Understanding the basics of pet insurance is essential before you buy. You pay a deductible. These deductibles, which are generally annual, must be met each and every year. But, some companies offer a "percondition" deductible. This means that you will have to pay a new deductable each time your pet develops an unusual condition.
Pre-existing conditions aren't covered by pet insurance
Pet health insurance may not cover certain medical conditions, including certain types of cancer. These conditions are often incurable. If a pet is diagnosed, it is likely that they will need to continue receiving medical care for the rest their lives. Although pet insurance does not cover these illnesses, payment assistance may be available to help pay for treatment.
Some pet health insurance plans cover pre-existing conditions. They don't cover future conditions. It is important to compare coverage options so you can get the most comprehensive coverage. You should also sign up for pet insurance as soon as you can - before your pet gets sick!
Annual deductibles
It is crucial to know the deductible amount when looking for pet insurance. These amounts may vary from company-to-company, so it is important to understand the correct deductible amount for your individual situation. Annual deductibles range from $50 up to $1,000. You may be able to select a zero-deductible option with some companies, which allows you to only pay the monthly premium.
An annual or fixed amount you have pay each year in order for your pet to be reimbursed for their 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.
Reimbursement rates
You need to understand how reimbursement rates work when you buy pet insurance. These rates are determined by the amount of your pet's vet bills that you have covered. Two methods can be used to calculate reimbursements. One uses a predeductible method, while the other uses an after-deductible.
Most pet insurance policies do not cover the full cost of veterinary bills. The cost of the pet's medical treatment is your responsibility, and your coverage is based on the reimbursement rate. Depending on what plan you choose, you could be responsible up to 10%-30% of the bill. It's possible that you could be liable for thousands of dollars in bills without a pet insurance policy.
Limitations of coverage
It is important to know the exclusions and limits for different types of coverage when shopping for pet insurance. Most policies will have an annual maximum payout limit, and once that limit is reached, your pet won't be covered for further costs until the next year. Some companies, however, offer "unlimited" plans, which do not have any annual limit.
A pet's age and personality can also affect the maximum amount of coverage needed. For example, a younger pet may be more prone to accidents than an older, more sedentary pet. Older pets are more likely to develop certain diseases, such as cognitive decline and cataracts. It is also important to consider the breed of your pet, as certain breeds can be predisposed towards certain diseases.