Pet insurance can help to ease the burden of unexpected veterinary costs. It may also prevent you from having to make the heartbreaking decision of euthanizing your pet if they are too sick or injured to live.
Premiums vary from company to company, based on the breed of your dog or cat, their age and the average veterinary costs in your area. The type of coverage you choose can also have an impact on how much it costs.
The cost of your pet health insurance plan depends on a variety of factors. Some are based on your pet’s breed and age, while others reflect your location.
For example, veterinary care is generally more expensive in big cities. This is because vets in urban areas make more money and have access to better technology.
Another variable that affects your pet health insurance premium is the deductible. You can choose an annual deductible or one that applies to specific conditions, such as hip dysplasia.
Choosing the right level of deductible is important for budgeting. If you opt for a higher deductible, your monthly premium will increase, but you’ll save on out-of-pocket costs.
Deductibles are the first amount you need to pay out of pocket before your pet insurance policy will start reimbursing you for vet bills. They vary between insurers, but typically range from $100 to $500, with an average deductible of $200.
Choosing the right deductible is an important part of deciding which pet insurance plan will work best for you and your budget. The lower your deductible, the lower your monthly premium will likely be.
There are two main types of deductibles offered by pet insurers, annual and per-condition. Each type has its pros and cons. In general, annual deductibles are easier to understand and can help keep costs down.
The cost of pet health insurance varies based on the type of coverage, the deductible, annual maximum and reimbursement level. Premiums are generally lower for younger pets.
Accident and illness plans (all companies offer this) are a great option for owners who want comprehensive coverage for their animals’ general illnesses, including congenital, hereditary and chronic conditions.
Preventative care add-ons are also available and help offset the costs of routine care like wellness exams, vaccinations and blood tests. They’re typically added to accident and illness plans for an extra $10 to $50 per month.
It’s important to know what is and isn’t covered, so you can be prepared for any unexpected vet bills. For instance, some companies will only cover hereditary disorders if they’re included as an add-on, so be sure to ask about that ahead of time.
Pet insurance costs vary by company and are based on a variety of factors, including age, breed, and health history. Larger breeds and those with health issues tend to be “higher risk,” which increases their premiums.
Coverage options include accident and illness plans, accident-only plans and wellness or preventive care add-ons. Many companies offer these optional packages, which can help reduce your pet’s overall cost of care.
Deductibles are a big part of the cost of pet insurance, and the higher your deductible, the lower your monthly premium will be. The key to making this work for your budget is to choose a deductible that’s reasonable for your pet’s needs.
The most common type of deductible is the lifetime per-condition deductible, which applies to specific conditions like hip dysplasia. But you can also opt for a deductible that applies to all conditions for the entire life of your pet.
Pet insurance can be a good option for many pet parents to minimize what they pay in vet bills. However, it is not a substitute for regular preventative care.
Preventive care is essential for your dog or cat to stay healthy, and it can save you money in the long run by catching illness early on. Some pet insurance companies offer supplemental wellness plans that reimburse you for your pet’s annual checkup, key vaccinations and parasite screening tests.
Usually these are sold as add-ons to accident or illness policies, but they can also be included in more comprehensive plans. Most have an annual maximum benefit and a reimbursement percentage, which determines how much of your vet bill they cover. Some even have per-incident or lifetime deductibles.