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      July 22, 2017

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What You Should Expect From Pet Insurance

What You Should Know Before Buying Pet Insurance

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What You Should Know Before Buying Pet Insurance

Pet owners have a special affection for their furry companions. Oftentimes, they think of them not only as pets, but as members of their families. As such, they want to ensure their pets live long, happy and healthy lives.

One of the best ways to make sure your pet stays in tip-top condition is to purchase a pet insurance plan.

The first official pet healthcare policy was sold in Britain in 1947. Britain trails only Sweden in the number of pet owners who provide insurance for their pets. Dogs are the most-insured pet, followed by cats and small exotic animals. While it is sold under the name “healthcare insurance,” pet health insurance is actually under the insurance umbrella for property. According to insurance laws, pets are seen as property, so the insurance policy which covers them is similar to that for any other property owned by an individual.

There are a few things you should know before buying pet insurance.

First and foremost is cost. Pet insurance plans should provide the kind of coverage needed at a cost that is affordable. There are 10 companies that offer pet insurance plans within the United States. Of those companies, plans range in cost from $15 a month to $50 or more. Some plans require the holder to meet a deductible prior to paying claims, much as health insurance plans for humans. If in order to afford a monthly premium the client has to have a deductible that is too high to reasonably afford, then the insurance plan is not a good choice. Annual limits for covered services also create problems for clients who own pets with chronic health conditions. There are a few plans that do not have annual limits, so it may be best to choose one of those plans if your pet will need continual care.

Another issue to consider is the way the pet insurance company handles veterinary cost reimbursements. Some insurers do not cover veterinarian exam charges, and restrict the reimbursement amount to a set amount per diagnosis.

For most pet owners, regular wellness exams, vaccinations and routine preventative health care are the most common procedures their pet undergoes. However, several of the pet insurance companies on the U.S. market do not include coverage for these routine services, leaving the customer to pay for a monthly insurance premium, as well as routine veterinarian care. In these instances, the insurance plan is not worth the monthly cost to the pet owner.

Another important factor in choosing a plan that is right for you is what the customer is required to do in order to have covered services paid for by the insurance plan. Some plans allow the veterinarian to bill them directly, much as human health insurance companies do, while others require the policyholder to pay the costs up front and then submit the receipts for reimbursement. Some customers of companies which require up-front payment have complained that it is difficult to have those costs reimbursed by the insurance plan later. So if guaranteeing that the costs will be covered is important, it is best to choose a plan that has a guaranteed coverage percentage plan.

Pet owners in the U.S. spend roughly $12 billion dollars annually for veterinarian care for their pets. This number is only expected to increase as more advanced medications become available to our pets. Choose a plan that best suits your needs and those of your pet to ensure a pleasant experience.

I Compared Pet Insurance Plans to See What's Best for My Fur Babies

Some of the links in this post are from our sponsors. We're letting you know because it's what Honest Abe would do. After all, he is on our favorite coin. Earlier this year, my family dog managed to rack up a $4,000 vet bill. Bandit had become so sick ...

Published:  Thu, 20 Jul 2017 01:00:00 GMT



Is Pet Insurance Worth the Cost?

Two years ago, Elizabeth Newsom-Stewart's cat Fawkes ate part of a lily plant leaf. Newsom-Stewart, then a veterinary student at Cornell University, immediately knew the danger he was in, and rushed him to an animal hospital. "Some lily plants are ...

Published:  Thu, 20 Jul 2017 20:17:00 GMT



Report explores the PET insurance industry

The UK, the US and Japan are major pet insurance markets globally. The market is expected to grow in other areas of the world in upcoming years. The growth of the segment is driven by rising pet ownership globally, associated health benefits of pet ...

Published:  Tue, 18 Jul 2017 05:32:00 GMT



Pet Insurance Market Type, Application, Specification, Technology and Forecast to 2022

New York, NY -- (SBWIRE) -- 07/19/2017 -- This report studies the Pet Insurance market status and outlook of global and United States, from angles of players, regions, product types and end industries; this report analyzes the top players in global and ...

Published:  Wed, 19 Jul 2017 06:03:00 GMT



Pet insurance latest trend in Silicon Valley perks

PALO ALTO, Calif. - Palo Alto tech companies and startups are known for giving employees perks such as free food, valet parking, laundry service and bring your dog to work days. Lately, employee benefits have extended to pet insurance for dogs and cats ...

Published:  Sun, 16 Jul 2017 08:52:00 GMT



Healthy Paws Pet Insurance Reaches 250,000 Enrolled Pets

Healthy Paws Pet Insurance-the #1 customer-rated provider of insurance for dogs and cats-is proud to announce the enrollment of their 250,000th pet. Healthy Paws has experienced extraordinary growth since enrolling their first pet in 2010, and is now a ...

Published:  Thu, 13 Jul 2017 02:37:00 GMT



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