KNOW ABOUT THE INSURANCE
According to recent data from popular dog walking service Rover, the average cost of owning a dog in the first year ranges from $1,135 to $5,155, depending on your new dog’s age. A significant portion of this cost is first-year vet bills, including the initial veterinary examination, spay/neuter surgery, and routine vet visits.
While that range is just an example and your costs may be higher or lower, one thing is for certain: pet ownership isn’t cheap. This is true whether you welcome a new dog or cat into your family. Fortunately, pet insurance can help offset veterinary costs over your pet’s lifetime. Here’s what you need to know.
What is pet insurance?
Pet insurance helps pay for health care costs associated with pets. While most policies are for dogs and cats, according to the North American Pet Health Insurance Association, there is insurance for exotic animals.
When you sign up for a policy, you pay a set premium for coverage, usually monthly or annually. Typically, pet owners pay out of pocket for when their pet is treated for a covered condition, then file a claim to be reimbursed for a portion of the bill.
How does pet insurance work?
Pet insurance plans vary, but generally, they either cover a percentage of certain veterinary costs upfront or reimburse you for covered treatments. In exchange for the insurer compensating you for a portion of your costs, you’ll pay monthly premiums as you would with other types of insurance
What does pet insurance cover?
Covered expenses vary depending on the insurer and policy you choose. But typically, pet insurance can offset the cost of vaccinations, diagnostic testing, surgeries, and emergency veterinary care. Some insurance companies may also have a wellness add-on that provides additional coverage for preventative care, including dental cleanings and flea and tick or heartworm medications.
Each policy and provider is different, so read the fine print before buying a policy. Depending on the plan you choose, these are what is covered:
Accident-only policy: a basic plan covering expenses related to emergencies — like broken bones, bits, swallowed objects and traumatic dental fractures. These policies don’t cover illnesses, parasites or cruciate ligament injuries.
Accident and illness policy: Cover everything in an accident-only policy, as well as illnesses like cancer and diabetes, hereditary conditions like hip dysplasia or glaucoma, and prescription medication.
Wellness policy: Covers checkups, vaccinations, microchipping, teeth cleaning and spaying/neutering
What pet insurance doesn’t cover
Exclusions vary by company, but pet insurance companies rarely cover pre-existing conditions —a medical issue that your pet had before you signed up for coverage. Some will cover pre-existing conditions that have been cured for a certain amount of time, such as broken bones or respiratory infections.
Elective procedures, grooming and costs relating to breeding, pregnancy or birth are typically excluded from pet insurance policies. While most plans don’t cover hereditary disorders or euthanasia and funeral expenses, both Pets Best and Embrace, include it in certain accident and injury policies.
Many carriers won’t insure animals past a certain age, but there are also some with no age limit.
When Is Pet Insurance Useful?
Pet insurance can come in handy in a variety of situations. Some examples include:
Unexpected illnesses or injuries: Pets can become ill or injured unexpectedly, and veterinary treatment can be costly. Pet insurance can help cover the cost of treatments, such as surgery, medications, and diagnostic testing.
Chronic conditions: Some pets may develop chronic conditions, such as diabetes or arthritis, that require ongoing treatment. Pet insurance can help cover the cost of these treatments over time.
Preventive care: Some pet insurance policies cover preventive care, such as vaccinations and routine check-ups. This can help pet owners budget for these expenses and ensure that their pets receive the necessary care.
When it comes to pet insurance, dog insurance and cat insurance are supreme as the most popular options among pet owners. You can also opt for puppy insurance and kitten insurance as this applies to pets ranging from 2 months to 10 years of age.