Accidents happen — not just to humans, but dogs, too. And unfortunately, pet owners today face higher veterinary costs than ever. The American Pet Association found that on average, surgical procedures for dogs cost $407 per year and routine wellness visits cost $248.
Due to a rise in veterinary costs, many dog owners choose to invest in pet health insurance.
But how exactly does pet health insurance work? What are the benefits and drawbacks?
Pet health insurance benefits:
- Protects a dog’s family’s finances against unforeseen medical costs, offering them peace of mind
- Gives people confidence to take their dog in for veterinary treatment without hesitating or waiting before a medical condition worsens
- Allows the vet to provide pets with top-notch care
- Consequently helps your pup live a longer, healthier life
Pet health insurance drawbacks:
- Certain conditions may be excluded, such as pre-existing illnesses, anything related to pregnancy and/or birth, and some routine treatments (in other words, make sure to read the fine print!)
- Waiting periods for accident insurance (typically 48-hour wait for accident insurance and 14-day wait for policies that cover illnesses)
So how does pet health insurance work?
Pet health insurance works similarly to human health insurance. Pet owners choose a plan that works best for their pet and then pay a monthly premium and are responsible for co-pays and deductibles when they take their pet to the vet.
Selecting the right plan for your dog, however, can be a little tricky. Each plan has its own range of policies and premiums.
Generally, policies cover three distinct categories: accident, illness, and wellness. Accidents include unexpected injuries, illnesses include diagnosis and treatment of medical conditions, and wellness includes vaccinations, lab work, and dental work. Insurers often combine the different types of coverage in their plans, like good-better-best-policies.
Insurers typically offer lower-end coverage less than $2,000, mid-range coverage in the $2,000 to $3,000 range, higher-end coverage in the $3,000 to $5,000 range, and unlimited coverage. Most pet owners who opt to get pet health insurance choose mid-range coverage.
Other important things to consider are restrictions for hereditary or genetic conditions if you have a purebred dog, as well as the costs of deductibles and premiums.
In simpler terms, it is very important to read the fine print of any insurance policy before making the best decision for both you and your pup!
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