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      May 30, 2020

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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.

The best pet insurance companies for your beloved cats, dogs, and more

The best pet insurance for your animal will depend on their age and needs. Many policies exclude preventive care and pre-existing conditions.

Published:  Tue, 26 May 2020 14:32:43 GMT



I worked at a vet clinic for years, and I don't think pet insurance is worth the cost. Instead, I have a simple strategy for protecting my 4 pets.

We keep a line item in our budget for pet expenses and have a pet-specific emergency savings fund we can pull from for unexpected vet bills.

Published:  Tue, 19 May 2020 17:26:00 GMT



Have $2,000 to Spare? Now Is the Time to Invest It Into This Pet Insurance Stock

Despite widespread fears that the COVID-19 pandemic would cut consumer spending, Trupanion (NASDAQ:TRUP) has maintained its consumer retention rates as more and more pet owners deem medical coverage ...

Published:  Thu, 21 May 2020 07:35:00 GMT



Global Pet Oral Care Products Market Forecast to Generate Revenue of USD 2.81 billion by end of 2025

Global Industry Perspective, Comprehensive Analysis and Forecast, 2018-2025" report has been added to ResearchAndMarkets.com's offering. This report provides forecasts and analysis for the pet oral ...

Published:  Fri, 29 May 2020 08:15:00 GMT



SAP teams with Petco to offer expanded employee pet insurance benefits

The partnership gives employees access to preventive care, discounts on supplies, and free veterinary consultations.

Published:  Tue, 26 May 2020 10:00:00 GMT



North American Pet Health Insurance Market Surpassed $1.71B (USD) in 2019

The North American Pet Health Insurance Association (NAPHIA) release of results from the 2020 State of the Industry Report.

Published:  Tue, 26 May 2020 03:09:00 GMT



Why Your Pet Needs an Emergency Fund Too

Your pet is like family. Make sure you create an emergency fund or fully factor their costs into yours so you can always afford their care.

Published:  Tue, 19 May 2020 03:11:00 GMT



The InvestorPlace Q&A: ProShares Pet Care ETF Is a Treat for Investors

The pet care industry is trending higher, even as the pandemic puts a crimp on big business. How does ProShares aim to capture the upside with its PAWZ ETF?

Published:  Fri, 29 May 2020 10:01:00 GMT



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