Pet Insurance 101
It’s important to consider pet insurance when your pet is still young and healthy. Large vet bills can pile up and not just when your animals get old and emergencies can happen at any turn even with young pets. Do you have enough savings to cover a potentially expensive vet bill? It can give you peace of mind but don’t wait until they’re old and having health issues. It’s also not a good idea if you have the money to cover their vet bills and want to take the financial risk. So, after you consider these factors how do you know which pet insurance plan is the best for you and your animal? Here is a list of the different coverage options.
1. Comprehensive: this type of coverage is the whole shebang. It covers everything from accidents to chronic illnesses. It also includes regular checkups and vaccinations. If you have a breed that is knowns to have a plethora of health conditions this is probably the best option for you.
2. Accident & illness: this covers bills for accidents, as the name implies, as well as illness. It also includes any chronic illnesses your pet may get. This one, however, does not cover routine visits, vaccinations, and exams. So, if you can cover the typical things, such as those but want to be covered in case of emergencies, this is the plan for you.
3. Accident only: only covers accidents. No illnesses or routine visits.
4. Wellness: this covers all wellness-related visits, such as regular checkups, flea & heartworm prevention, and vaccinations. This is a good option if you have a healthy pet and don’t expect any illnesses down the line.
These are the types of covered so what are the average costs of pet insurance is everyone’s next question. Each policy will differ based on the specifics of your animal's breed, age, and overall health. That being said, the annual average cost for an accident and illness plan is around $640 for dogs and about $387 for cats. If you choose accident only those costs drop slightly to about $201 for dogs and $122 for cats. Once you meet your deductible, the amount you are responsible for is much less. Usually, that’s anywhere from 70%-90% covered by the provider once the deductible is met. You can customize your coverage to have lower deductibles. The most important takeaway here is that you get your coverage before your animal is diagnosed with any illness. Once diagnosed you will not be able to get coverage. Vet care can be an expensive extra cost that your family may not be prepared for. Help lessen the burden and give your family financial peace of mind with pet insurance.