The Importance of Pet Insurance
Most pet parents don’t have aren’t fully prepared to take on the costs of care for their pet’s unexpected injury or illness. In the case of one-time procedures, costs can rack up to thousands of dollars. For the development of an unexpected chronic illness, the thousands of more dollars can be spent over the course of several years! These situations would put a strain on any budget—but there is a way to prevent it. With pet insurance, unexpected illnesses and injuries can be covered, and many insurance companies pay up to 90% of costs!
How Pet Insurance Works
Pet insurance and human insurance do have some similarities. For instance, you’ll pay a monthly premium and have to reach a deductible before coverage kicks in. Additionally, your pet insurance plan will have a specific policy that lists what is and is not covered. Typically, pre-existing, hereditary, and congenital conditions are not covered.
Pro Tip: The best time to enroll your pet is when they are young—this often means you’ll enjoy lower premiums and your pet will likely not have any pre-existing conditions at such a young age!
One major difference between pet and human health insurance is how you are reimbursed. Pet insurance companies do not pay your veterinarian directly. So, it’ll be up to you to cover the initial costs of care, and then file a claim for reimbursement.
Choosing the Best Insurance Plan for Your & Your Pet
At Companion Animal Hospital in Skokie, we accept many different insurance plans, which gives you the flexibility to choose the best plan for you and your pet. Here are some tips for choosing a plan:
- Consider the kind of plan you want. Many plans cover the unexpected, such as newly developed conditions and any injuries. Yet, some are accident-only, while others cover routine preventive care costs, too! Do your research to find the best plan for you.
- Think about how you’d like to be reimbursed. Pet insurance companies often reimburse you in one of two ways: either they pay you a percentage of your pet’s invoice, or they pay you a set amount for every new condition (and this set amount usually resets each year).
- Research what is and isn’t covered. Make sure you fully understand what is and isn’t covered before you commit to a plan. That way, there will be no surprises in the future, and it’ll help you budget more precisely!
A Glimpse at Two Popular Insurance Companies
To help you begin your search, we’ve listed two popular insurance companies and what they offer:
- Provides one plan only that covers all unexpected illnesses and injuries
- Choose what you pay for your monthly premium on a sliding scale that adjusts with your deductible and coverage
- Receive up to 90% in reimbursements, after your deductible has been reached
- Choose from several plans that range from unexpected illness and injury to those that cover routine preventive care, too
- Qualify for discounts if you have more than one pet, or if you also have car or home insurance with Nationwide
- Receive up to 90% reimbursements, depending on your plan’s policy