This one is real easy… YES! Especially if you have a pup like in the photo!
Where my Frenchie lovers at?
Honestly, I think pet insurance should be mandatory. Not everyone is going to like that opinion, but it would definitely be a positive change for the world of veterinary medicine, pets, and pet owners alike.
Hear me out.
For whatever reason animal healthcare and human healthcare are placed in two different priority lists. My question is ‘WHY?’
Healthcare and the cost of medicine is expensive! It doesn’t matter if you are a human, an animal, or an alien. The difference though is that humans have health insurance, medical benefits, and medical assistance options.
If you live in Canada and pay taxes you literally can walk into a medical clinic, see a doctor, and go home without paying a bill. Mind blowing (remember I’m American)! Seems like free healthcare right? HA!
Nothing in life is free my friends!
We pay taxes, we have health insurance, we have benefits from our employers. That’s how these bills are paid. And if you have ever bothered to ask for the bill out of curiosity, you would probably fall over in disbelief. I’d say it’s the same reaction we get from pet owners bringing their pets to the vet without insurance… x 1000!
How does pet insurance work?
Okay, let’s get one thing straight. Your veterinarian gets ZERO, like nothing, nada, zilch in return for recommending pet insurance. We are two separate entities – veterinary clinics and pet insurance companies.
The only thing we get is the ability to help your pet with the highest standards of care without the financial stress being a deterring factor on what we can do to help your pets.
Does that seem like a bad thing?
I think it’s a pretty freaking awesome situation if you ask me! And for all parties involved!
Having pet insurance is similar to having human healthcare insurance. It might be a little different for my Canadian friends because socialized medicine will cover 100% of the majority of medical visits and diagnostics. My American friends may be able to relate better with pet insurance coverage.
Depending on your pet insurance company there will be different plans available. I am no expert on these plans, but you can certainly talk to your veterinarian for advise. More importantly, talk to the pet insurance companies to figure out what kind of plan works best for you and your furry family.
Things to consider:
- Percentage of coverage being offered
- Amount of your deductible
- What is actually covered?
- If there are coverage limits per condition
- Exclusions and pre-existing conditions
- Is there direct pay available?
Percentage of coverage being offered
This can vary from company to company. I know that Trupanion has a standard of 90% coverage for all eligible expenses. Other companies will have variances in coverage. This means you get to tailor the plans to suit your needs.
Amount of your deductible
This is where things can get a little complicated.
In simple terms, a deductible is the portion of the bill that you are responsible for before your coverage starts.
With a little research I was able to see that there are different types of deductibles available now.
- Annual per condition deductible
- Annual deductible
- Lifetime per condition deductible
I can’t elaborate on what each one means on this post, but be sure you figure that out before you decide.
I do know that the higher your deductible the lower your monthly fee, and the lower your deductible the higher your monthly fee will be. So keep this in mind when trying to figure out what is best for you.
What is actually covered?
Coverage can also vary depending on the insurance company. Some companies will cover the exam portion of the bill and routine care, but most will not.
With some pet insurance policies there could be exclusions or you may have to add extra coverage to have things like rehabilitation, acupuncture, behaviour modification, naturopathy, etc. included.
Coverage limits are something else to be aware of. I’ve seen some companies only cover up to $1000 per condition. Sure, that seems like plenty but have you ever had a pet emergency before. To say things add up quickly is an understatement. If your pet decides to have an issue at 2am you are heading straight to the emergency clinic where more often than not your bill will be a minimum of $1000. So keep that in mind when you have limits on your coverage.
Be sure you are reading the fine print and understand exactly what you are signing up for.
Pre-existing conditions
The bane of any pet owners’ existence. One, because they are usually life-long conditions. And two, no insurance company will cover your pet for these, or anything that they determine is related to this pre-existing condition.
This is why timing of enrolment for pet insurance is important. Usually veterinarians will introduce the idea of pet insurance to owners when they first come in with their pets as puppies or kittens. This is to avoid the pre-existing condition clause.
Most puppies and kittens when they first come to see us are healthy. This is the perfect time to sign up for pet insurance! Not only to avoid the pre-existing condition issue, but also to have coverage start right away. If your veterinarian does not mention it to you do not hesitate or forget to ask them about it.
Most companies will have a waiting period after you sign up if it is not at the time of your pet’s vet visit. This is simply to avoid insurance fraud. Yes, this is also a thing in veterinary medicine.
How does billing work?
The last thing I’ll talk about is billing or filing a claim. Most companies will compensate owners after they have submitted their claims.
In other words, you pay for your bill up front and the insurance company will send you a check in the mail.
Each company has their specific claim forms where you fill out a portion of the form and your vet clinic fills out another portion. This form can then be submitted along with the invoice and medical records to the insurance company for approval.
The good news is that pet insurance companies are also evolving and some even have direct billing! This is so awesome! Your vet clinic can literally submit a claim for you while you are still at the clinic, and they receive an approval letter within minutes. This makes for an easy and smooth transaction, and you only pay the clinic the portion of the bill that is not covered by your insurance policy.
I honestly don’t see a downside guys!
I know everyone has their own financial woes, but seriously if you are considering a pet this should be in the conversation even before you get a pet!
I’ve included links to some of the more popular pet insurance companies if it is something you are interested in. Some are available in both the US and Canada, but some are country specific.