According to one study, pet owners spent over 10.5 billion dollars on veterinary care in 2005 [Pet Industry Strategic Outlook, Dillon Media LLC, as seen on CNN.com, October 25, 2007]. In this regard, pet insurance has become a great way for animal owners to ensure they can pay for those veterinary bills in times of catastrophe or major illness.
Think about this. If your pet were to have a major illness or injury, would you be able to pay over $20,000 for treatment? If not, you may want to consider dog health insurance, otherwise you would have to consider euthanasia.
Dog Insurance Basic Overview
Dog insurance is very similar to insurance for humans. There are deductibles, copays, and maximum coverages. The main difference in this type of insurance is that in most cases you will pay up front and fill out a claim form to be reimbursed.
Once the claim is approved, you will receive the check from the insurance company, not the veterinarian. There will also be limits on what is covered and what is not, so you will have to read your individual policy.
There are now hundreds of companies in the U.S. alone that offer these types of services. Reputable insurance companies include, but are not limited to:
- Petinsurance.com
- PurinaCare Pet Insurance
- Vet Insurance USA
- Petfirst Healthcare
- Trupanion
- Pets Best
- Hartville
- Embrace Pet Insurance
Each insurance company provides the same basic coverages, but in totally different payment plan options. You also need to consider the timing of buying such insurance for your dog. It may not be necessary to insure a completely healthy puppy or young adult, while an aging dog may need such coverage.
Searching for a Dog Health Insurance Company
When you are in search of the right insurance provider there are many factors to consider. You will need to set limits on:
- Price
- Coverage
- Deductibles
Knowing what you want to budget, you can then compare providers based on your coverage needs. In every case, the premium you pay will be based on the type of coverage you select. Just like with humans needing a hospital visit, an injury and veterinarian stay could cost over $20,000.
Some companies will have yearly maximums as well. You may want to get a quote for major surgery from your vet and ensure that the plan you choose would cover it.
You also need to consider that some insurance plans only cover emergencies or critical illnesses. However, you can find companies to cover preventative care as well. The more coverage you choose, the higher the bill will run. This may not be the most important factor to some people, but may be the sole deciding factor for others.
Make sure that in your search for coverage, your vet is listed as a provider or you find one that you are willing to switch to. You might even ask your vet for a recommendation of which plans they accept. This will save you time on having to find a different vet, especially if you are pleased with the one you use now.
Comparing Dog Health Insurance Companies
When comparing companies that have the best rates and plans, you might want to search online. Many companies have specific plans and rates available to compare. You can also get recommendations from friends and families who have already purchased a plan. Ask these individuals:
- Why did you choose this particular company?
- Are you satisfied with the service?
- Have you used the insurance yet? If so, did you get reimbursed in a timely manner?
- Would you recommend this company?
You will have to consider that just like with regular insurance, the health and the age of the dog will have an effect on the premium you will pay. Some companies may require a physical be completed by a veterinarian. In this case, you will usually have to pay that fee up front. Some companies will require copies of medical records be released before they will issue coverage.
Coverage Through Main Stream Insurance Companies
In general, most pet insurance companies are independent agencies. Very few main stream insurance companies that offer health, life, or home insurance will have this type of service. However, as the trend becomes more popular, more and more of these companies are picking up the coverage. Check with your insurance provider to see if dog health insurance is an option.
It is a big decision whether you want to insure your dog or not. It is definitely a personal decision that requires some thought. If you have a partner, it might be a good idea to make sure you are both on board with the idea before just purchasing it. Of course, your dog will probably be around for a good part of your life, and health insurance may make all the difference in the world to keeping him around even longer.
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