Benefits of Having Pet Insurance

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Why Do I Need Pet Insurance?

A recent survey by Forbes Advisor found that 63% of pet owners would have difficulty paying a surprise veterinarian bill due to inflation. Having pet insurance means you won’t be responsible for the full bill when an unexpected expense arises.

What Pets Are Covered

Most plans only cover dogs and cats. However, Nationwide and Bivvy are two insurers that offer plans for other pets, including birds, reptiles, snakes, rabbits, and even pot-bellied pigs.

How Does it Work?

Similar to human health insurance, but often with more options. You choose an annual deductible and reimbursement percentage, and some plans also let you choose an annual maximum coverage. You pay out of pocket until you reach the deductible, after which the plan reimburses you according to the percentage you chose, up to your annual maximum coverage.

For example, you choose a plan with a $500 annual deductible and 90% reimbursement level. You pay the first $500 in costs and are responsible for 10% of remaining costs that year, until the insurer pays the annual maximum coverage amount.

One thing you don’t have to worry about is whether your veterinarian is “in network.” Most plans will let you choose any licensed veterinarian for your pet’s health needs.

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What is Covered

Coverage options vary based on your budget and your pet’s needs.

Generally, you can choose from the following types of plans:

• Comprehensive: covers everything from dental care to behavioral therapy, sometimes called “nose to tail” coverage
• Accident and illness: covers accident-related injuries as well as sicknesses like cancer and hereditary illnesses
• Accident-only: covers treatment, procedures, and prescriptions for accident-related injuries
• Wellness: often available as an add-on to offset costs of routine care like annual exams and vaccinations

What is Not Covered

• Grooming or elective procedures such as nail trimming and declawing
• Pre-existing conditions diagnosed before coverage begins
• Exam fees and administrative fees are not covered under all plans
• Food and vitamins, although prescription food may be covered under some plans
• Breeding costs

Cost of Pet Insurance

A quick internet search will bring you to multiple pet insurance comparison sites. Decide what is most important to you and look for coverage that fits. Are you willing to pay a high monthly premium for a low deductible and the most comprehensive coverage? Or are you looking for a low premium to fit into your budget while still providing a basic level of protection?

You might pay about $35 per month for a dog, and $28 per month for a cat, for a plan with a $250 deductible, 90% reimbursement level and $5,000 annual coverage, according to a comparison by Forbes Advisor and Petinsurer.com.

How to Buy Pet Insurance

As with all insurance, it’s important to read the fine print before committing. All policies have exclusions, waiting periods, and pre-existing condition restrictions.