As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets’ health care and standard of living than previously, the market for pet insurance has increased.
Pet insurance companies are beginning to offer the pet owner more of an ability to customize their coverage by allowing them to choose their own level of deductible or co-insurance. This allows the pet owner to control their monthly premium and choose the level of coverage that suits them the best.
Some of the differences in insurance coverage are:
- Whether congenital and hereditary conditions (like hip dysplasia, heart defects, eye cataracts or diabetes) are covered;
- How the reimbursement is calculated (based on the actual vet bill, a benefit schedule or usual and customary rates);
- Whether the deductible is on a per-incident or an annual basis;
- Whether there are any limits or caps applied (per incident, per year, age or over the pet’s lifetime); and
- Whether there is an annual contract that determines anything diagnosed in the previous year of coverage is considered pre-existing the next year.
Source: Pet Insurance
Pet insurance works much like health insurance for people, but with one important difference: you typically pay the veterinary hospital at the time of service, then your insurance company reimburses you for eligible expenses.
Here’s how the process usually works:
- Choose a plan. You select a monthly premium based on your pet’s age, breed, location, deductible, reimbursement percentage, and annual coverage limit.
- Visit your veterinarian. You can usually see any licensed veterinarian, emergency hospital, or specialist—most pet insurance plans don’t require you to stay within a network.
- Pay your bill. After your pet’s visit, you pay the veterinary hospital directly.
- Submit a claim. You send your invoice and medical records (if requested) to your insurance company through their website or mobile app. Some veterinary hospitals can assist with submitting claims.
- Receive reimbursement. Once the claim is approved, the insurance company reimburses you according to your policy.