By Andrea S. Freeman, VMD, MS
Pets provide unconditional love and companionship so when they require medical care it can be very stressful. It is always heartbreaking when medical treatment options are limited by finances, but it is understandable as care becomes more involved. It is not uncommon to be faced with an estimate of several thousand dollars or more for a very sick or injured pet. Not having a plan in place ahead of time for how to pay for such a situation causes undue stress and can critically delay treatment which can literally cost a life.
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I used to encourage clients to have a separate savings account set aside for their pet’s medical expenses, particularly in the early days of pet insurance when the system was complicated and payouts were often unfairly low. While this is still never a bad idea, pet insurance plans have evolved to give more predictable and fair payouts and to have much broader coverage options for pet owners to choose from. Like all insurance, pet insurance is an extra expense that when all is well can seem unnecessary. That is, until the unexpected happens.
An important aspect of pet insurance that should be mentioned is that it is rarely accepted directly by veterinarians. The advantage of this is that there is total freedom in where you seek veterinary care. This does require pet parents to pay for services when rendered and to make their own claims for reimbursement, but it also keeps the cost of veterinary health care down. If veterinarians had to employ office staff members to process insurance claims the price of veterinary care would surely increase.
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In selecting a pet insurance plan, first focus on finding the best possible coverage for accidents, illness, and injury. Routine, preventative care is the aspect of care for which one can budget, but planning for the unexpected is when insurance matters most. If you and your pet are lucky, you won’t need insurance for broken bones, toxin ingestion, or the like, but as your pet ages, they may develop a chronic condition such as arthritis, diabetes, or cancer. In addition, no insurance company will cover a pre-existing condition, so getting insurance early in life when your pet is healthy or as soon as you adopt an older pet, will help you to maximize the benefits.
Pet insurance plans that pay out a percentage of a vet bill are best since they eliminate the guesswork of predicting reimbursement in contrast to a nebulous diagnosis-based payout system. Seek a percentage-based plan with the highest reimbursement percentage and the highest policy maximum then settle on a reasonable deductible you can afford. Focus first on coverage for accidents, illness, and injury and add preventative care coverage only if it doesn’t make the monthly premium unreasonable. Otherwise, plan to budget for preventative care. In addition, choosing a company with easy and fast claim filing and processing is a must. Ask questions about this when selecting an insurance carrier. No one wants to spend hours making a claim, have to request medical records from the vet every time, or wait forever for reimbursement. Thankfully now that online platforms and smartphone apps are standard, in many instances making a claim has become as easy as snapping a picture of a veterinary bill and submitting it right from your smartphone with reimbursement automatically deposited into your bank account in some instances within a matter of days. Pet insurance programs like these are definitely a solid investment in your pet’s future.