Should I Buy Pet Health Insurance?

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What do pet health insurance policies cover?

Coverage varies from carrier to carrier. For example, VPI Pet Insurance under their basic plan offer the following coverages:

Accidents/Illnesses
MRI, CAT Scans and X-Rays
Surgeries
Prescription Medicines
Hospitalization

However, if you buy their superior plan, you'll get coverage for heart worm protection, annual exams, prescription flea control and spaying / neutering.

For an additional premium, you can purchase a cancer rider to provide coverage for your pet in the unfortunate event that it is diagnosed with cancer.

Exclusions: As with most, if not all pet healt insurance companies do not cover congenital or hereditary defects, elective procedures, diseases prevented by vaccines. Be sure to review your policy for full exclusion disclosure.

How it works

Take your pet to a licensed vet or specialist and pay for the visit up front (this is an indemnification policy, not an HMO). Once you've paid for the visit, your vet staff will fill out the claim form. After receiving the completed claim form, sign it and submit it to the insurance company. Payments are based on a pre-determined schedule of benefits. The plan will pay 90% of the scheduled benefits. Check to see if veterinary rates in your area are in line with their pre-determined amounts.

Is it expensive?

According to VPI, their policy can cost less than $1 a day.

I did the quick online quote for my 18 month old shepherd beagle mix and my dog's premium came up to $33.08 per month for the superior plan including the cancer rider.

VPI is not exclusively a dog and cat insurance provider. They also provide coverage for pets such as chinchillas, parrots, guinea pigs. Check with VP to see if they will insure your pet.

Another pet health insurance company that I came across in my research was PET CARE

They currently offer 6 programs for dogs ranging from $9.95 per month to $34.95 (all base quotes may increase depending on underwriting info.) Policies vary from comprehensive to emergency care only.

They also offer 8 programs for cats ranging from $8.50 per month to $19.95 per month. Again these policies will have to be underwritten for precise premium.

Word of advice:

1. It's good to find out in advance how much your insurance company will pay for a procedure. See if you can get their list of pre-determined expenses so that you won't be surprised after you've submitted a claim.

2. Deductibles: Since deductibles are out of pocket expense, make sure you are aware of any applicable deductibles.

3. Remember, the true purpose of insurance is to transfer the financial risk from you to the insurance company in the event of a catastrophe. The health and age of of your dog will help you to decide whether or not you need a comprehensive or catastrophic policy. Although your insurer may not pay as much as you would like for getting your pets nails clipped, make sure they will pay the majority of the expense in the unfortunate event your animal has to undergo extensive cancer treatment.

4. Shop around. Below are a few of the pet health insurance companies I've come across in my research. I'm sure there are more.

For more information on life and other types of insurance, visit Insurance 101 Helper.

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ABOUT THE AUTHOR: Felicia A. Williams is a freelance writer and webmaster of this website, Visit Hudson Valley.com and No Job for Mom.com. She also blogs about Living Green and is the Insurance Feature Writer for Suite 101.com

This document last modified Tuesday, 13-May-2008 09:28:38 EDT

Tidbits & Stuff was born on Thursday, March 9, 2006
© 2006, 2007, 2008 Felicia A. Williams

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