With the increased diagnostic capabilities available today, also come increased veterinary costs. Pet insurance has been available for years, but it is very difficult to Â compare one policy to another. Pet Insurance is worth considering when your pet is young and if you would not have the $5000 or more needed for a medical emergency. Listed below are some points we feel you should consider when comparing policies:
- A high deductible policy for costly surgeries, cancer treatment, and trauma is likely more cost effective than a wellness policy. You have to do the math, but in general, the premiums for wellness policies may cost more than annual routine health care.
- Does the policy cover hereditary or pre-existing conditions? Most policies will not cover a pre-existing condition, but you need to ask what the company considers a hereditary condition for your breed. (For example, some policies will not cover a Labrador Retriever for a cruciate repair)
- Does the policy have an annual, per incident or lifetime cap?
- Does the company use a fee schedule? Veterinary prices differ across the country. Certain insurance companies may pay a fixed rate for certain procedures even if the cost to you is much higher.
- Companies reimburse the owner for covered costs. You will still need to pay your bill and wait for reimbursement.
Comparing different policies is difficult, but itâ€™s important to do your homework. Check out the websites www.petinsurancereview.comÂ or www.dogtime.com (this site has a useful plan comparison grid) www.pet-insurance-university.com
We also recommend the article Ensure your Pet’s Health: Consider Pet Insurance from the experts at the American Animal Hospital Association (AAHA)