Pet owners in the U.S. are among the world's most generous when it comes to spending on the wellbeing of their animal companions. It is not uncommon for individual pet owner to splash out hundreds or even thousands of dollars on things like pet health care and organic pet food. And its not just money -- some would spend hours picking the right bed or toys from stores, going through pet food labels carefully, and looking for recommendations on the best veterinary care.
But to many people's surprise, Americans pet owners have been very slow in embracing the idea of pet insurance. A recent survey by the American Pet Products Association shows that only 4% of dog owners and 1% of cat owners have taken out insurance policies for their pets.
In fact, many pet owners have underestimated the financial burden that a pet medical emergency may create for them. So in this blog post, we will share with you the seven benefits of pet insurance cover and some of the pet insurance options available in the market.
What is pet insurance and how does it work?
Like any other insurance plan, pet insurance offers you help to pay the bills incurred from vet visits, which can easily amount to thousands of dollars.
Once you pay the premium and the coverage beings, whenever your pet needs vet care that are covered by the plan, the insurance company will pay for the bills after taking into account the deductible or co-payment. Deductibles typically range from $50 to $1,000 and reimbursement percentages range between 70% and 90%.
Depending on the plan, you will either have to pay the vet first and get reimbursed later, or the insurance company will pay the vet directly.
There are mainly three types of pet insurance:
- accident and illness
- accident only
- wellness coverage
Many providers offer all three types while some may focus on just one or two areas.
How much does pet insurance cost
The kind of animal, the age or breed would all play a part in determining the pet insurance premiums. For cats and dogs, a typical insurance policy that includes accident and illness coverage would cost between $20 and $50 per month. Some providers such as Wagmo offers multiple pet discount on their emergency vet coverage plans.
That means that for less than $1 a day, you can enjoy these benefits that comes with having pet health insurance.
1. Ensure the best medical treatment for your pet
When your pet gets sick, especially when emergency care is required, you want to get them the treatment they need without having to worry about medical costs. Having pet insurance means that you can focus on finding the the best veterinary care out there because you know the vet bill will be taken care of.
2. Keep the cost of preventative care low
Many pet owners would prefer taking their loved ones for routine vet visits as it would help keep their pet healthy in the long term. Some insurance providers offer optional wellness coverage, which may include things such as annual check up and routine vaccinations, and other non-emergency conditions like skin allergies or even cosmetic procedures. It will help you save money on vet costs over your pet's lifetime.
3. Gives pet owners the option in veterinarian choice
Pet insurance typically allows you to choose any licensed vet you prefer, unlike human health insurance plan that restricts you to a network of pre-approved doctors.
This is important as you may want to have your pets be looked at by a vet who is recommended by fellow pet owners you trust or have treated your pet before.
4. Offer protection for older pets
In general, you will be able to get lower monthly premium if you begin obtaining pet insurance coverage while the pet is relatively young -- meaning that you should do that as soon as you adopt your pet. However, you can also insure your pet even after they get older. Some insurers, like Pets Best and Odie, have no upper age limits for enrollment.
The same goes for pet's breed -- certain breeds, such as Jack Russell Terrier and Newfoundland, may incur higher monthly premiums as they are more prone to certain chronic conditions and thus lead to higher future veterinary costs.
5. Create pet insurance plan that suits you
Each pet needs different care and each pet owner may face different circumstances. Most pet insurance companies allow you to create your own coverage plans that meet these requirements.
For example, you can combine different tiers of insurance plans, such as ones that offer wellness coverage and emergency treatment. There's also the option of choosing different deductible amounts that suits your financial condition.
6. Allow you to budget pet care cost more easily
Like insurance for people, most pet insurance plans give you the options to pay monthly, quarterly, semi-annually or annually. You can decide on the payment plans based on your own financial situations.
7. Giving you confidence and peace of mind
As a pet owner, it is always worrying and difficult to see your pet falling ill or getting injured. Unlike human, pets aren't able to communicate what kind of pain they are going through. That's why it's is even more important that they get examined and looked after by professionals.
Imagine that on top of these mental burden, you also have to face the choice of paying the $10,000 bill that you can't afford or your pet may not get the emergency surgery he needs. This is the kind of situation that no pet owner would ever want to face.
An alternative to traditional pet health insurance
While traditional pet insurance companies determine what they would reimburse you based on you coverage level and deductibles, among other factors, there are other ways that can help you save on the pets' medical costs.
An example is Pet Assure, which is a discount plan for veterinary care that helps lower your pet medical bill. So instead of paying insurance premium and receiving reimbursement, when you sign up with Pet Assure, you pay a monthly membership fee and get 25% discount when you check out at the vets.
Compared with pet insurance, the benefits of such a discount plan is that there are no waiting periods so that you can start using the discounts the moment you sign up and pay your membership fee. Another major upside is that there is no limit in coverage for pets with pre-existing condition and no exclusion of what vet services are covered. And perhaps most importantly, there is no age and breed restrictions on the coverage
The downside is that while many pet insurance plans cover up to 90% of the cost involved, you only get a 25% discount from Pet Assure no matter how large the bill is. Also, the discount can only be applied to veterinarians within its network.
Take the next step to protect your pet
Now that you have decided that the concept of pet insurance is something that works for you, it is time to take the next step and choose the right provider.
Different providers offer different plans and features that cater to different people's needs. It is important that you research and compare them before deciding on what's best for you.
Sign up online with FREE cell phone service
Most pet insurance providers have now set up easy and simple steps on their websites for pet owners to obtain quotes for their dogs or cats. All you need to do is to fill out thee online form using your cellphone and you can begin the process.
And if you are concerned that you only have limited data plan on your cell phone, the good news is that you may be eligible for FREE monthly cell phone service.
Over 40% of US households qualify for the Federal Government's Affordable Connectivity Program (ACP).
When you qualify for this program through EASY Wireless you can get FREE Talk, Text and Data every month. It only takes a few minutes to register and check if you qualify for this service.
To see if you qualify, just enter your email and zip code below and click "Enroll Now".
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