Just like health insurance for humans, pet insurance comes in several different flavors. On the one hand there are basic 'one size fits all' health insurance policies that are not species specific. On the other hand some pet health insurance policies not only targets the species but the breed, age and medical propensity of the animal.
With so many different types of pet health insurance plans, the consumer has to take time to fully understand what is being offered and compare options before making a purchase.
Understand How Pet Health Insurance Works
Human health care insurance and pet health care insurance operate differently. Fortunately, pets do not require prior approval from a primary health veterinarian before seeking care from a specialist. Animals don't have to be concerned about whether or not their favorite veterinarian is an 'in network' or 'out of network' health care provider. All the pet needs to do is be seen by a vet that is properly licensed and can legally perform medical procedures and prescribe treatment plans.
The pet's owner must pay the vet at the time services are rendered. Once the vet is paid, the owner and then submits the billing paperwork to the insurance company. The insurance company reimburses the pet owner for treatment in accordance with the terms, limits and deductibles on the policy. Because pet health insurance policies are written on a reimbursement basis, the claims procedure is pretty cut and dry.
Types of Pet Health Insurance Policies
Pet owners have a choice of several pet health insurance providers. Each company, while offering coverage to insure the pet, has different products to offer.
Veterinary Pet Insurance (VPI) for example, offers two types of insurance policies, Standard and Superior. The major difference between the two policies is that the Superior plan currently offers up to $14,000 of reimbursement payout while the standard plan caps at $9,000. The terms, conditions and exclusions on both plans are basically the same. The main difference is the amount of payout and of course the premium.
In addition to the Standard and Superior plans, pet owners can choose to add well care coverage through VPI's CareGuard plan. Similar to the insurance plan, VPI offers a Core and Premier well care plan. Such well care plans can help to defray the cost of vaccinations, deworming, wellness exams and more. However, before purchasing such coverage, one should compare the per procedure payout limit to the actual veterinarian cost schedule.
Pets Best Insurance on the other hand, offers a health care plan without annual limits. The limits for their plan are lifetime limits. However there is a per-incident deductible. The amount of the deductible and the lifetime limit depends on whether one chooses the Basic, First or Premier plan. Deductibles range from $75 to $300 and lifetime limits start at $42,500 and max out at $100,000.
After paying the deducible, the pet owner is reimbursed for 80% of the expenses incurred (subject to a per incident limit).
Take Time to Research Pet Insurance
This article mentions only two of the pet health insurance providers currently offering coverage. There are several companies for a pet owner to choose from. Before seeking insurance, one should consider the age and health of the pet. There are health insurance providers that offer policies tailor made to fit the needs of an older pet, just as some offer policies for younger animals.
Rate it All website has a listing and rating of 16 pet insurance companies. It's a good place to begin the pet health insurance research process.
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