Pet insurance, like most of the types of insurance that we depend on, is something we hope that we never have to use; but we are extremely grateful to have it if the time ever comes that we need it.
Emergencies happen every day, and the easiest way to overcome them is by having the appropriate protection in place to get the assistance that is needed.
Having the right insurance plan for your pet can make it possible to tackle an astronomical price for pet care when a major medical treatment is needed. But don't assume that when the life of your dog or cat is at stake, any old policy will provide the necessary coverage.
Now is the perfect time to get to the bottom of what makes for the best insurance plan for your pet.
Eligibility for pet insurance
If your dog or cat is relatively healthy without any pre-existing conditions, and you are capable of paying for the premiums for the pet insurance policy when it must be used, you are on your way to being eligible for pet insurance--and you could save thousands of dollars in veterinary bills.
If your pet is older and has previously been dealt serious blows already from cancer, surgeries, and the loss of mobility, you see much value from starting out with a new insurance plan since pre-existing conditions aren’t covered.
In this scenario, insurance coverage would only be available for issues that occur after your pet is enrolled in a particular plan. It’s still worthwhile to insure pets with other conditions to be prepared if another issue occurs in the future.
If you choose to switch from one insurance provider to another, whatever medical situations that predate the switchover will again be considered “preexisting,” even if it was covered by your previous insurer.
Keep in mind just like how the human body deteriorates in the aging process, so does the body of your dearly loved pet. With that said, the costs of care and the onset of illness increase as your dog or cat ages.
Think about some of the estimated prices associated with serious medical procedures such as radiation for some tumors (up to $10,000), kidney transplants (up to $15,000), and bone-marrow transplants (up to 20,000).
Pet insurance coverage
Health insurance for humans does have its similarities to pet insurance, but when it comes to coverage from cats and dogs, pet insurance doesn’t cover preventative care efforts such as dental work, routine exams, or vaccinations. Pet insurance is also important for having that extended financial assistance for health problems that you couldn't have foreseen in advance, such as chronic illnesses, ear infections, and broken bones.
When it comes to wellness care, along with annual checkups and booster shots, you may want to calculate those lower individual costs instead of paying for them inside your pet insurance policy if it is going to make the cost something you can't afford.
Make sure that you are aware of the fact that typically if you miss a checkup, then you forfeit the services you’ve already paid for and might even be looking at having your policy voided out for a breach of contract.
Insurance plans are known to exclude preexisting conditions from coverage, along with treatment for pets coping with abuse, neglect, and even preventable diseases if the pet owner initially skipped over the vaccine for that particular disease. Therefore, if your dog catches an illness that you didn't get the dog vaccinated for, insurers won’t proceed to cover the cost of the necessary treatment.
Also, you should make it a habit to read the fine print to be aware of what other exclusions may not get covered, like side effects from war, biological attacks that your pet may have been exposed to, and radiation from nuclear weapons.
Start your policy early
Do your best to get your cat or dog enrolled in pet insurance when they are at as young of an age as possible in order to grab the most value out of the policy as you can. Also, generally speaking, establishing new coverage is far more pricey than continuing an existing plan.
Cats and dogs that live with crucial preexisting conditions such as a diagnosis of cancer before they receive coverage prior to coverage) won’t be covered by insurance.
Be aware that the majority of pet insurance providers will also cover congenital or hereditary conditions as part of the possible offerings available from the standard coverage. But note that there are a few companies that still require extra riders for this or have tiered plans with differences that are difficult to parse. Make sure that you secure an insurance plan for your pet that gives you a really short waiting period to receive the reimbursement for your vet fees.
Choosing a deductible
It is important to note that with pet insurance, you will be billed for the services that the veterinarian has rendered for your pet. They don't just get immediately paid off by your pet insurance provider.
Before that insurance company sends any money out, you will first be expected to pay the agreed-upon deductible fee. Most pet insurance organizations let you choose a deductible that’s somewhere between $0 and $1,000, with the typical math measuring out to the higher the deductible is, the lower the annual premiums are.
If you go for the $0 deductible so that the insurance company has to pay every vet bill on your behalf, keep in mind that your monthly premiums would be really expensive. Part of knowing if an insurance plan is right for you is by doing your best to be able to pay lower monthly premiums by establishing the deductible price as high as you can, but only if you can afford that one-time payment.
Ultimately, picking a plan from Pumpkin pet insurance is ideal if you want to take advantage of the high reimbursement rate of 90% to return to you for the medical needs of your dog or cat while also being eligible for a 10% discount for signing up multiple pets. There will be no old-age bias, so any age of pet is welcomed.
