Before purchasing pet insurance, it's important to understand how it works. The basic concept is that you pay a deductible. These deductibles are usually annually and must be met each calendar year. Some companies have a "per condition" deductible. This means that every time your pet develops new conditions, you will need to pay an additional deductible.
Pet insurance doesn't cover pre-existing conditions
Pet insurance may not cover certain conditions, such as certain types or cancer. These conditions may not be curable. The chances are that your pet will require continued medical attention after it has been diagnosed with this condition. Pet health insurance may not cover such illnesses, but payment assistance is available to help you pay for treatments.
Pre-existing conditions may be covered by some pet insurance plans. They don't cover future conditions. It is important that you shop around for the best coverage. Additionally, it's a good idea for pets to have pet insurance before they become sick.
Annual deductibles
Understanding the deductible amounts is essential when you are 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. Some companies allow you to choose a zero-deductible option, allowing you to pay only the premium each month.
An annual or fixed amount you have pay each year in order for your pet to be reimbursed for their medical bills. You would pay $500 to cover your pet's deductible. Your insurance company will reimburse the difference. This may seem like a lot, but it's important to remember that annual deductibles are usually cheaper than per-incident ones.
Rates of reimbursement
It is important to understand the reimbursement rates when purchasing pet insurance. These rates are based upon the percentage of your vet bills covered by your policy. Two main methods are used to calculate reimbursements. One method uses a predeductible, while the second uses a postdeductible.
Pet insurance policies usually do not cover all costs associated with veterinary care. The cost of the pet's medical treatment is your responsibility, and your coverage is based on the reimbursement rate. You could be responsible for 10% to 30% depending on which plan you have. It's possible that you could be liable for thousands of dollars in bills without a pet insurance policy.
Limits on coverage
When looking for pet insurance, it is important to fully understand the exclusions and limitations for each type of coverage. Many policies have an annual maximum coverage limit. Your pet won't receive any further benefits until that year. However, some companies offer "unlimited" plans that do not have an annual limit.
Your pet's age or personality can have an impact on the coverage you need. A more active and younger pet is likely to be more susceptible to accidents than a more elderly pet. Senior pets could also be at higher risk of certain health conditions like cognitive decline or cataracts. It is also important to consider the breed of your pet, as certain breeds can be predisposed towards certain diseases.