pet insurancePet insurance pays, partly or in total, for veterinary treatment of the insured person’s ill or injured pet. Some policies will pay out when the pet dies, or if it is lost or stolen.

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. – Trupanion and Arrowhead Veterinary Clinic have a unique relationship in pet care. This relationship allows Trupanion insurance members to pay only their copay on covered services rather than their entire bill at the time of service. The remaining covered balance is paid directly by Trupanion. Members will know within 5 minutes if the services provided are covered in their insurance plan. – Embrace offers a unique opportunity to make individualized adjustments in the level of your Annual Deductible, Reimbursement Percentage, and Annual Reimbursement Limit so you can create a plan that fits your needs and budget. Nationwide Pet Insurance is the largest pet insurance company in the country. They offer some of the lowest monthly deductibles available, as well as the option to add-on wellness services to whole pet plans.

Source: Pet Insurance