Whether it relates to humans or pets, medical insurance can be confusing. So, how does pet insurance work? We’re glad you asked. Keep reading to gather the basics of pet insurance before you make your final decision.
What is Pet Insurance?
Similar to insurance for people, a variety of options are offered for pet insurance. Like humans, you pay a monthly premium for your policy and are subject to an annual deductible. Each policy offers specific information on what is covered as well as the maximum amount of coverage per instance.
What Types of Pet Insurance Policies are Available?
In general, you can choose from a wellness, accident or an illness plan. Wellness plans are usually more expensive and are sometimes only sold in addition to an illness plan. Here’s what each would cover:
- Wellness plans: These plans cover routine and preventive care like checkups and vaccines.
- Accident plans: This option only covers those major unexpected injuries like broken bones or cuts.
- Illness plans: This coverage would apply to instances such as parasites, infections and some cancers.
- Joint accident and illness plan: True to its name, this type of plan would cover all situations listed under the accident and injury plans.
Cost
At this point, you’re probably wondering about the cost of pet insurance. The cost of each type of coverage will depend on the following factors:
- Type of animal
- Breed
- Size and age
- Where you live
You’re more likely to get a better rate if you purchase your policy while your pets are younger. On a positive note, most licensed vet clinics accept pet insurance. Additionally, some insurance providers will offer a multi-pet discount.
What are the Best Companies for Pet Insurance?
Money Magazine recently rated the top pet insurance companies for 2021. Let’s check out a few that came out on top.
Healthy Paws
Healthy Paws aims their insurance plans toward dogs and cats. This company’s claim to fame is that there is no maximum annual or lifetime payout. Plus, their lighting fast two-day claim processing is a bonus. You can simply download their app, take a picture of your vet bill and submit it right through the app. Genius!
Comprehensive coverage options include cancer, chronic conditions, illness and accidents. On average, cat policies start at $15 per month and dog policies begin at $20 per month.
Embrace Pet Insurance
Another company catering to doggies and kitties, Embrace Pet Insurance is a top contender for the best pet insurance. They offer accident, illness and wellness plans for well-rounded coverage options.
Perks of this company include 24/7 pet health care support line, a deductible decrease each time you don’t receive a claim payment and the possibility of covering pre-existing conditions.
Nationwide
While Nationwide does cover dogs and cats, it also happens to be your best option if you’re looking to cover exotic animals. Rats, snakes, ferrets, guinea pigs and goats are a few animals that can be included in their coverage.
Insurance plans begin at $35 per month. Wellness, accident and injury insurance plans are all offered at Nationwide.
Closing
After this overview, you shouldn’t be finding yourself wondering “how does pet insurance work?” If you’re not much into taking chances when it comes to your pet’s health, you need to research pet insurance options. Educate yourself, and choose the plan that works best for your pet and your budget!
