Your pet holds a special place in your heart, and you’re committed to providing the best possible care for your beloved companion. However, unexpected accidents and illnesses can arise, leaving you to face difficult decisions, both emotionally and financially. 

Pet insurance is a great way to ensure you can afford any care your pet needs, no matter what the future brings. Our Companion Care Animal Clinic explains why pet insurance is a crucial investment for your furry family member and your peace of mind.

What is pet insurance?

Pet insurance works similarly to human health insurance but is designed specifically for pets. It essentially provides a financial safety net for unexpected veterinary expenses. You can choose from different coverage options to suit your pet’s needs and your budget, such as:

  • Accident-only plans — Accident-only plans are the cheapest option, and provide coverage for injuries related to events such as a car accident, toxin ingestion, or a broken bone. 
  • Accident and illness plans — Accident and illness plans provide more comprehensive coverage and typically cover most major illnesses and injuries your pet may develop.
  • Wellness coverage — Some providers offer the option to add on a wellness plan that helps you budget for your pet’s routine care, such as vaccines and parasite prevention. 

Most pet insurance companies allow you to customize your plan by choosing a deductible, annual coverage limit, and reimbursement rate. By adjusting these parameters, you can balance the coverage your pet needs with an affordable premium.

What key pet insurance terms should pet owners understand?

When researching pet insurance plans, understanding basic terminology can help. Here are some key terms and their definitions:

  • Premium — The premium is the amount you pay for your pet’s insurance coverage, usually on a monthly or annual basis.
  • Deductible — This is the initial amount you must pay out of pocket before your insurance coverage kicks in.
  • Reimbursement rate — Most insurance companies will reimburse you for 70% to 90% of eligible services, although a few companies offer 100% reimbursement.
  • Annual coverage limit — There is a limit to the maximum amount most insurance companies will pay for covered expenses within a policy year.
  • Pre-existing conditions — Pet insurance companies will not cover health issues or injuries that your pet has before you purchase the insurance policy. 
  • Waiting period — The waiting period is the time between enrolling in the policy and when coverage begins. Waiting periods vary and may apply to certain conditions.

How does pet insurance work?

Pet insurance typically operates on a reimbursement basis. If your pet gets sick or injured, you can bring them to our clinic or an emergency hospital for treatment. You do not need to worry about choosing a specific veterinarian because pet insurance companies do not designate certain “in-network” clinics or hospitals. You will pay for your pet’s care and then submit a claim to your pet insurance provider along with the necessary documentation (e.g., veterinary bills, invoices, etc.). After reviewing your claim, the insurance company will reimburse you for eligible expenses, minus your deductible.

When should I consider getting pet insurance for my pet?

The best time to get pet insurance is when your pet is young and healthy. Since insurance providers do not cover pre-existing conditions, you should enroll your pet before any health conditions develop. Although younger pets are not as likely to develop chronic and age-related health conditions, they are more prone to accidents and injuries. Early enrollment allows you to get the most benefit from an insurance policy. However, pet insurance can benefit pets of all ages, so don’t hesitate to explore your options if your pet is older or has health issues.

Is pet insurance worth the cost?

Pet insurance can be well worth the cost, especially in cases of unexpected accidents or serious illnesses. It offers peace of mind, knowing that you won’t have to make difficult decisions about your pet’s care based on finances. It also allows you to provide the best available treatments without hesitation. Additionally, it can save you money in the long run, as veterinary care costs can quickly add up.

Pet insurance can be a valuable tool for ensuring your pet’s well-being while protecting your finances. We are happy to answer any other questions you might have. Give our Companion Care Animal Clinic team a call or schedule an appointment.