Benefits of a Pet Insurance Policy
Advantages of Health Insurance Coverage for Cats and Dogs
Aug 18, 2008
Pet insurance providers have become more prominent over the past decade, leading many dog owners, cat owners and owners of other animals to consider getting coverage for their animal. But with many policy options and numerous insurance companies offering coverage, the selection process can become a bit daunting.
Pet Insurance companies like Veterinary Pet Insurance, Inc (also known as VPI) or the ASPCA’s Insurance Company, offer affordable insurance policy premiums for cats, dogs, birds, exotics and other pets. VPI offers an array of coverage options, enabling pet owners to afford care and procedures that they may otherwise have to forego.
“I’ve seen many instances where the pet owner could not afford to pay for the type of care that a pet needed. Some procedures can cost thousands of dollars, and as a vet, I recognize that not everyone has that sort of money laying around,” explained Dr. Michael Levine, DVM. He added, “Pet health insurance coverage makes better care possible for many animals. I’ve seen it save an animal’s life in many instances – I would recommend it for all pets.”
Pet owners can select from a variety of insurance coverage options, including the following:
- Routine Care Coverage: This form of coverage will cover a significant portion of routine pet care, such as vaccinations and annual examinations. This type of policy is typically the least expensive, though owners should ensure that the cost of the veterinary insurance policy premium does not surpass the typical routine pet care costs.
- Basic Coverage for Specialized Care and Procedures: Basic care plans will cover the costs of examinations and procedure that fall outside the breadth of routine care. So a plan of this sort will not cover vaccines or annual examinations, but it will cover portion of the costs associated with diagnostic testing, visits to veterinary specialists, operations and other procedures.
- Premium Coverage for Specialized Care and Procedures: These advanced care plans typically offer coverage for the same procedures and testing as the basic care plans, though the reimbursement level is higher. The premium is also slightly higher to compensate for the greater percentage of compensation.
- All-Inclusive Coverage: An all-inclusive coverage pet insurance policy typically covers routine care and specialized care like diagnostic testing, visits to veterinarian specialists and medical procedures. All-inclusive veterinary pet insurance policies are typically the most expensive.
Unfortunately, the vast majority of veterinary insurance companies do not pay for procedures and other care up-front. The pet owner typically must pay the vet bill up-front, and the money is then reimbursed within a week or two of the claim form submission. But in cases where it’s a matter of life or death, many vets will allow the pet owner to pay just a portion of the bill, allowing the pet parent to make arrangements for the insurance reimbursement check to be sent directly to the clinic, thereby clearing the remainder of the balance.
Owners of a pet with a pre-existing medical condition should be aware that their cat, dog, bird or other pet may not be eligible for coverage. In addition, pets who have previously suffered a medical problem or been involved in an accident may not be eligible for reimbursement on future costs if the future problem is found to be directly related to the original incident (providing that original incident occurred before the insurance policy became effective.)
There is also typically a two-week wait before pet coverage becomes effective, so when purchasing a veterinary pet insurance, pet owners should be sure to inquire about the wait period before the policy goes into effect.
Related Reading
Learn more about veterinary health insurance with VPI Pet Insurance.
Pet owners can also check out How to Pay for Expensive Vet Bills and How to Pay for Emergency Vet Bills for more ideas and tips to afford the necessary veterinary care for a sick or injured dog, cat or other pet.
