Understanding the workings of pet insurance is key before you commit to buying it. The basic idea behind pet insurance is that you have to 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 each time your pet develops a new condition, you'll need to pay a new deductible.
Pet insurance doesn't cover pre-existing conditions
Pet insurance might not cover certain medical conditions such as 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 do not cover future conditions. You should shop around to find 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
It is important to fully understand your pet insurance deductibles when searching 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 let you choose a zerodeductible option. This allows you only to 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 are calculated based on how much your pet insurance covers. There are two main ways to calculate reimbursements. The pre-deductible method is used while the post-deductible method is used.
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. Depending on which type of plan you have, you might be responsible for anywhere from 10% to 30% of your bill. It is possible to be held responsible for thousands in bills even if your pet policy does not cover you.
Coverage limits
It is important to know the exclusions and limits for different types of coverage when shopping 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. Some companies, however, offer "unlimited" plans, which do not have any annual limit.
A pet's age and personality can also affect the maximum amount of coverage needed. For example, a younger pet may be more prone to accidents than an older, more sedentary pet. Also, pets older than 10 years may be more at risk for cognitive decline and cataracts. Another consideration is your pet's breed, as some breeds are predisposed to certain illnesses.