Pet insurance can help reduce the cost of health care.
As many pet owners know, unexpected veterinary bills can be hard on the budget. Several insurance companies now offer policies that cover pets. Like health insurance for humans, companies offer varying levels of reimbursement, copay amounts, deductibles and premiums. Pet insurance companies usually let you use any veterinary clinic in their coverage area. As an alternative to insurance, some companies offer members discounted veterinary care through select providers.
How It Works
Pet insurance is actually a type of property insurance, so it differs from human health insurance in some ways. You pay the veterinary bill up front, submit your insurance claim and then receive reimbursement from the company. Most companies have about a two-week waiting period from the date of policy purchase before your pet is covered.
Providers
Several companies provide health insurance benefits exclusively for pets. A pet insurance review website rated these companies based on consumer feedback. Ranked from the highest to lowest consumer ratings, insurance companies covering the United States include Pet Plan USA, Embrace, Trupanion, Purina Care, Pet First Healthcare, Pets Best, Hartville, the ASPCA, Veterinary Pet Insurance, the American Kennel Club and 24 PetWatch.
Policies
Most pet insurance companies offer varying levels of policies. Basic policies generally include accidents only, with most mid-level policies covering illness and accidents. Several companies have premium policies covering wellness visits, prescriptions and more. Some, like Pet Plan, even offer coverage for theft as well as the cost of advertising and rewards in the event that your pet is lost.
Exclusions
Most insurance companies offer only accident coverage on older dogs or those with pre-existing conditions like diabetes or Cushing's disease. Insurance typically does not cover pregnancy and whelping care or treatment for behavioral issues, such as the cost of obedience classes. Some policies do not cover "acts of God" such as avian flu. Most insurance companies cover all 50 states, but a few exclude Alaska, Hawaii and the District of Columbia.
Discounts
Many companies offer better rates on dogs that are spayed or neutered because this reduces the risk of some types of cancer. Several companies have multipet discounts, offering a reduced rate when you purchase coverage for more than one pet. There are also companies that offer small discounts for paying premiums on an annual basis rather than monthly.
Alternatives
Some companies offer discounts on care from participating veterinarians. These programs are typically better for elderly pets or those with pre-existing conditions that may be unable to obtain adequate coverage through an insurance provider. For example, Pet Assure offers a 25 percent discount on your vet bill. Similar companies include Banfield and PetCo.
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