Pet ownership has evolved in the last few decades. According to Forbes magazine, pets can be found in two-thirds of all homes in the U.S. And most people consider their pets to be an important member of the family. This cultural development has led to a huge increase in pet healthcare expenses. Owners are more likely to keep up with routine wellness checks and seek treatment for illnesses and injuries than ever before. Pets live longer, healthier lives as a result, but at what cost?
Routine well checks and immunizations can cost a few hundred dollars each visit. Add to that medication, surgery, and even cancer treatments, and caring for a pet can quickly become one of the biggest household expenses for a family. Pet insurance is gaining popularity as a solution to keep pet healthcare costs more manageable. Before purchasing a policy, it’s important for pet owners to understand how the insurance works and what it covers.
Understanding the Basics of Pet Insurance in Pennsylvania
When compared to personal health insurance, pet insurance operates like a mix of standard health policies and supplemental policies. For example, there are deductibles and coverage limits like you would find in your own health insurance plan through your employer. But the model works exclusively by reimbursement rather than being managed by veterinary practices. This is more like a supplemental health plan and means that it is always the responsibility of the pet owner to pay upfront, then submit a claim with the proper paperwork and receipts in order to be reimbursed.
Policies work like any other insurance plan. Owners pay a monthly or annual premium for the coverage options they choose. While pet policies are pretty simple, owners can choose varying deductibles, annual limits, and reimbursement rates to get to the most affordable premium for their budget. This flexibility allows pet owners to buy the plan that works best for their pet, personal concerns, and financial risk tolerance. Someone with a mature cat might be thinking about dental disease and cancer, while a puppy owner wants to stay affordably on track with routine well checks and vaccinations.
Options for Pet Insurance Coverage
Although several companies offer pet insurance policies, most of them have two main options for coverage. One policy covers just Accident and Illness, while the other covers Accident, Illness, and Wellness. The variables for deductibles and annual maximums can be determined within each type of plan.
An accident and illness plan provides coverage for the unexpected. If your pet gets injured, eats something it shouldn’t, or gets diagnosed with an illness or disease, this policy will provide some financial relief. The benefits of this plan also cover the unfortunate circumstances of a fatal accident or end of life expenses for your beloved friend.
An accident, illness, and wellness plan covers the same things as the accident and illness plan, plus wellness benefits. This type of coverage reimburses some of your routine care expenses like dental cleaning, deworming, flea and tick treatments, prescriptions, special dietary needs, and vaccinations. It’s a good idea to run some numbers on a plan like this with your insurance agent to make sure the benefits of the plan truly offset the costs of your premiums. Depending on your pet’s needs, it could be more affordable to skip the wellness coverage.
No matter what type of coverage you choose, you have a few more decisions to make before you get your final plan cost. Deductibles for pet insurance are typically between $250 and $1,000 for accident and sick care. For routine veterinary visits, the plans offer reimbursement rates between 70% and 90%. You will also choose your annual maximum coverage, which is usually between $5,000 and $15,000, although some plans do not have an annual limit. Any costs above your limit will have to be paid out of pocket.
Premiums also depend on the pet itself. The final cost will account for the breed, age, location, and health history. Some breeds that have known health conditions may be more difficult to insure. Pets with pre-existing conditions may not be eligible for coverage, or at least not for coverage regarding that condition. If pet insurance is on your mind, it’s best to get it when your pet is relatively young and healthy. If you wait too long, the only plans available might be cost prohibitive.
Think about your pet’s lifestyle. If your dogs have a lot of property to run around, or your cats spend time outside, you might want a policy with a high accident and illness maximum but lower deductible. This can save a lot of money if you’re visiting the emergency veterinary clinic for injuries that happen out in the wild a couple of times a year. If you have a strictly indoor pet, though, a high deductible makes more sense because your pet is less likely to get injured. This can save a lot on premiums as long as you can cover the cost of your deductible for those unexpected issues.
Supporting Pet Owners with Worthwhile Coverage
Anyone who has been a pet owner for more than 20 years knows that veterinary science is doing amazing things. Tumors, illnesses, and injuries that used to have only one sad solution are now highly treatable in many cases. While having more time with your best friend is a gift, it’s an expensive gift. But if your pet is family, it’s worth it. Pet insurance can help you keep your fur baby healthy and happy for as many years as possible.
If your vet is offering a pet insurance plan, or if you are considering one for your four-legged family member, contact us. We can review the policy you’re considering, write a quote, or just help you think through all the options. At Smyrl Insurance, we educate, nurture, and empower people through insurance to help them find coverage that protects their family members of all species. We help our human clients obtain pet, homeowner, auto, life, and other types of insurance in Hatfield, Lansdale, Souderton, Harleysville, and throughout the region in Montgomery County and Bucks County, Pennsylvania.
