Pet insurance is similar to health insurance for humans. The pet owner agrees to pay a monthly or annual premium. The pet insurance company agrees to pay a portion of your pet’s medical costs after the deductible is paid.
The Cost of Pet Insurance
The cost of pet insurance varies depending on the plan you chose. Full coverage is more expensive than accident only coverage. The monthly premium for full coverage starts around $16 dollars per month. The cost of the monthly premium is determined based on the species, age and breed of your pet. Some plans don’t have a deductible while other plans include a $1,000 dollar deductible. Your out of pocket costs are higher when the deductible is low.
Pet Insurance Coverage
The coverage for pet insurance depends on your individual plan. An accidental only plan covers the medical cost of injury or death. Full coverage includes wellness exams, illnesses and accidents. Pet insurance companies will not cover medical problems that existed before the insurance was purchased. An older pet with chronic medical conditions might not be the best candidate for pet insurance.
The Claims Process
It’s important to understand the claims process for pet insurance. Animal clinics are not responsible for filing your claim. Pet owners are responsible for the medical costs at the time of service. The pet owner submits a claim to the insurance company for reimbursement of the medical costs. The insurance company will evaluate your claim and provides a decision in a timely manner.