In this article we will talk about pet insurance and get all your doubts about that subject.
We’re talking about pet insurance. What it does what it doesn’t do and whether or not you need it. Let’s get into this. And now a that who makes all kinds of claims.
If you’ve watched any of my posts on emergencies you’ve heard me talk about pet insurance before it can be the difference between life and death.
For pets. But it’s also a bit complicated and there are tons of companies offering different packages and people always worry about getting screwed and for good reason.
So in this episode I want to break down how pet insurance works what questions you need to ask. And what red flags to look out for.
How Pet insurance Works
Basically Pet insurance works just like homeowners, or renters insurance you buy it you pay a monthly or yearly fee and if something bad ever happens you get money from the insurance company to cover most of the cost of damage so you don’t have to come out of pocket with a big chunk of change.
Pet insurance works the exact same way. Shopping for pet insurance is like shopping for cell phone plans.
All the companies package their stuff different laser you can’t compare apples to apples and it gets really confusing.
My advice is to ask your vet for recommendations of companies their other pet owners use and like and then give those companies a call your vet.
Who do they work with often. And like. That’s what you want to know. When you talk about insurance. There are three really common words or terms that trip people up.
The first is deductible the deductible is how much money you will have to spend but.
For the insurance kicks in and helps you out the more you have to spend before you get help the cheaper your monthly payments for the insurance should be.
The second term is copay copay is how much you have to pay after you’ve already paid the deductible amount.
So you pay this deductible amount right. And. After that the insurance will pick up a percent of the cost the amount you still have to pay on top of the chunk you paid before they started helping is the copay.
It’s usually somewhere between 10 and 30 percent of the bill. The smaller your copay the less money you’ll have to shell out at the vet.
But. You’ll probably pay more for the insurance in your monthly or annual payments. The last term is premium as in your monthly premium.
Pet Insurance: How Much Money Will You Pay
This is how much money you’re going to have to pay regularly to keep the insurance is your monthly fee or your annual fee for having the insurance.
Listen not everyone needs pet insurance. Here’s what you need to know. Medicine is expensive. I wish it wasn’t but it is.
If you’re somebody who would do anything for your pet but it’ll be really hard for you to quickly get your hands on a few thousand dollars if you ever had a pet emergency you should really look hard at pet insurance and think about it how much an emergency cost it really varies depending on where you are.
But if you live someplace cheap you might need to get your hands on three thousand dollars.
So for a big pet emergency in more expensive places like New York or L.A. you can easily be in the six thousand or eight thousand dollar range.
I’ve seen it over that. So it would be hard for you to get this cash in a pinch but you couldn’t imagine not being able to afford medical care for your pet. Definitely look into pet insurance now.
Before you need it. Let me add one more thing here and just say we talk about emergencies a lot. Don’t forget that there are things that aren’t emergencies like allergies that just.
Take so much time and money. Those are things you love to have insurance for as well. How much Pet Insurance Do people really need.
This is a really important question and it depends on a few things. Here are the questions to ask yourself do you have savings in the bank.
If you’ve got some savings then you can go with a higher deductible plan and save money on your monthly payments. Do you have more than one pet.
I can’t tell you how many times I’ve seen both dogs from a dog fight or both dogs to a rat poison together or things like that.
The costs from having multiple pets at the vet at once can be brutal. You want to make sure you could afford it if something awful like this happened with both of your pets.
So you want to factor that into your coverage. Do you have a top budget. I hate to ask this but we have to be realistic here.
If you know that you would never ever ever spend more than say ten thousand or twenty thousand dollars on medical care for a pet then you can set a top payment amount that will be less expensive than having unlimited coverage.
Is it more important to you to have a low monthly payments pay a smaller amount to the vet if you have an emergency. If you want low monthly payments then you can set a higher deductible and or a higher copay.
The downside is you’ll have to pay more during the emergency. If you plan to use pet insurance as a safety net for emergencies I recommend a high deductible plan that will keep your monthly payments lower but only kick in if you have a bad medical problem with your best friend.
If you’re more worried about common health problems like allergies and stuff like that then consider a lower deductible plan.
So those regular vet visits like to recheck appointments and things they get covered. When should you get pet insurance. The simple answer here is just before you need it.
People come to the vet with a sick pattern then try to get insurance and it just doesn’t work that way. You need to get insurance when your pet is happy and healthy not when you have a problem on your hands.
Also remember that puppies and kittens are especially reckless and wild and they’re accident prone. And we also start to see chronic problems like allergies early in life so getting that puppy or kitten covered as young as possible often makes the most sense.
And finally what are the red flags to look out for or. How did they get here. Here are the warning signs of a bad pet insurance policy.
In my book they limit hereditary conditions. This means they won’t pay for the illnesses that your dog is most likely to get based on their breed.
That defeats a lot of the purpose in my book. They tell you what an emergency your illness should cost and they based their payments on that. You want a plan that pays what things actually cost.
Not what the insurance company says they should cost. You’re going to get left holding the bag if the vet bill is over what the insurance company wants to pay. They don’t cover vet examinations haha.
Does pet insurance cover veterinary checkups?
This little bit of fine print is important. Vet examinations are often somewhere between say 40 and seventy dollars and that may not sound too bad but if your pet gets sick in a way that causes you to go into the vet again and again for tests and reach X you better believe those examinations can add up.
So watch out for this. They exclude dentistry is not cheap but it is so important.
People don’t realize that dental procedures commonly top a thousand dollars in cost if there are problems not being covered for dental may not seem like a big deal.
But trust me it really can be. Finally they make certain illnesses like cancer. Add ons.
This isn’t the worst thing if you go into it with eyes wide open. But if you pay for insurance and then your pet gets cancer or something like that and you don’t get any support that bothers me.
So that’s my spell on pet insurance and that’s our show. This episode of cone of shame is made possible by pet plan pet insurance. If you want to know more about their packages and coverage I’ll have links in the description and comments below.
Definitely check them out. If this episode has been helpful please let me know if there are things you’d like to see in future episodes.
Always want to know what’s going on with you guys until we meet again. Let’s be the people that our pets deserve.