It is important to fully understand the process before purchasing pet insurance. The basic idea is that you must pay a deductable. These deductibles are usually annually and must be met each calendar year. Some companies however have a "per–condition" deductible. You will need to pay a new deductible each time your pet gets a new condition.
Pre-existing condition coverage is not available for pets
Pet insurance might not cover certain medical conditions such as cancer. These conditions may not be curable. If a pet is diagnosed, it is likely that they will need to continue receiving medical care for the rest their lives. 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. They do not cover future conditions. It's important to shop around for the most comprehensive coverage. Additionally, it's a good idea for pets to have pet insurance before they become sick.
Annual deductibles
It is important to fully understand your pet insurance deductibles when searching for pet insurance. These amounts will vary from one company or another, so make sure you choose the right deductible for your specific situation. Annual deductibles may range from $50-$1000. 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. For example, if you choose to pay a $500 deductible on your pet's insurance policy, you must pay that amount out of pocket each year before your insurance provider will reimburse you. Although this may seem like a large sum, the annual deductible is usually less costly than per-incident deductibles.
Reimbursement rates
When you purchase pet insurance, you need to know how the reimbursement rates work. These rates are calculated based on how much your pet insurance covers. Two main methods are 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. Your pet's medical costs are your responsibility. You will only be reimbursed for reimbursement rates. You could be responsible for 10% to 30% depending on which plan you have. Without pet insurance, you may be liable for thousands upon thousands of dollars.
Limits on coverage
It's important that you understand the limitations and exclusions of certain types coverage when looking 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. However, there are some companies that offer unlimited plans which have no annual limit.
Pet's age and personality may also impact the amount of coverage that is required. An older pet, or one that is more active, may be more at risk for accidents than a less active, or more senior pet. Senior pets could also be at higher risk of certain health conditions like cognitive decline or cataracts. Another consideration is your pet's breed, as some breeds are predisposed to certain illnesses.