There is no doubt that pet ownership can be expensive. The Washington Post reported (via the Bureau of Labor Statistics) that, on average, people in the United States spent $760 a year on their pets in 2021. Like humans, pets have needs. You have to feed, bathe and buy pets things to keep them stimulated. Also, pets, like people, have to get certain immunizations. Also, unfortunately, canine companions and feline friends can be susceptible to critical conditions such as cancer.
The food, medication, supplies, and veterinary care add up quickly. However, with pet insurance, you could get a significant portion of these out-of-pocket costs covered. Are you curious about the parameters of this voluntary benefit? We’re here to answer your most pressing pet insurance questions.
What is Pet Insurance?
Pet insurance is a healthcare policy that helps cover the costs of veterinary care if your canine companion, feline friend, or another type of pet becomes ill or injured.
Is Pet Insurance Comparable to Health Insurance for Humans?
Yes and no. You will pay a monthly premium like human health insurance. The premium depends on your pet’s species, breed, and age. The insurance company will pay for a portion of some treatments and procedures, depending on the policy.
However, unlike human health insurance, most pet insurance policies deal with reimbursements. You might be responsible for an upfront payment, and the insurance provider reimburses you after submitting a claim.
Sometimes insurance companies will work with veterinary hospitals directly, only leaving you responsible for a copayment at the time of service after a deductible. However, this varies from one provider and practice to another. Our insurance brokers will always be happy to walk you and your team through how this works.
What Pets Will the Policy Cover?
Health insurance is available for all types of pets, including dogs, cats, rabbits, ferrets, exotic birds, reptiles, and even animals such as teacup pigs could have coverage. Most plans cover a wide range of breeds and ages. However, it’s best to consider the factors that affect how much your premium costs.
What Will Pet Insurance Cover?
Most policies cover a wide range of illnesses and injuries. However, many won’t offer coverage for preventative care like annual exams, vaccinations, lab work, and routine dental cleanings. Other types of care, such as complementary therapy or behavior modification, might not have coverage. However, many providers offer these types of care for an additional premium.
What are the Different Policy Types?
Most insurance providers offer comprehensive and limited coverage plans. Comprehensive policies cover various illnesses and injuries, such as hereditary and congenital conditions. On the other hand, limited coverage policies cover emergencies such as bites, bloat, poisoning, and foreign body ingestion. Then, for an extra cost, some insurance companies provide coverage for preventive, complementary care, breeding, and behavior modifications.
How Much Does This Insurance Cost?
The answer is “it depends.” As with human health insurance, there isn’t a one-size-fits-all approach to cost. It depends on the provider, breed, age, location, pre-existing health conditions, and risk factors. However, Forbes reported that, on average, pet insurance costs an average $35 a month for dogs and $28 a month for cats, for $5,000 in coverage a year.
Malden Solutions is Always Here to Answer Your Most Pressing Insurance Questions
We understand that understanding insurance of any kind can be complicated. Fortunately, you can rely on our brokers to break down your best options. Contact us today to learn more about the benefits of having or offering employees supplemental benefits.
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