What You Should Know About Pet Insurance

The well-being of our fur babies is of the utmost importance so when you introduce a dog, cat, etc. into your home and family, there are a lot of responsibilities that come with them. At the very top of those responsibilities, the health of your fur babies. The medical care - checkups, emergency trips, etc. - your fur baby receives can rack up your expenses, but good news is that pet insurance exists and can help eliminate some of those costs so that your wallet doesn’t suffer. 

There’s a lot you should know about pet insurance though, so we’ve rounded up details you should be aware of while you consider getting pet insurance for your dog. 

What You Should Know About Pet Insurance

It’s Pricey But It’s Worth It

Again, the well-being of our dogs and furever friends is one of our priorities but just like human health insurance, pet insurance can be pricey. According to Kiplinger, “Veterinary care accounted for $14 billion of the nearly $56 billion Americans spent last year on their pets. One reason: Vets are recommending many of the same advanced medical treatments available to humans. To cover the escalating cost, pet owners are turning to insurance. Pet insurance works a lot like human health insurance when you go out of network: You may take your pet to any vet, but you pay directly, then submit your claim. Policies cover illness and accidents, and many insurers now offer wellness riders to cover routine care, such as checkups, vaccinations, and spaying and neutering.”

There Are Some Differences Between Pet Insurance & Human Insurance

With pet insurance, you’ll pay a monthly premium just like human insurance, but the difference is that most pet insurance policies available are based on reimbursement. In other words, you’re responsible for paying for same day appointments, treatments, etc. and then submit a claim to your pet insurance provider to be reimbursed for the costs.

In other cases, pet insurance companies will work with veterinarian hospitals and you simply pay the co-pay. 

Cost Will Vary

Several factors can determine how much your pet insurance will cost. These factors include breed, age, pre-existing conditions, and risk factors. On top of that, cost may be adjusted annually.

Research Your Options

Don’t settle for the first pet insurance policy you find for your fur baby. You want to see what options are available for you, considering the details of the policy and the amount. 

Alternatives Are Usually Available If Pet Insurance Isn’t An Option

Connect with your veterinarian’s office to see if they have payment plans available. Most vets partner with loan and credit providers such as Care Credit or Scratch Pay. These options will help you with paying for visits and you make monthly payments instead of paying 100% upfront at the veterinarian.