, antibiotics, steroids, and more.
Alternative therapies: Like hydrotherapy, acupuncture, chiropractic care, rehabilitative therapy, and more. Reimbursement rates vary.
Emergency care & specialist visits: For emergency vet hospital fees or specialist referrals. Reimbursement rates are usually 70-90%.
What's Typically Not Covered by Pet Insurance?
While pet insurance covers most eventualities, most plans have some exclusions such as:
Pre-existing conditions: Any illnesses or injuries that occurred before enrollment or during a typical 2 week waiting period when you first sign up. These will be excluded from coverage.
Preventative care: Like annual exams, teeth cleanings, deworming, heartworm medication, flea/tick prevention, and vaccinations. These are considered elective wellness care.
Spaying/neutering: Routine spays and neuters are excluded since they are preventative procedures.
Breeding or pregnancy: Expenses related to breeding, whelping, pregnancy complications, and C-sections are not covered.
Cosmetic procedures: Any procedures purely for aesthetic reasons like tail docking, nail trims, anal gland expressions, de-skunking, etc.
Unlicensed providers: Treatments from providers not licensed in the state, like dog trainers, unlicensed rehab therapists, retail clinic staff, and more.
Food, supplements, vitamins: Any expenses for pet food, nutritional supplements, or vitamins prescribed by a vet.
How Much Does Pet Insurance Cost?
Pet insurance costs $20-$60 per month on average depending on the age/breed of your pet, location, coverage level, annual limit, and deductible amount. Puppies and kittens usually have lower premiums. Popular providers like Nationwide, ASPCA, and Healthy Paws offer policies starting around $25-$35 monthly.
You'll pay lower premiums for accident-only coverage or plans with higher annual limits and deductibles. Comprehensive plans and lower deductibles raise the monthly costs but provide greater reimbursements.
Top Pet Insurance Providers
The best pet insurance providers offer comprehensive coverage with high annual limits, low premiums, and excellent customer service. Here are a few top choices:
Nationwide - Offers a full range of accident-only, accident & illness, and wellness plans. Known for being one of the first pet insurers in the U.S.
Healthy Paws - Features unlimited annual limits and a $250 deductible on their accident & illness plans. Great for peace of mind.
ASPCA - Provides very customizable coverage options including hereditary condition coverage and alternative therapies.
Embrace - Specifically covers chronic and hereditary conditions with no limits once symptoms arise. Great for predisposed breeds.
Pumpkin - Uses an innovative AI chatbot and online claims portal to deliver convenient, hassle-free insurance.
Is Pet Insurance Worth the Cost?
Pet insurance can seem like an unnecessary expense when your pet is healthy, but ends up paying for itself in the event of an emergency.
The average cost of unexpected veterinary care is around $800-$1,500 according to the American Pet Products Association. Just one accident or illness can exceed a year's worth of pet insurance premiums.
Pet insurance brings peace of mind by preventing huge out-of-pocket costs. It helps pet parents budget for routine care while having a safety net for emergencies. Considering lifetime veterinary expenses often reach upwards of $10,000, most pet experts recommend insuring your pet.
Ready to Protect Your Pet? How to Choose Pet Insurance
Now that you know the basics of how pet insurance works and what it covers, it's time to choose a provider. Here are some tips for picking the right pet insurance plan:
- Review sample policy documents to understand coverage, limits, exclusions.
- Calculate premium costs based on your pet’s breed, age, location.
- Look for accident & illness coverage with unlimited annual limits.
- Choose an annual deductible you can comfortably afford per incident.
- Seek out policies with low reimbursement percentages.
- Make sure pre-existing conditions have a clear definition.
- Look for reimbursement of exam fees and veterinary specialists.
- Check policy renewal practices and underwriting processes.
- Research the insurer’s reputation for customer service and claims.
- Pick provider with convenient claiming system and fast reimbursement.
Protecting your furry family members with pet insurance can make vet costs manageable. Now that you know what pet insurance entails, you can find the right plan to keep your pet happy and healthy.