Understanding the workings of pet insurance is key before you commit to buying it. 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. 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 insurance may not cover certain conditions, such as certain types or cancer. Because some of these conditions can't be curbed, pet insurance may not cover them. It is possible that a pet will require ongoing medical treatment after being diagnosed with such a condition. While pet health insurance might not cover these conditions, payment assistance can be provided to help you pay for the treatment.
Some pet health insurance plans cover pre-existing conditions. They don't cover future conditions. It is important that you shop around for the best coverage. In addition, it is best to sign up for pet health insurance as soon as possible - before your pet has any health issues!
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 deductibles for a company can vary from $50 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 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 this might seem like a lot of money, it is important to understand that annual deductibles are typically less expensive than per incident deductibles.
Reimbursement rates
Understanding how reimbursement rates work is essential when you buy pet insurance. These rates depend on the percentage of vet bills you have paid. Two methods can be used to calculate reimbursements. The pre-deductible method is used while the post-deductible method is used.
Most pet insurance policies do not cover the full cost of veterinary bills. You are responsible for paying the cost of pet's medical treatment. Your coverage will be based on the reimbursement rate. Depending upon the plan you choose, your responsibility may range from 10% to 30% of the bill. Without pet insurance, it is possible to be responsible for thousands of dollars in unpaid bills.
Limitations of coverage
When shopping for pet insurance, it's important to understand the limits and exclusions for certain types of coverage. Most policies have an annual maximum payout limit. After that, your pet is no longer covered for additional costs. However, some companies offer "unlimited" plans that do not have an annual limit.
Pet's age and personality may also impact the amount of coverage that is required. 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. Another consideration is your pet's breed, as some breeds are predisposed to certain illnesses.