Pet health insurance is becoming very popular and is catching on in the US. With rising pet health care costs, the prospect of having those costs covered by an insurance program is becoming more attractive.
Pet Health Care Costs
Pet health care costs have increased dramatically in recent years, mostly because vets use more sophisticated diagnostic tools (MRIs and CAT scans, for example) and those tests can be very costly.
In addition, the cost for life-saving treatment such as chemotherapy could be around $2,000.
Health insurance for our animal family, can be almost as confusing as health insurance for people, but it also can be an asset in an unexpected situation—particularly for an animal owner whose companion develops a major medical condition.
Many pet owners have accidental coverage only. My research showed that there are a several pet health insurance companies that offer a diverse animal health insurance rates from routine care coverage to life threatening illness protection. Most companies won’t cover congenital problems such as hip-dysplasia for any dog, and one company provided a listing of health problems that do not qualify for coverage based on breed. . Some plans cover preventative care and others are just major medical while plans cover only accident and illness
So how do most of these pet health insurance policies work? Almost all policies have a deductible and a co-pay requirement. You pay for the services provided and then file a claim with insurance company to get reimbursed. Policies and costs vary widely from company to company, so you definitely need to research and shop around to find the right policy for you and your pet.. Some policies cover a broad range of treatments, from cancer medications to acupuncture and some but not all, provide policies for senior pets.
Costs are generally in the $100-400 range annually. Discounts are available sometimes if you pet has a microchip ID implant. f you have more than one pet on your policy then you will normally receive a discount. Usually the discount for multiple pets is about 5%. If you work for a major corporation, check to see if they offer pet health insurance. Over 1,500 companies in the United States already offer pet insurance as a benefit. Some insurers also offer discount for service pets but you must show proper documentation.