More time being spent outdoors in the summer means an increased risk of injury and illness for a family pet, according to Mary Taylor, Ohio’s lieutenant governor and insurance director.
“Just as you would with insurance for yourself, you need to shop around to determine what product you are most comfortable with and that’s the most appropriate for your pet,” Taylor said in a statement. “You should also add up the costs of the policy for the expected life of your animal, taking into consideration how much you could afford to pay for emergency treatment or a long illness.”
Some medical services and treatments for animals have become more advanced and therefore more expensive. According to a recent survey, more than 40 percent of pet owners surveyed said they’re worried they wouldn’t be able to afford health care for a sick dog or cat.
According to Taylor, there are a number of options to consider when deciding on whether to insure a pet, or on what kind of insurance to obtain:
Pet Health Insurance – Just like health insurance for humans, there are several types of pet insurance policies. A pet health insurance policy reimburses the pet owner for covered veterinary care. These policies typically itemize covered treatments and have deductibles and lifetime or per illness maximums.
The cost of a pet health insurance policy will vary based on the amount of coverage, the type of coverage, the species and age of the pet and even what breed of animal.
Pet Life Insurance – This type of policy covers end of life costs for a pet. This can include burial or cremation expenses and even bereavement counseling for the owners.
Pet Injury Insurance – This is a new type of coverage that’s included in some auto insurance policies. It covers the treatment of a pet injured in a car accident up to a set limit for a pet traveling in the car.
What to Compare:
Covered Conditions – Some pet health insurance policies may reimburse covered medical expenses for accidents, illnesses, surgeries, X-rays, prescriptions, hospitalizations, emergencies or cancer treatments. Other pet insurance plans may only cover accident and illness after a waiting period.
Pre-existing Conditions – Hereditary conditions and certain medical conditions are considered pre-existing. Ask about pre-existing conditions and review the policy to see if they are covered. Look to see if the conditions are considered curable or incurable. For curable conditions, the company may choose to enforce a waiting period before coverage begins. Incurable conditions such as diabetes or cancer may be excluded entirely or may be covered on a limited basis. A vet may have to examine your pet to certify its health before it can be insured.
Renewable Benefits – If a pet is treated for a covered condition during the policy term, some companies will then consider that condition a pre-existing condition when the policy renews and will exclude coverage for that condition in the renewal policy.
Exclusions – Treatments not covered by pet insurance can vary by type of pet or breed. Not all pet insurance plans cover preventative care, dental care not associated with an accident or injury, treatment of behavioral problems, breed-specific hereditary conditions or elective procedures. Treatment of congenital conditions or hereditary conditions may have a limited benefit.
Reimbursement – What the insurance company will pay per treatment is explained in a benefits schedule. This list outlines how much by percentage of cost or dollar amount the company will pay for treatments. The owner could also be responsible for co-payments or deductibles. Make sure you understand how the policy makes payments.
Some companies will pay the vet for services, but often the owner is responsible for the full amount at the time of treatment and then the company will reimburse you for the covered amount.
Veterinarian Networks – Some pet health insurance policies will require only cover within a specific network of veterinarians. Check to make sure there is a vet nearby or that the family vet is within the network.
Taylor suggests these questions to ask the insurance agent or company:
• Can I choose any vet?
• Does the policy cover annual wellness exams?
• Is there a dollar limit for vet office fees?
• Are prescription drugs covered?
• What about spaying or neutering charges?
• Does the policy have renewable benefits?
• Is there a waiting period before coverage becomes effective?
• Does my pet need a health exam to get the policy?
• If my pet has a pre-existing condition or chronic condition, how is that covered or excluded?
• How long do you take to pay claims?
• Does this plan cover advertising costs and rewards if my pet is lost or stolen?
• Does this plan have end of life benefits?
