Office Visits & Exam Fees
Most vets charge a flat fee whenever you bring your pet in for a consultation or exam. That fee is usually in addition to whatever diagnostic test or treatment your vet might perform. Pet insurance plans with payout limits will cover this fee. However, pet insurance plans that donât have limits on payouts will not cover this fee. This is important to know so you’re not surprised! But this exclusion on unlimited plans is fair.
Why is this fair?Because itâs reasonable cost-sharing between you, as a responsible pet owner, and the insurance company, which wants to offer plans at affordable premiums. By making the pet owner responsible for the exam/consultation fee, it encourages pet owners to take their pets to the vet only when itâs reasonable to seek vet care. Not every little sniffle or sneeze requires you to see the doctor; itâs the same with your pet. But if vet office visits were covered on plans without limits, some anxious owners might be inclined to take their pet to the vet even when itâs unnecessary. This would drive up the cost of insurance for everybody!
If you didnât read the previous section about what to make sure your policy includes, hereâs a reminder:
accidents & illnesses
cancer and chronic diseases
Make sure these are included in your policyâs coverage.
What Does Pet Insurance Cover
Typically, pet insurance can cover medical costs if your dog or cat becomes unexpectedly sick or gets into an accident. Pet insurance is generally for dogs and cats. However, some insurance companies offer whats called exotic pet insurance, and offers coverage for your gerbil, cockatiel, or frog.
That being said, there are a lot of things it may not cover. Unlike health insurance for humans, pet insurance doesnt normally cover routine care, such as checkups and rabies shots. It also doesnt cover pre-existing conditions.
While thats the gist of it, there are different types of plans you can opt into it.;
To help you get the best sense of what pet insurance covers, here are five key things to look closely at in your policy.
Is Pet Insurance Expensive
As with any insurance, youll want to weigh the cost of the insurance over time against potential payouts. But pet insurance doesnt have to break the bank, like human health insurance does. For example, for a pet insurance plan with a $5,000 maximum yearly payout for a Chihuahua puppy, we saw prices as low as $21 a month from Lemonade and Pets Best.
Note that the pet insurance price you pay when your pet is a puppy or kitten will generally increase each year when you renew the policy.
Don’t Miss: Does Aspen Dental Take Masshealth
Cost Of Pet Insurance
There are a number of factors that impact the cost of pet insurance. Here are some of the biggest factors:
- Type of pet: The type of animal you have will affect the cost of your insurance. Typically, its slightly cheaper to insure cats than dogs.
- Pet breeds: Insurance companies will consider your pets breed when calculating your rate, because certain animal breeds are more likely to experience health issues.;
- Number of pets: Insuring multiple pets will be more expensive, but many insurance companies offer a discount for adding more than one pet to your policy.;
- Type of coverage: Certain pet insurance policies are more expensive than others. For instance, an accident and illness policy is going to be more expensive than an accident-only policy, simply because it offers more coverage.
- Amount of coverage: The higher your annual coverage limit is, the more expensive your policy will be. An unlimited coverage policy is usually the most expensive option you can buy.
- Deductible: Choosing a higher deductible will lower your monthly rate, and vice versa. If you want affordable coverage, opting for a high deductible might be a good option if you can afford the out-of-pocket cost.
Something That Happens Before A Waiting Period Is Up
A waiting period is the amount of time your pet insurance company requires you to wait until your pet is eligible for reimbursement regarding specific conditions. Once you activate a Lemonade pet insurance policy, there are three different waiting periods to keep in mind before you can file a claim:
- Two days for accidents;
- Fourteen days for illnesses;
- Six months for cruciate ligament events;
These waiting periods begin on your policys start date, and your insurance company can only offer reimbursement for your claim after the waiting period ends.
You May Like: Dental For Military Dependents
More Questions Or Ready To Buy
Do you have more questions about pet insurance coverage? Leave us a comment below, and well answer it as soon as we can. If youre ready to purchase pet insurance, check out our pet insurance reviews to discover which companies made our top picks and why.
For which accidents or illnesses would you like to have coverage?
Whats Covered By Pet Insurance
Pet insurance is a health insurance policy that pays a portion of a pets medical bills. You can purchase a comprehensive nose-to-tail policy that covers a wide range of health-related problems. For example, if you want coverage for accidents, illnesses and wellness care, Nationwides Whole Pet with Wellness plan covers these type of health-related problems:
- Accidents and injuries, such as poisonings, sprains and ACL ruptures
- Chronic illnesses such as allergies, arthritis and skin conditions
- Common illnesses such as ear infections, vomiting and diarrhea
- Serious illnesses such as cancer, heart disease and diabetes
- Hereditary conditions such as hip dysplasia, eye disorders and blood disorders
- Testing and diagnostics such as X-rays, MRIs, CT scans, blood tests and ultrasounds
- Procedures such as surgeries, hospitalizations, nursing care, endoscopies and chemotherapy
- Holistic and alternative procedures such as acupuncture, chiropractic and laser therapy
- Wellness procedures such as vaccinations, flea/heartworm and spay/neuter
Comprehensive pet insurance policies will be the most expensive plans. If you dont want a policy that covers all of the above, you can buy a policy with fewer benefits. For example, you can buy a policy that covers only accidents and illnesses, or a policy that covers only routine vet visits for checkups and vaccinations.
Also Check: How Do You Get Your Insurance License
Pet Cancer: What Does Pet Insurance Cover
You always want to make sure that your furry friend is healthy and happy. What’s even better is if you know they are safe from the risk of cancer. Unfortunately, pet cancer is one of the most common and dreaded illnesses, and treatments for this disease are expensive. Thankfully, insurance can help cover the cost of treatments for cancer in pets. What does pet insurance cover? What types of cancer treatment are not covered? Here’s everything you need to know about which cancer treatments are covered by pet insurance.
How Do Brands Compare On Maximum Cover
The next two sections use four brands listed on finder.com.au to show how maximum cover can compare between brands.
The total benefit limits are important. These are the total amounts you can claim in a 12-month period. Vet bills can often exceed $1,000 in a year, and one-off costs for injury can quickly exceed this amount if something goes wrong. Pet insurance is designed to prevent the risk of being faced with unaffordable costs, and higher total limits do more to reduce this risk.
Recommended Reading: Does Medical Cover Veneers
Dont See Your Company
Didnt see the company you were looking for? Wondering what happened to 24PetWatch, Bivvy, Companion Protect, Hartville, ManyPets, Odie, PetFirst, PetPartners, PetPremium, Prudent Pet, Pumpkin, Toto, Wagmo, or policies offered by Allstate, American Family, Farmers Insurance, Geico, MetLife, Progressive, State Farm, USAA, Waffle, or Walmart? Dont worry, we got you covered. We have stats and some full reviews on all of these companies on our pet insurance companies listing page.
Read Also: Do Parking Tickets Affect Credit
Additional Expenses To Consider
Recommended Reading: Does Insurance Cover Dental Bonding
How Much Is Your Deductible
Your deductible is the amount you must pay out of pocket before your insurance kicks in. For example, if your pet needs emergency surgery and the cost is $5,000 and your deductible is $1,000, youll pay that first $1,000 and the insurance company will pay the remaining $4,000 .
A higher deductible usually results in a lower monthly premium, while a lower deductible means you will pay more month to month. If you choose a higher deductible, you will need to make sure you always have that money on hand in case your pet needs emergency veterinary care. There are several different types of deductibles in Canada:
- Annual: You pay one deductible for any condition being treated.
- Per-Condition : You have a separate deductible for each condition
- Per Condition : Similar to above, but it resets every year
Our pick for the ideal deductible is an annual deductible, but that is often the most expensive option. If you must choose a per-condition deductible, choose a lifetime one.
Things That Arent An Accident Or Illness
A basic Lemonade pet health insurance policy will cover your dog or cat for the following, in the event that they experience an unexpected accident or illness.
- Diagnostics: Blood tests, x-rays, MRIs, CT scans and lab work
- Procedures: Outpatient, specialty and emergency care, hospitalization, and surgery
- Medication: Injections or prescription meds
If you opt for a base policy and need any of those for something thats not an accident or illness you probably wont be covered.
But, if you want coverage for more of your pets health and wellness needs, Lemonade has some options to customize your coverage.;
Lemonade offers a Preventative package, which covers the stuff youre probably already paying for like: your pets annual wellness exam, a heartworm or FeLV/FIV test, up to 3 vaccines, a parasite or fecal test, and a blood test.;;
i switched my pet insurance to last month. today, after my cats had their vet checkup, my boss asked me for a quick video chat. i said hang on a sec and within like 3 minutes, id submitted my claim and my reimbursement was being wired to my checking account
Theres also a Preventative+ Package, which covers heartworm/flea medication and routine dental cleaning, in addition to whats included in the basic Preventative.;
;We also have a Puppy/Kitten Preventative package for pets under 2 years old, which covers things like spaying and neutering, microchipping, plus more vaccinations.;
What about exam fees?;
Don’t Miss: How To Obtain A Life Insurance License
Benefits Of Pet Insurance
The benefits of pet insurance go beyond the health of your pet. Many of the benefits of pet insurance address how your finances are affected by unexpected accidents and illnesses that occur. The purpose of insurance is to convert an unknown expense that can be overwhelming into a more manageable monthly payment.
Here are a few of the benefits that pet insurance can provide you and your pet:
- Wellness visits and vaccinations covered
- Protection in case of accident or illness
- Converts an unknown expense into a fixed monthly cost
- Allows you to focus on your petâs health, not what the procedure will cost
- Increases treatment options for your pet that are normally cost-prohibitive
- Saves money on expensive treatments and follow-up care
- Peace of mind knowing that a financial risk is covered
- Helps you budget for the care of your pet
- Keeps you from using savings or going into debt in case of emergency
The Last Word: How To Choose A Pet Insurance Company
Our choice for the best pet insurance company in Canada may not be your top choice, because you may have unique needs and require additional services. You may have a pet that requires significantly more coverage, or you may be in a situation where a wellness package and the additional add-ons make financial sense.
Its important to consider your needs with regards to coverage, deductibles, exclusions, and reimbursement before choosing a pet insurance policy.
The real takeaway here is that you want to be prepared both mentally and financially in case an unexpected event arises.; You dont want to have to be making financially crippling decisions when a familys beloved pet is on an operating table, and youre at a stressful breaking point. Instead, plan ahead, be honest about your financial situation, and invest in coverage that will serve your pet in their time of need.
What Makes Pets Best Pet Insurance Worth It
Pets Best offers one of the shortest waiting periods. Fourteen days for illnesses, three days for accidents, and six months for cruciate ligament events. Instead of a cheque in the mail, they deposit the funds directly to your bank account. Choose from multiple plans to fit any budget, including an option for preventative care coverage.
Theres a special Accident Only Plan that covers your pet in case of emergencies. It has a $250 deductible, 90% reimbursement, and a $10,000 annual limit. The major feature that stands out is the full coverage, even when your dog or cat isnt spayed or neutered. These benefits make Pets Bestfor many pet parents.
Unlike most pet insurance companies, Pets Best doesnt require a vet exam or medical record to enroll or file a claim! They promise to pay out approved claims for vet bills within five days.
Is Pet Insurance Worth It
Routine vet bills and medical expenses related to accidents and illness can be costly, and pet insurance can be a good way to help offset some of these costs.
For example, if your playful pooch chases a ball a little too hard and tears their hind ACL, the medical expenses associated with surgery could run you thousands of dollars. If you had accident coverage with a $100 deductible and 90% reimbursement level, a $3,000 surgery would end up only costing you $400 out-of-pocket .
But while pet insurance can end up saving you big time in case of a serious accident or injury, its also an expense you want to consider. If you paid an average $500 per year for accident and illness coverage over a 10-year period, you would pay $5,000 in pet insurance premiums. Some pet owners might prefer setting aside money in a savings account for a pets medical needs.
If keeping aside thousands of dollars in savings for your pet isnt feasible, then pet insurance can be a good way to avoid plunking down your credit card for a major bill because of an unexpected injury or illness.
While the cost of pet insurance will vary depending on several factors like your pets age, breed and your coverage selections, the good news is you can typically find a policy that covers certain medical expenses and fits within your budget.
Recommended Reading: Do Parking Tickets Affect Car Insurance
Healthcare Insurance Isnt For Just People Anymore Todays Topic Is Pet Insurance For Dogs Including What It Is Why People Buy It And How To Decide If It’s Suitable For Your Pet
If you have a four-legged creature running around your home, bringing you the ultimate joy at the end of your hectic day and relieving you of stress, he needs as much healthcare as you do. You would want to protect your loyal friend and be in a better place to get him the best possible healthcare facilities if he gets sick. This is where pet insurance comes in.
Pet insurance for dogs works almost in a similar manner as healthcare insurance for people. So if you plan to get healthcare insurance for your dog, its worth it to shop around and choose the best pet insurance for your stress-reliever buddy.
Many pet insurance policies cover up to 90% of your vet bill, making it easier to pay for your pets medical care. However, if a procedure is not covered or your yearly spending cap has been reached, this amount may be lower. The ideal pet insurance provider is the one that responds to your pets medical conditions and requirements when you need it. The majority of reputable pet insurance providers offer extensive coverage for a low monthly fee. However, according to research from March 2021 on pet ownership, only 25% of pet owners had pet insurance.
If you dont have a pet insurance plan for your dog yet, shop around, do your homework on how much pet insurance coverage costs, and then make an informed decision on which insurance is best for your dog and your wallet.
Runner Up: Petplan Canada
One of the leading providers of pet insurance in Canada, Petplan Canada has over 40 years of experience in the pet insurance industry. There are no limits on where you can use this pet insurance anywhere in Canada or the US.
What We Liked:
- Many tiered options, highly customizable
- Coverage caps are annual, and start at $2,500 and go up to unlimited
- There is no age limit on enrolling your pet
- Reimbursement is between 70% 90% of your actual bill
- 24/7 customer service
What We Didnt Like:
- Pets six years and older are required to have veterinary screening within 30 days of enrollment date.
Also Check: Is American Income Life Legitimate
Hereditary And Congenital Conditions Without Limitations
This coverage is for the costs of inherited conditions and birth defects that donât show symptoms until later in your petâs life, like heart disease, IVDD, eye disorders, and hip dysplasia.*Healthy Paws does cover hereditary conditions, though pets enrolled after age 6 are not eligible for hip dysplasia coverage.