Getting your pet the best healthcare possible is something that you should certainly be focused on from the day you welcome them into your home.
Having the right pet insurance means that you can truly care for your pet and look after its health and wellness. Part of the pet insurance cost comes with the assurance that you will not only be financially supported but equally supported with peace of mind you will never be put into debt over a medical emergency.
This is because pet insurance allows you to get reimbursed or have a deductible set up so that you never have to pay the full costs of pet insurance. This is extremely important because often those veterinarian bills can be extremely expensive!
The type of pet insurance that you get will ultimately drive the specifics of how much financial support you will also get. In general, the cheaper your policy plan is, the more you will likely have to cover cost-wise on your own when it comes time to pay the bills.
With so much variety when it comes to insurance plans for pets, we have created the ultimate guide to help you get the perfect plan that makes sense for you and your furry friend. From helping you figure out the restrictions that some insurance providers place to the add-ons that can ultimately make your plan even better, we list out all you need to know about understanding the cost of your pet insurance.
1. Requirements for Eligibility
The eligibility requirements are going to be a big driving factor in what types of insurance providers will cover your pet and how much it is going to cost you. Various factors include the type of animals you have, the age of your pet, the pre-existing medical conditions of your pet, and the location where you are based in.
These factors will drive the types of premiums you will be quoted. But it is important to note that all insurance providers will set up their premiums a bit differently. So you should certainly shop around and try to figure out exactly what your options are and make a decision based on that.
2. The Level of Coverage
Another driving force when it comes to pet insurance costs is the level of coverage you are signing up for. This means that you will get a variety of options when it comes to how much support you get versus how much you pay.
For example, you can choose a very basic pet insurance plan that simply covers accidents. But this means that if your pet gets sick, those expenses won’t be covered. Or you can sign up for a dual coverage plan of both illness and accidents being supported—which is usually the most popular.
But the level of coverage does not stop there. You can also opt-in and get wellness coverage too, which allows you to get supported on getting your pet holistic health care—from routine check-ups to vaccinations and therapies.
3. Select the Right Reimbursement Scheme
Each insurance provider will offer you a range of reimbursement and deductible options. The less the reimbursement or deductible is, the cheaper your premiums will be. But on the other hand, this means you will be paying more out of pocket. In general, the best-valued insurance plans will reimburse you for at least 80% of the total bill.
When it comes to deductibles, you will also want to select an option that you know you can afford and would never put you too deep into debt.
4. Understand the Waiting Periods
This one is really important because it means that you will have to go a period of time after signing up before your coverage support actually kicks in. So, for example, if something happens to your pet during the waiting period time, you will not actually get the coverage support that you had signed up for—and ultimately have to pay out of pocket.
Normally you don’t have to wait more than 2-14 days for standard accident and illness coverage. But when it comes to larger-scale complications and support, waiting periods can be as long as six months. This is why it is important to sign your pet up far in advance in general, so that you do not have to ever risk not getting the coverage your pet needs!
5. Assess the Add Ons
Sometimes, paying a little bit more on your premiums means you will actually save a lot of money in the long run. This certainly applies to wellness add-ons, such as therapies and vaccines. By taking a proactive approach to your pet’s healthcare, you can ultimately prevent really costly and dangerous complications from arising.
So what are you waiting for? Get affordable pet insurance today!