An unexpected pet illness or injury is every owner’s worst nightmare, and if you’ve ever wondered if you’d be financially prepared to cover all your pet’s veterinary costs, you are not alone. Emergency veterinary care expenses can significantly impact your finances, and pet insurance can provide a safety net should the unexpected happen. Our team at The Old 41 Animal Hospital wants to help you budget for your pet’s medical expenses to ensure they receive the care they need. We explain pet insurance’s benefits and how to find the right pet health insurance policy for your furry pal and your wallet. 

Benefits of pet insurance 

When you enroll your pet in an insurance plan, you are also purchasing financial peace of mind. Pet insurance can provide you with many benefits, including: 

  • Financial protection for unexpected costs — Veterinary emergency bills can be expensive, but when your pet is covered by insurance, the policy covers the cost of your pet’s emergency care, allowing you to ensure your pet receives the treatment they need without having to worry about your budget.
  • Access to optimal veterinary care — When your pet exhibits abnormal signs, diagnostic tests, such as blood work, urinalysis, X-rays, and ultrasound, may be needed for our team to make a definitive diagnosis. Once your pet is diagnosed, we often suggest various treatment options, and some may be more expensive than others. Diagnosing and treating your pet’s condition can be costly, but by having pet insurance, you help ensure that your furry pal can receive the diagnostic testing and treatment options that are in their best interest.
  • Long-term savings — Technological advances in veterinary medicine have led to increases in care costs. When you invest in a pet insurance policy, you are reimbursed for the covered cost after meeting an initial deductible, potentially saving several thousands of dollars, depending on your pet’s condition

Pet insurance basics 

Most pet insurance plans operate on a reimbursement model. If your pet insurance plan is based on the reimbursement model, you can bring your furry pal to the veterinary hospital, pay the initial treatment invoice, submit the claim to your insurer online or through an app, and wait for reimbursement by direct deposit or a mailed check. Some providers offer veterinarian direct pay. Through this model, the policyholder pays only their invoice portion (e.g., a copay fee), while the pet insurance provider pays the remaining balance directly to the veterinary hospital. 

Pet insurance coverage options

Coverage varies depending on your chosen plan, which can range from accident-only to more comprehensive options. Most plans offer an accident-only coverage plan, and an illness and accident coverage plan, with additional options for both plan types:

  • Accident-only coverage — This plan type covers only injuries or conditions considered accidental (e.g., broken bones, foreign object ingestion). Accident-only policies do not cover medications, vaccinations, or routine examinations. Keep in mind that emergency trauma care can be expensive, and this plan type covers your pet’s care costs when the unexpected happens. 
  • Illness and accident coverage — This plan type is more comprehensive and usually covers diagnosis and treatment costs for conditions such as cancer, endocrine disorders, and some orthopedic injuries. 

Pet insurance exclusions

Pet insurance plans cover many services and procedures. However, all pet insurance providers have exclusions and limitations such as:

  • Pre-existing conditions — Most insurance providers do not cover pets’ pre-existing conditions (i.e., health-related disorders diagnosed before the policy takes effect). To determine whether your pet has a pre-existing condition, most pet insurance providers review your pet’s veterinary records before initiating coverage. Our team at The Old 41 Animal Hospital recommends you purchase pet insurance when your furry pal is young and healthy to ensure potential health condition coverage.
  • Routine and wellness care — Most pet insurance plans do not cover basic wellness services such as annual vaccinations, spaying, neutering, and dental cleaning. However, for an additional fee, you can often add a wellness rider to most plans to cover these costs. 

Pet insurance costs

Pet insurance policies require a monthly premium payment. Premiums for healthy young pets are generally lower, while for older pets, those with pre-existing conditions, premiums can be more expensive. Some providers offer adjustable monthly premiums, deductibles, and reimbursement levels when you first enroll, making good coverage more affordable. However, premium and deductible are inversely related. A  low monthly premium typically requires a high deductible (i.e., you’ll have to pay more out of pocket before your benefits kick in).

You want to ensure your pet enjoys a long and healthy life with you, and the right pet insurance plan can help ease your financial burden. If you have pet insurance questions or need help choosing a plan, contact The Old 41 Animal Hospital team.