Frequently Asked Questions (FAQ)
WHAT DOES DEDUCTIBLE MEANS?
A deductible is an amount you pay each year for your healthcare (such as surgical procedures, blood tests, or hospitalizations excluding routine care) before your health insurance begins to share in the cost of the covered services. Deductibles vary and can range from $0 all the way up to thousands of dollars.
WHAT DOES CO-PAY MEANS?
Co-pays are the fixed amounts of money you pay each time you need to use your insurance. Unlike deductibles, it’s usually a smaller dollar amount and applies on per visit basis as you will need to pay it each visit.
What Kind Of Pets Can You Insure?
Most companies offer insurance policies to cover cats and dogs, and it’s quite easy to get these animals insured. But you may experience difficulties insuring smaller mammals like lizards, snakes, and parrots as they have debatable value because of their short lifespan. However, most companies do not provide an insurance cover for exotic pets like lizards snakes and parrots because they are unusual pets. But if you find an insurer for them, you might also want to take a critical look into the costs of covering them. There are no insurance policies for venomous animals, making liability insurance the only alternative available.
How Does Pet Insurance Work?
Pet insurance is a reimbursement model as you will need to pay the initial cost of your pet’s visit, and then submit a duplicate, itemized receipt to your pet’s insurer with a completed claim form. Insurance companies usually process claims within a month, after which you will receive a reimbursement check from them. Like people insurance, pet policies come with a variety of co-payments, deductibles, and premiums.
3 Types of Pet Insurance Plans
There are three types of pet insurance coverage to cover different types of risk: accident, illness, and wellness. These plans cover up to 90 percent of a pet owner’s actual vet bills. Although you can sign up for a single type of coverage based on your preference, you can also sign up for all three if you want. • Accident-Only Plans: There’s no way to plan for an accident, but you can prevent it from costing you a fortune. Accident-only plans are the most basic, cheapest level of cover available and are offered by every pet insurance company. This type of plan covers only injuries and other unexpected emergencies but not illnesses or wellness care which tends to be more expensive to treat. • Major Medical Plans: If you’re looking for insurance plans that are comprehensive and cover a wide range of cases, major medical plans are well suited for that purpose. They typically cover the following: accidents, emergency care, cancer, and hereditary illnesses, orthopedic issues, and prescription drugs. However, you will have to pay for wellness costs such as check-ups and vaccines as they are not covered in the major medical plans. • Wellness plans: A cheaper alternative to major medical plans, wellness plans cover only routine care costs like annual exams, vaccinations, urinalyses, teeth cleanings, etc. Additionally, you can often add a wellness plan for your major medical plans to obtain the most comprehensive coverage available. Wellness plans are increasingly becoming popular among pet owners, and that is why more companies are offering them than before.
What does pet insurance cover?
If you still have a hard time to decide if pet insurance is worth it, you can go for wellness plans which might make the difference. With wellness plans, you will get reimbursement for exams, routine blood tests, teeth cleaning, rabies shots, heartworm tests and many more. However, make sure you read through what is covered so you can see if it’s worth it for each pet you’re insuring. A wellness plan may be perfect for a puppy but not for an older pet that’s already micro-chipped and has recently had all their shots. Finally, the key benefit of insuring your pets is that in the event of a catastrophe, you will have peace of mind because Pet insurance can be your safety net to protect against spending thousands of dollars in a veterinary emergency.