Pet Insurance

Pet insurance, also referred to as pet health insurance, is a type of insurance that helps lower the costs of veterinary care. It is similar to health care for people because it can be used for wellness visits and veterinary care if your pet is injured or becomes ill. Wellness care includes spaying/neutering, vaccinations and heartworm testing.

Insurance Terms for Pet Coverage

Pet health insurance is similar to typical health insurance for people. For example, you may have to pay a deductible. A deductible is the money you pay prior to the insurance company covering any of the vet bills. There are two different types of deductibles for pet insurance: per-incident and annual. An annual deductible is the amount you pay every year. The per-incident deductible is the money you pay each time your pet has a new injury or illness.

Co-pay is the percentage you pay after you’re finished paying your deductible. Another term that’s important to know is “maximum payout.” A maximum payout is the total sum of money your pet insurance carrier will reimburse you. This may be the maximum payout per injury and/or incident. It could also be the lifetime payout for your pet. This means once you reach the lifetime payout, your pet won’t receive health coverage.

Pet Insurance Options for Your Pet

You have a lot of options when it comes to getting health insurance for your pet. Keep in mind that you must pay a premium. A premium is the amount of money you pay to obtain health coverage for your pet. The premium could be due each year, quarter or monthly.

The type of plan you choose will determine the amount of your premium. For example, if you want more than health coverage for your pet, get the extra expenses plan. This plan offers pet insurance coverage and things like boarding fees and travel expenses in case you end your vacation early because of your pet’s illness or medical emergency.

Another option is for unlimited lifetime coverage. As discussed in the prior section, some insurance plans are limited. If your pet reaches the maximum lifetime limit of coverage, you can’t use the insurance anymore. If you obtain unlimited lifetime coverage, you don’t have to worry about that.  

A discount plan is an affordable option. It covers your pet without exclusions and yearly limits. However, you must go to an in-network veterinarian. You receive a discount on your bill. For example, you could receive a 25 percent discount on your bills instead of having to pay a deductible first. Some insurance plans are comprehensive. This means that they cover all your pet’s needs, regardless of their breed and/or congenital condition.

Getting the Best Insurance for Your Pet

Pets are vital family members. They, like all humans, deserve the best medical care. It doesn’t matter what type of pet you have, preparing for medical costs, emergency visits and wellness care can strain your budget. Pet insurance options offer various degrees of insurance coverage. Thus, it’s best to conduct research to determine the best insurance benefits for your pet.