PET INSURANCE

PET INSURANCE

Pet insurance most cover accidents and illnesses, and some have preventive medicine options available as well. In many way, pet insurance plans aren’t much different from what’s available for humans. They all have a deductible, and all have exclusions for preexisting conditions.

Be sure to read the policy to understand the specifics of the plan you are choosing. Here’s a look at some of the pet insurance companies.

• VPI covers accidents and illnesses based on a pre-defined benefit schedule and have a long list of exclusions. They offer a $14,000 policy term maximum and an annual deductible. They offer a wellness plan for an additional monthly fee.
• Healthy Paws covers any accident or illness including hereditary and congenital conditions. They are one of only two companies to offer unlimited lifetime benefits with no per incident or annual limits on your claims.
• Pets Best covers accidents and illnesses but has some exclusions. Read the policy to be sure of coverage. They offer a $20,000 lifetime limit on claims and have a per incident deductible. They also offer a wellness plan for an additional monthly fee.
• 24PetWatch has $1,500 – $5,000 per incident limits for accidents and $18,000 lifetime limits for illnesses. They limit reimbursement to 70% of the veterinary below which is less than most other companies.
• ASPCA pet health insurance offers a number of plans, from those that cover accidents and injuries only up to lifelong plans for older or chronically ill dogs. The midrange plan has a limit of $7,000 per year and $1,500 per incident.
• Embrace Pet Insurance covers accidents and illnesses including hereditary and congenital conditions with annual claim limits of $5,000, $10,000 or $15,000 a year. They offer a wellness plan for an additional monthly fee.
   

If you have a dog, cat, or other pet, you probably visit the veterinarian on a fairly regular basis. As those vet’s bills can really add up, a number of companies sell insurance for all types of animals, including dogs, cats, rabbits, ferrets, exotic birds, reptiles, potbelly pigs and various rodents.

Pet health insurance policies are similar to human health insurance policies in that they include annual premiums, deductibles, co-pays and caps. Cost of coverage is based typically on the animal’s age, health profile and the level of care you choose. Generally, older animals cost more to cover—and some companies have age limits. Also there may be exclusions for pre-existing conditions, and some insurers will deny coverage to certain breeds that are prone to hereditary conditions (e.g. hip dysplasia).

There are three types of pet health coverage available.

1. Traditional Health Insurance

These plans are similar to human health insurance policies and are sold by companies licensed and regulated by the states where they do business.

Traditional health insurance is available in three levels of coverage:

      a. Basic Coverage

     These policies typically include an annual deductible, caps on reimbursements per accident or illness as well as on total reimbursements per policy term.     This is the least expensive option; it provides the lowest reimbursements for procedures, and will help pay for accidental injuries, poisonings and illnesses (including cancer).

      b. Comprehensive Coverage

These policies feature lower annual deductibles and cap reimbursements per accident and illness, as well as on total reimbursements for the policy term.       This coverage is costlier than Basic, but offers more generous benefits—reimbursements for accidental injuries, emergencies and illnesses, and coverage for office visits, prescriptions, diagnostic tests, X-rays and lab fees.

      c. Pet Well Care Protection

     While there is no deductible for well care, there is a nominal deductible for other medical services. This type of plan reimburses for preventive care, including physical exams, flea and heartworm prevention and vaccinations.

And Discount Plans, which offer savings on a range of products and services—from pet supplies to surgery and hospitalization—but only when purchased from a network of participating vendors.

There are two other types of insurance available from veterinarians and other businesses not regulated as insurers: HMO, which offers reduced rates prices on vaccinations, spay/neuters, dental cleaning, routine check-ups, and other services.

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