Pet Insurance
by Ellise Walsh

The idea of health care insurance coverage for household pets has been around for awhile now. As technological advances in the world of veterinary medicine increase the availability of human level diagnostics and health care, many pet owners find themselves in the heartbreaking position of not being able to afford the care their pet needs. Unlike the world of human medicine, there is no government health care plan ready to step in and provide that care.

Pet insurance helps to close the gap between what can be done and what the pet owner can afford to do. Just like human health care insurance, pet health care insurance pays for veterinary care and often for prescription medication as well. The cost of pet health insurance will vary based on what is covered by the policy. Some pet insurance policies will include coverage for annual vaccinations for your dog or cat, for instance. Other policies do not cover these routine medical expenses and are there in case your pet suffers a catastrophic illness or injury.

Just as with human health care insurance, pet health care insurance pays the health care provider, in this case the veterinarian, according to a schedule worked out by the insurance company. Before you sign up for pet insurance, it is a good idea to make sure your veterinarian accepts the insurance you are considering. You may want to ask you vet for a recommendation. Pet health care insurance is becoming more and more prevalent, so there is a good chance the staff at your veterinary hospital has at least a passing familiarity with the various pet insurance programs offered in your area.

It is also a good idea to get a list of area vets who accept pet health care insurance. That way, if you ever have to change vets, you will have a list of new vets you could use. In addition, you will want to make sure that the plan provides adequate reimbursement for covered expenses. Pet health care policies have different rules. Some pet insurance pays the veterinarian directly, while other policies require you to pay up front and be reimbursed by the insurance policy. If you opt for a reimbursement plan, make sure that what they pay will adequately cover what your vet charges for each covered procedure. You may want to sit down with the staff at your veterinary office and review the reimbursement schedule to make sure it will fairly reimburse you.

Another thing to consider is the deductible you are required to pay before the pet insurance kicks in. As with human health care insurance, the deductible will vary from policy to policy. Make sure you can afford the deductible premium. If you can afford it, you may be better off opting for a higher deductible in exchange for lower insurance payments. It would be a good idea to put a little money aside each week in a separate bank account to be used to cover the deductible should you ever need it. This is kind of like a health savings account, only this one is for your golden retriever or your tabby instead of for you.

As with any insurance policy, be sure to read the fine print on your pet insurance policy carefully. Pay careful attention to things like exclusions for preexisting conditions, whether prescriptions are covered or not, and annual maximums. Once you have found a policy you can live with, and made sure that your vet accepts it, you can rest easier knowing that you can make your pet’s health care decisions based on his or her needs and not your finances.

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