Treatment options for pets were limited in the past. In the world of modern medicine, they receive cancer treatment, complicated surgeries and even organ transplants. With pets receiving more advanced care, the costs of medical procedures are also advancing. Several insurance companies offer specialized pet coverage. In recent years, pet owners have spent more than $50 billion annually on their pets. Within the past 10 years, the annual amount pet owners spend has increased by more than 70 percent. To avoid spending a large amount of money for an ill pet, it is important to have good insurance. Without pet insurance to cover serious illnesses or injuries, most owners are faced with the choice of declining care or paying upfront. If the pet’s condition is life threatening, the only alternative may be euthanasia.
Choosing A Policy
If pet owners feel that insurance fits their needs, it is important to compare insurers and policy provisions. Some types of policies are better for certain purposes. In addition to this, some types of policies are better for certain pets. For example, some dog breeds are more prone to specific conditions than others. Pet owners who are considering insurance for their younger dogs or cats should start looking as soon as possible. As pets age, the cost of a new policy rises. Some companies may not extend coverage to pets between the ages of seven and 10 years. For those who are concerned about premiums, it is important to research renewal terms. Certain companies increase premiums upon renewal.
How Coverage Works
As mentioned previously, most plans cover illnesses and injuries. However, some companies offer a wellness rider, which partially covers general care. This includes flea treatments, physical exams, routine tests and vaccinations. These plans are usually based on a reimbursement schedule. Insurers may have set amounts for specific items or percentage-based reimbursements. For example, a pet owner may be reimbursed $30 after paying $50 for a physical exam.
In addition to comparing reimbursement percentages, pet owners should look at ceiling amounts, which are the maximum reimbursement amounts allowed for each type of care. Find out whether the maximums are per visit, annual or per incident. People who decide to forgo the accident and illness plans can purchase wellness plans independently. To learn more about what types of plans may be best for individual needs, discuss concerns with an agent.