Thinking of taking out pet health insurance for your dog?
We all want to give our pets the best care possible. After all, they are also members of our families. And we all know that pet health care costs are rising dramatically, just like ours.
But does it really make sense to buy pet health insurance?
We’ll see….
What are the types of insurance available?
Basically, there are four types of dog health insurance coverage. These are:
1. Routine and wellness coverage. Coverage typically includes things like annual checkups, flea and heartworm control, spaying and neutering, scaling and polishing, and immunizations.
2. Coverage of diseases and chronic conditions. This type of policy covers common chronic diseases and conditions such as allergies, osteoarthritis, diabetes, thyroid problems, and Addison’s disease. Continuing treatment of chronic conditions or long-term illnesses, such as cancer, beyond the first policy year in which it occurred may have a reduced payment or may require a rider. Make sure you understand coverage for chronic and long-term illnesses before you enroll.
Coverage generally includes hospitalization, laboratory tests, diagnostic tests (X-rays, ultrasound, etc.), prescription drugs, non-elective surgery, dental services, and disease-related follow-up veterinary care. Some policies also include euthanasia in case the dog does not survive.
3. Major medical coverage. This is the coverage that is used to protect against catastrophic events like accidents and emergencies. Major medical services generally have low monthly premiums and high deductibles.
Coverage includes essentially the same items listed above for chronic diseases and conditions, but would be limited to only those conditions resulting from the accident or emergency. Also, any condition of the accident or emergency that carries over into subsequent policy years may have a reduced payout or may require a rider.
4. Coverage of genetic diseases. This is one of the most expensive types of coverage and only a few companies offer it. However, some companies offer riders for specific conditions. Cost and coverage largely depend on the breed of the dog.
There are hundreds of genetic conditions that affect dogs and some breeds are much more prone to them than others. If you are still searching for your pet, genetic conditions are something to consider when making your selection. It could save you a lot of heartache and a lot of money in the future.
Can I customize my coverage?
Most insurance companies can customize policies by combining elements of two or more of the general types of insurance. Riders are also usually available for specific items of coverage that are not contained in general policies.
When should I take out insurance for my dog?
If you plan to purchase medical insurance for your dog, it is best to start when the dog is young. Premiums are lower then and you shouldn’t have a problem getting coverage. Many companies do not issue new policies for senior dogs due to their increased medical needs, and if a dog already has a disease or genetic problem, it will often not be covered.
Can I keep my current vet?
Most companies will let you choose any licensed vet in your area, so you usually won’t have to worry about changing vets. However, this is something to check before committing to a policy.
How are claims processed?
You are responsible for paying the vet bill in full. You then mail a claim form and a copy of your receipt to the insurance company. The refund is usually received in 2-3 weeks.
You are generally reimbursed for 80% of the cost, after you meet the deductible. However, there may also be per claim, annual or total policy reimbursement limits. Make sure you understand them, as they differ considerably from policy to policy.
How much is insurance?
Premiums are based on multiple factors, but the most important are the age and breed of your dog. Premiums can start as low as $10 per month, but will typically range from $20 to $40 per month. These latest fees equate to $240 – $480 per year and $2,880 – $5,760 over the life of a dog, assuming a nominal life of 12 years.
Most companies offer discounts if you insure more than one pet.
Where do you get the insurance?
Some of the most popular and best-rated plans are offered by:
- US Pet Plan (GoPetPlan.com)
- Embrace Pet Insurance (EmbracePetInsurance.com)
- PurinaCare Pet Health Insurance (PurinaCare.com)
- Trupanion (TrupanionPetInsurance.com)
For independent reviews of the different companies and their plans, along with customer feedback, visit PetInsuranceReviews.com.
The bottom line:
The decision to buy pet health insurance for your dog is a decision only you can make.
If you have an expensive dog, such as one used for breeding, a guide dog, a search and rescue dog, or a certified guard dog, then the choice is easy: get the best insurance you can find.
For the typical family pet, on the other hand, the choice is a bit more difficult. The most important thing here is to make an informed decision.
First, get more information. Learn as much as you can about your dog breed and the medical conditions it is prone to, especially genetic ones. Decide exactly what you want to include in your coverage, then shop around and get quotes from several top-ranked companies.
Only make a decision after you have detailed information for your specific dog and for the specific coverage you want. And then make the decision that’s best for you, your family, and your pet.
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