Veterinary medicine has made monumental strides in treatment methods for our pets. From advanced, minimally invasive surgical procedures, to targeting specific cancer sites for radiation treatment, pets are living longer, healthier lives.
These advancements in methods and equipment come at a cost. While veterinary care is still significantly less expensive than human medicine, costs can still add up quickly in an emergency or when more specialized care is needed. That’s where pet insurance comes in handy.
So what is pet insurance anyway?
A pet insurance plan allows you to make decisions on your pet’s veterinary care based on the quality of medicine, not the cost of treatment. Since pet insurance is considered property and casualty insurance, it operates similarly to your car insurance rather than human health insurance. There is a deductible you are responsible for, after which you are reimbursed a portion of your out of pocket costs. Unlike human healthcare, there is no “in-network”, so it can be utilized at any veterinarian in the US.
What does it cover?
Most companies offer accident and illness coverage, which is utilized for the unpredictable occurrences that your pet will inevitably experience. These include anything from an ear infection or broken toenail, all the way up to complex fractures and even cancer treatments. Most companies will allow for whatever method of treatment is deemed necessary by your veterinarian, but you should verify this prior to signing up. Some companies also offer wellness coverage for assistance with things like vaccines, well visits, and preventatives.
How much will I get reimbursed?
The amount of reimbursement, deductible amount, and total amount covered for the policy year all vary based on the company policies as well as the plan options you select. Most companies reimburse a percentage of the veterinary bill, which you elect when signing up. Some will reimburse based on a benefit schedule, which means you will only receive a refund of what the company deems to be an appropriate amount for the services rendered.
What isn’t covered?
One of the most important things to keep in mind is that pet insurance does not cover conditions which are deemed “pre-existing”. What is considered a pre-existing condition does vary from one company to another, but typically it means any clinical signs or symptoms being shown prior to taking out the policy or during the waiting periods. Because of this, it is important to sign up for your policy as early as possible.
How do I find out more?
There are many companies out there with a variety of coverage options, so make sure you do your research to find the company that best fits your needs and provides you with peace of mind. If you have questions about which pet insurance company may be right for you, ask your veterinarian. Additionally, NAPHIA (North American Pet Health Insurance Association) has a ton of information about pet insurance and how it works. Click here for an overview.
What are my other payment options?
At VRC, we are happy to assist you with any pet insurance claims or documentation you may need. In addition, we offer other payment assistance options such as CareCredit and Scratchpay. To learn more about VRC’s payment options, click here.