Vet Insurance

Vet Insurance

Your pet is your best friend. He loves you unconditionally, snuggles with you when you are sad, and is always happy to see you. To some pet owners, a dog or cat is like a child. He is part of the family.

Just like humans, animals get sick. Veterinary bills are expensive, especially when your pet has chronic health issues such as arthritis or asthma. Often, unexpected health issues arise. Pets are diagnosed with cancer and heart problems every day. Your closest friend may require surgery to extend his life.

Unfortunately, the cost of these veterinary bills can put a serious dent in your finances. If you do not have the money to pay the bills, you may have to put your friend to sleep. This is why your pet needs a health plan.

Pet insurance is gaining in popularity as a way to protect your pets by helping you cover unexpected costs. It is more common in other countries, but slowly gaining popularity in the United States. Vet insurance is very similar to people insurance in the way it is set up. You have monthly fees, deductibles, and different plan options based on your animals age and health.

Benefits of Vet Insurance

Just like health insurance, vet insurance can minimize the cost of veterinary bills and make it easier to go ahead with procedures you may not be able to afford otherwise. If your pet has health problems or an emergency, you will not need to base your decision to go ahead with the procedure on expense. Some plans even cover boarding costs and prescription foods.

Health Issues in Pets

Pets suffer the same health problems as humans. Here is a list of common problems found in dogs and cats:

• Allergies
• Asthma
• Arthritis and bone and joint issues
• Cancer
• Cruciate ligaments
• Cuts and gashes requiring stitches
• Gall bladder
• Gastro-Intestinal problems
• Heart complications
• Hip Dysplasia
• Lameness
• Patella Luxation

Accidents

Animals are not immune to accidents. Older dogs fall down stairs and break bones. Younger puppies run into the street and get hit by a car. Your cat may not land on his feet. Dog fights can also cause serious injuries to your pet. Vet insurance helps pay for these unexpected costs.

What it Covers

Vet insurance covers numerous procedures, tests and even medications. When shopping around, look for exemptions. Some insurance policies will not cover a procedure if your animal shows signs of a pre-existing condition. Different breeds are also exempt to certain coverage.

• Ultrasounds
• X-rays
• CAT scans
• MRI’s
• Blood Work
• Surgery
• Hospitalization
• Prescription medication
• Diagnostic tests

Some programs offer you allowances towards:

• Prescription food
• Accidental death
• Boarding and kennel feeds
• Recovery costs
• Euthanasia

Costs of Vet Insurance

The cost of vet insurance depends on the company you use, the age of your pet and any pre-existing conditions. The breed of your pet can also affect the cost of insurance.

• Monthly: Your monthly cost will range from $10 to $100 (breed and pre-existing conditions are determining factors in your cost.)
• Deductible: You will pay approximately $100, though it differs for each company.
• Percent Paid: Each company has a different plan. The average is 70 – 100%.
• Caps: These caps average around $3000 - $6000 per incident. Many companies enforce a lifetime cap.

Some companies let you mix and match your monthly costs, deductible, and percent paid. For example, if you have a higher deductible, they pay a larger percent of the bill.

Age of Your Pet

The age of your pet can play a factor in eligibility for life insurance. Most companies stop insuring dogs at certain ages, or do not insure certain breeds, so you may not be able to find an insurance company to cover an elderly pet or particular breed. Cats can often be added until age 10.

Each company has different rules and guidelines so shop around.

What Insurance Does Not Cover

Most vet insurance companies require an annual check-up and vaccinations to remain covered. They do not cover everything, including:

• Vaccinations
• Dental (most plans do not include dental)
• Pre-existing conditions
• Pet registration

Do your research before signing up for a vet insurance plan. Make sure the company you go through is in the same country you live in. Review all the exemptions and make sure your pet will be covered if something tragic occurs. Finally, compare the plans to find the best value for your money.