Insurance is the only form of gambling in which the bettor hopes to lose. As pet insurance has become more popular over the past 10 years, there’s been an explosion of coverage options in the marketplace. This article is intended as a brief overview.
Having the right policy in place removes financial considerations of treating medical conditions for your pets when they arise. If you obtain coverage for your pet at a young age, it is possible to have every illness throughout their life covered by the insurance company. If you wait until your pet has an illness diagnosed or the policy lapses, conditions may not be covered under “pre-existing conditions” clauses. For this reason, insurance policies provide the greatest return on investment if they are obtained when your pet is young and healthy.
One of the most positive aspects of pet insurance is that insurance companies cannot restrict which veterinarian you choose, and they don’t control what procedures you are allowed to have performed. This means you don’t have to switch veterinarians or look for a clinic that “accepts” the insurance policy that you choose. It also means that veterinarians are not forced to alter their medical recommendations to comply with reimbursement schedules. All state- licensed veterinarians are covered. The majority of veterinarians will assist you in submitting your claims at no charge.
How does Pet Insurance work?
Pet insurance typically operates on a direct reimbursement basis. This means when your pet gets treated, you will pay the invoice to the clinic who provided the care at the time the care is provided. Within 3-30 days (depending on carrier) of submitting your claim, you will receive a reimbursement check from the carrier. Therefore, it is important to choose a company with a history of efficient claims processing with minimal headaches. Petinsurancereview.com is great resource for comparing plans.
What Pet Insurance plan should I choose?
There is a broader spectrum of coverage offered now than ever before, with the cost of policies ranging from $200 to over $750 per year. As with most things in life, you will get what you pay for. The most inclusive (and expensive) policies will cover any ailment that your pet may experience no matter if it is serious, benign, acute, or chronic. There are also “catastrophic” policies that only cover the “big-ticket” problems. Keep in mind that insurance companies are in business to make a profit. If a policy seems to offer great coverage for a lower price than any other company, make sure to read the fine print to make sure the coverage is what you expect. Some companies will have limits on reimbursement amounts for certain conditions or exclude the conditions they believe to be congenital or genetic in nature. Most of the “discount” insurance companies end up going out of business in a few years, so select a company with reasonable rates, a good track record, and longevity in the marketplace for the best results. If your pet never becomes ill, you should be happy to be a lucky loser of the insurance gamble.