Tuesday, June 21, 2022

How Does Nationwide Pet Insurance Work

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You can save on pet insurance by enrolling when your pets are still young, as your monthly premiums are guaranteed to be lower. Some pet insurance providers will also give you a discount on your bill if you agree to make annual payments instead of monthly payments. Others offer discounts if you insure multiple pets under the same provider.

Another way to keep your premiums low is to select a higher deductible, but keep in mind that youll have to reach that deductible by paying out-of-pocket before your insurance plan begins to reimburse your veterinary costs.

Similarly, you can keep costs down if you select a lower reimbursement rate or a lower coverage limit, but this will limit the amount you receive from your insurer if your pet gets seriously ill or injured.

What Is Pet Insurance And How Does It Work

Find the Cheapest Pet Insurance Quotes in Your Area

Pet insurance is a health care policy for your pet that reimburses you for certain medical expenses. In the event of a surprise accident or illness, having a pet insurance plan can protect your finances. However, pet health insurance has its limitations, so you should read the fine print on your policy before you buy.

Manage Your Annual Vet Budget

As with all things in your household, you probably have some sort of budget outlined for all the vet expenses youll incur in the coming year . Pet insurance helps you make sure your vet costs dont get out of line should an emergency illness or injury occur.

Also, many providers allow you to tailor your pet insurance policy to fit your budget and needs. If you sign up when your pet is young, you have more options, ranging from major accidents and illnesses to vaccinations and general checkups. Check out our pet insurance reviews;to see all of the available options.

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How Does The Reimbursement Work

We offer two kinds of reimbursement so you can choose what works best for your budget.

Our Whole Pet plan reimburses a percentage of what you paid your veterinarian.* Our Major Medical plan and Pet Wellness plan reimburse according to a benefit schedule, which caps reimbursement at a set amount for each condition or service.

With all our plans, simply pay your veterinarian at the time of treatment, and then send us the invoice. We’ll send you a reimbursement check less any applicable deductible.**

* Items such as grooming, tax, waste disposal, boarding, wellness or pre-existing conditions are not eligible for coverage. See policy documents for a complete list of exclusions.** For eligible conditions.

How Does The Deductible Work

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There may be per-visit/incident as well as annual deductibles depending on the exact policy that you choose. Like with other insurance policies, you may have the choice between a policy with a higher premium and lower deductible or a lower premium and higher deductible. Certain plans may have no deductible or only one option.

The insurance companies have the;deductible versus premium calculation;down to a science so that they make the same amount of money no matter which option you choose. Which option will work best for you is a combination of how lucky you are with your pets health and how much risk youre willing to take with your budget. If you want a fixed budget with no surprise expenses, go for a lower deductible. If youre really only looking for coverage for major illnesses or injuries and can pay smaller bills out of pocket, go for a higher deductible.

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Advantages Of Pet Insurance

You love your pet like a member of the family, but the insurance industry sees Fido or Fluffy more as property. Thats why pet insurance functions more like property insurance than health insurance. Still, before you remind somebody that your pet isnt a piece of property, understand that this designation works in your favor. Reading and comprehending the policy is a cakewalk compared with health insurance policies written for humans. Consider these advantages:

  • Choice of Vet: As long as the vet is licensed, pet insurers wont tell you whom you can and cant see. There are no out-of-network doctors such as those your own health insurance policy probably dictates.
  • Simple Policies: Most companies have only three tiers from which to choose. There is accident-only, or basic, coverage; accident and illness, or comprehensive, coverage; and wellness coverage, which is for preventative procedures.
  • Cheap Premiums: Insurance costs vary with coverage and policy but, in general, wellness coverage costs $20 to $25 per month, accident-only coverage runs $11 and $16 per month, and accident and illness coverage averages $29 and $49 per month. Of course, the cost depends on a host of variables, including breed and age of the animal, where you live, and the options you choose as part of your policy.

How Much Does Pet Insurance Cost In General

We mentioned already how Nationwide offers some of the most affordable pet insurance policies out there, but the price youll pay for coverage still varies a lot based on the type of pet you have and the coverage level you choose.

There are two plans available from Nationwide:

  • Whole Pet + Wellness Unlimited annual maximums, $100 deductible, and 90% reimbursement
  • Major Medical Unlimited annual maximums, $250 deductible, and a set benefit schedule
  • Consider these quotes for pet insurance we received from the Nationwide website if you want a general idea:

    $82.18 per month$27.47 per month

    As you can see, Major Medical coverage with Nationwide is affordable no matter your pet or its age.

    However, its important to note how these plans reimburse you based on a set fee schedule.

    With the set benefit schedule, there is a set cap on reimbursement based on the condition without regard to the treatment cost.

    As a result, these plans may not be nearly as comprehensive as the coverage you wish to buy.

    If you prefer to have full coverage regardless of how much your veterinary office charges you, make sure you buy a Whole Pet policy that reimburses at 90% instead of a set fee schedule.

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    Pet Insurance Coverage & Savings

    Pet health insurance works similarly to property insurance. You purchase coverage from an insurance provider, and your plan reimburses you for certain expenses related to your pets healthcare. With top insurance companies you get reimbursed for 80%, 90%, and even 100% of the vet bill .

    Like most insurance options, you’ll pay a monthly premium to keep your coverage active. Once your deductible is met, you can expect your insurance provider to pay for your pets eligible expenses, based on your reimbursement rate, up to your limit.

    What Is Pet Insurance Reimbursement

    How Nationwide Pet Insurance Works

    Once youve agreed to buy your pet insurance, reimbursement is exactly what you should be concerned about first.

    Many companies use high reimbursement rates to attract many customers.

    However, if you do not understand the money, there will be many problems that arise and bring disadvantages to your government and your pets.

    Reimbursement is the amount an insurance company accepts to pay you for veterinary expenses.

    That is the economic support that you will receive after having established a veterinary insurance contract with suppliers.

    This amount will be between 60 and 100% of the total bill you have to pay.

    And according to my research, the common reimbursement that insurance companies set for pet customers is usually 80 to 90% of your total vet bills.

    Chargebacks and deductions have a close relationship with each other.

    For example, with a refund of 80%, the deduction you have to pay yourself is 20% of the bill.

    More specifically, with a $1,000 bill related to the treatment of your cats stomach and an 80% reimbursement of the insurance, you will get $800 support from the insurer and you have to pay the remaining $200.

    Regarding the mechanism of action, when your dog or cat is treated, you will receive an itemized bill from the veterinary clinic.

    After paying the fee on your own, you must file a claim with the insurance company.

    It will take 7 to 10 days for this procedure to be completed.

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    Annual Cost Of Prescription Pet Food

    The annual cost of prescription pet food can be very difficult to determine. This is because the cost is based on the brand of prescription pet food, the type of animal, the size of the animal and the duration that the pet is required to be on the prescription pet food.

    Knowing the price of the entire bag of pet food, pet owners would need to determine the price per pound or per kilogram, whichever the case. They would then determine how many pounds or kilograms the dog should get each day and multiply that amount for 365 days.

    If a 15-pound bag of prescription pet food costs $60, the price per pound of the pet food is $4. If the dog is required to have ½ pound per day, it would cost the dog owner $2 per day or $730 per year . Keep in mind that the size of the dog will play a large part in determining the cost because a smaller dog or pet will require less food per day. Additionally, some dogs have prescription pet food for their entire life, while others may only need to be on the food for a few days or weeks depending on the dogs health or health issue.

    When Does Pet Insurance Take Effect

    All pet insurance policies start at 12:01am EST the following day unless you select a different future start date.

    There is a fifteen day waiting period after the effective date of the policy during which your pet insurance policy will not cover any injury or illness of your pet.

    There is a month exclusionary period on hip dysplasia**, cruciates and patellas. Keep in mind that waiting periods may vary by state. Check your policy terms and conditions for full details.

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    The Cost Of Medical Emergencies

    Unforeseen emergency veterinary care is almost impossible to predict – and all too common. In fact, 1 in 3 pets will need emergency treatment within a given year.

    Accidents like dog bites, fractures, and object ingestion can cost thousands of dollars to treat. A ligament repair in dogs can cost $3,000 to $7,000, not including X-rays, anesthesia, and follow-up care .

    For cats, a urinary obstruction often requires lab testing, antibiotics, and even surgery, which can cost up to $3,000.

    At the very least, the average cost for unexpected veterinary care can range anywhere from $800 to $1,500 or more.

    Considering 69% of Americans have less than $1,000 in savings to spend in an emergency, its troubling to think what could happen to a family if they are suddenly overwhelmed with thousands of dollars in veterinary expenses.

    In the worst cases, a pet medical emergency can lead to long-term expenses.

    When this happens, not only do you need to cover the cost of your visit to the emergency vet, but you also have to factor in long-term costs to your yearly budget.

    If your pet is seriously injured or develops a chronic illness, they may need regular treatment and medications to maintain their quality of life.

    What Is Pet Insurance

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    Pet insurance is the pet equivalent to human health insurance. Having your dog or cat protected by a good health insurance plan can put your mind at ease by knowing that large, unexpected medical bills will be covered.

    There are three types of pet insurance plans: accident-only, accident and illness, and wellness. Depending on your preference, you may opt for one or two of these plans. Be aware, though, that not all pet insurance companies offer wellness plans.

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    And Then Theres The Premiums

    And these numbers dont include the annual price of pet insurance premiums. With an average cost of $42.45 a month for dogs and 20.99 a month for cats, insuring your pet could mean your total costs hit $833 for a dog or $515.88 for a cat. If your pet is fortunate enough to avoid any big issues, the cost of pet health insurance could outweigh the savings.

    Cost: Fixed Plans With Higher Premiums

    Although Nationwide keeps things simple with pre-made policies that offer fixed coverage and deductibles, its premiums are on the high side.;;

    Coverage for a mixed-breed, medium-sized , three-year-old, female dog that lives in Minnesota with unlimited annual coverage*, a $250 deductible, and 90% reimbursement is priced as follows :

    • major medical: $32.91
    • major medical with wellness: $53.25
    • whole pet with wellness: $76.38

    Coverage for a domestic longhair, one-year-old, male cat that lives in Minnesota with unlimited annual coverage*, a $250 deductible, and 90% reimbursement is priced as follows :

    • major medical: $14.08
    • major medical with wellness: $34.42
    • whole pet with wellness: $38.93

    * Both Major Medical and Wellness plans reimburse based on a defined benefits schedule per condition.

    Pricing may change due to your location, age of pet, and breed, Nationwide also offers a 5% discount when you insure two or more pets. This is a little less than many other insurers that offer a 10% discount for multiple pets or for each pet you add.;;

    Be sure to check your policys benefits schedule so you know exactly how much youll be reimbursed for each service.;;

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    How Does Pet Insurance Work Nationwide

    Nationwide Pet Insurance Get a free, no-obligation quote. Whether they have two legs or four, every family member deserves quality health care. Nationwides Whole Pet with Wellness plan covers injuries, illnesses and preventive care in one plan, with 90% reimbursement of eligible veterinary expenses.

    Deductibles Claims And Policy Terms

    How Does Pet Insurance Work?

    Its important to understand a policys deductible, reimbursement rate, maximum payout limit, waiting peroids, and exclusions before enrolling.

    Your deductible is what you need to pay before your provider will reimburse any eligible expenses.

    For example, if you had a $200 deductible on a plan with a 90% reimbursement rate and your cat needed a $1,400 dental extraction youd ultimately save $1,080 .

    Your maximum payout limit will either be per-incident or as an annual limit.

    The best plans are annual limits, and many offer unlimited payouts. This means you need to meet your deductible each year, but once you do the ammount the payout is potential unlimited. Considering how many older pets develop cancer, having an unlimmited max payout can be a lifesaver.

    Yourwaiting period determines when your coverage kicks in. Be aware that different plans/providers have diferent waiting periods, and they can even vary by condition so its import to read the fine print.

    For example, two different plans might look almost identical until you look into the fine print and find that one has a 12 month waiting period for knee injuries where as the others is only 30 days. If you have a larger dog who more prone to knee injuries, you most certainly would not want the plan whose knee injury coverage takes 12 months to kick in.

    Key Factors that affect your cost:

    • Size

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    How To Maximize Your Savings With Nationwide Pet Insurance

    Keeping in mind that the pricing for your policy will likely vary based on your pet’s health and age, there are several potential ways to save on your Nationwide pet insurance premiums:

    • Bundle policies: If you are an existing Nationwide customer and purchase pet insurance, you could get 5% off your premiums.
    • Employer discounts: Nationwide partners with some companies to offer their employees discounted pet insurance. Check with your employers human resources department to find out if pet insurance might be an available benefit.
    • Payment schedule: If you pay your premiums annually rather than monthly, you might save on monthly processing fees.

    Does Pet Insurance Cover Prescription Pet Food

    Taking care of your pet can be rewarding but can also be a lot of work, stress and money. This is especially the case if your pet becomes sick or injured. A trip to the vet is seldom cheap unless you have some excellent pet insurance in place. More and more pet owners are choosing to purchase pet insurance, but even the best pet insurance has some exclusions. Many pet parents want to know if pet insurance covers prescription pet food. The answer it depends on the policy.

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    What Factors Determine The Cost Of Pet Insurance

    The size, breed, age, and geographic location of your pet all influence the cost of your insurance policy. The length of your policy and the company offering your plan also play a role. Finally, you get to determine what type of policy works best for you by selecting a quote that makes sense for your budget.

    How Much Is Pet Insurance Through Nationwide

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    Nationwide pet insurance premiums are dependent on a range of factors, including what plan you choose, your pets age, and your location. In general, plans start at $35 per month. If your pet is older, premiums might be significantly higher.

    For example, the premiums for my dogs are vastly different. Anya is nine, and her premium for a Major Medical with Wellness Plan is $130 per month. By contrast, my other dog is seven months old. The premiums for the same policy are just $52 per month for him.

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