You love your pet like a human member of the family, and sometimes its healthcare costs are like one! What should you expect from a health insurance plan for your cat or dog? Below, we’ve assembled the basic information on pet insurance to help you decide if it’s for you.
Know what the plans cover
Just like shopping for any insurance policy, you’ll want to know what your prospective carrier will cover, what the deductibles and premiums are and what the benefit limits are. The American Veterinary Medical Association recommends checking with your vet (as well as doing your own research) about the various plans to see what kind of coverage might be best for your pet. Considerations include the age, breed, and overall health of your animal, as well as understanding insurance laws which differ from state to state.
Some plans kick in only in case of catastrophic illness or injury, which is often when the coverage is most needed. Your pet might need to receive diagnostic tests, including digital x-rays, MRIs, surgery, or treatments for cancer, for instance. The costs might run anywhere from several hundred to several thousand dollars. Purchasing pet health care insurance might help preserve important options for your pet in case of a health-related emergency.
Traditional health insurance
With a “major medical”-type plan, as with a plan for a human person, major care is covered. Accidental injuries, poisoning and illnesses, including cancer, should be included in the coverage. An average premium may run around $140, with deductibles ranging from around $75 to $100 a year.
More comprehensive coverage will cost more and should reimburse for office visits, prescriptions and diagnostic tests. Premiums on these plans average around $250 a year, with the same average deductible as a basic plan.
Care prevention plans cover all kinds of health-maintenance costs, such as physicals, flea collars and vaccinations. This plan should cost you around $140 a year.
Other plans
There is also HMO coverage available for your pet, though it is not subject to the same rules and regulations that insurance companies must abide by. This type of coverage is usually offered as a wellness program by vets and includes discounts on dental cleanings, spaying/neutering, and vaccinations. Some vets also participate in discount plans that give significant percentages off on services, surgeries, hospitalizations and pet supplies. Ask your vet for details about such a plan.
Your pet is an important member of the family, an investment not just of your love, but in the case of illness or injury, significant financial resources as well. Considering an insurance plan is a good way to make sure you can offer your dog or cat the very best care if and when they need it.
