Understanding the workings of pet insurance is key before you commit to buying it. A deductible is the initial cost. These deductibles, which are generally annual, must be met each and every year. Some companies have a "per condition" deductible. You will need to pay a new deductible each time your pet gets a new condition.
Insurance doesn't cover pets with pre-existing medical conditions
Certain medical conditions may not be covered by pet health insurance, including certain types and forms of cancer. These conditions may not be curable. Once a pet is diagnosed with such a condition, it is likely that it will continue to require medical treatment for the rest of its life. These illnesses may not be covered by pet insurance, but payment assistance can help you to pay for them.
Some pet insurance policies cover pre-existing medical conditions. However, they do not cover conditions that may develop in the future. For the best coverage, it is important to shop around. Additionally, it's a good idea for pets to have pet insurance before they become sick.
Annual deductibles
When shopping for pet insurance, it is important that you understand your deductible. These amounts can vary from one company to the next, so you need to consider which deductible is best for your situation. The annual deductible can be anywhere from $50 to $1,000. Certain companies offer a zero deductible option that allows you to pay only your monthly premium.
An annual deductible is a set amount you have to pay each year before receiving reimbursement for your pet's medical bills. A $500 deductible would mean that you have to pay the entire amount out of pocket each calendar year before your insurance provider will pay you. While it might seem like a lot, an annual deductible will usually be cheaper than per incident.
Rates for reimbursement
When you purchase pet insurance, you need to know how the reimbursement rates work. These rates depend on the percentage of vet bills you have paid. Two methods can be used to calculate reimbursements. One uses a predeductible method, while the other uses an after-deductible.
Pet insurance policies usually do not cover all costs associated with veterinary care. You are responsible for paying the cost of pet's medical treatment. Your coverage will be based on the reimbursement rate. Depending on which type of plan you have, you might be responsible for anywhere from 10% to 30% of your bill. It is possible to be held responsible for thousands in bills even if your pet policy does not cover you.
Coverage limits
When looking for pet insurance, it is important to fully understand the exclusions and limitations for each type of coverage. Most policies have an annual maximum payout limit. After that, your pet is no longer covered for additional costs. However, there are some companies that offer unlimited plans which have no annual limit.
Your pet's age or personality can have an impact on the coverage you need. For example, a pet that is younger may be more likely to get into accidents than one that is older and more active. Additionally, older pets may have higher risk for certain health conditions, such as cataracts and cognitive decline. Your pet's breed is another consideration, as some breeds are predisposed for certain diseases.