A Guide to Buying Pet Insurance: 8 Things to Consider

We all love our pets and we always want them to have the best health and wellness care available. That’s why it’s important for pet parents to consider all of their options when it comes to pet health insurance. There are so many things to think about when making this investment that even Time magazine devoted an article to this topic in their Money section.

So, we decided to do our own research, and after reviewing several articles on this subject, including the popular PetMD website, we’ve combined dozens of key points and important ideas into a comprehensive and easy to understand guide for all pet parents, and we’re calling it the Top Eight E’s.

1. Evaluation: All pet insurance companies will ask that you and your vet disclose any pre-existing conditions upon choosing a plan, and there will be 15 – 30 day waiting period before the policy takes into effect. During this time, if your pet is found or evaluated to have any condition, illness, or injury, the pet insurance company will note it as a pre-existing condition and it will not be covered, now or in the future.

2. Expectations: When purchasing pet insurance, it’s important to keep our expectations in check. After all, the pet health care industry is a business, like any other, and despite their best efforts to care for your pet, they are here to make a profit. Therefore, it’s important to research all the applicable terms, conditions, contracts, etc…before signing on the dotted line.

3. Exclusions: Most pet insurance companies have several exclusions, or conditions that they will not cover, such as pre-existing, hereditary, bilateral, etc… Not only is it important to know what each pet insurance company will cover, but as you live and enjoy life with your pet, you may come to learn that knowing what they don’t cover will save you a lot of time, money and energy, as well.

4. Expenses: Pet insurance companies charge a monthly premium. However, some also have additional fees, charges, co-pays, etc… It’s also important to consider that you should not be choosing your provider or your plan solely based on the monetary cost. Choosing the least expensive provider and/or plan may not give you the desired coverage you seek for your furry best friend.

5. Experience: Pet insurance companies have only been around for the last few decades and are considered a relative newcomer to the pet industry. Still, some pet insurance providers will have more experience in dealing with certain conditions, breeds, veterinary specialists, etc.. If your pet requires specialized care, it may be vital for you to choose a pet insurance provider that will compliment your and your pet’s needs.

6. Essentials: Pet insurance companies will often have certain requirements, either of you, the pet parent, or of the veterinarian, or possibly both, in order to submit a claim or have the claim be processed. It’s important to know and understand what these essential processes are in order to ensure a speedy and smooth transaction.

7. Exigent Circumstances: Some pet insurance companies have separate plans for accidental and/or emergency care. It’s important to have a full understanding of how and if accidental and emergency care is covered in your plan so that you don’t have to guess or stress about it should an unforeseeable tragic event occur.

8. Everyday: Our hope is that every pet maintains a healthy and balanced lifestyle, but even healthy pets require what the pet industry refers to as wellness checks, which include the basic annual exam. This is covered by something called the Wellness Plan, and while some pet insurance companies offer this as an add-on plan, others do not cover these expenses.

The Top Eight E’s are meant to act as an objective guide to help pet parents choose the pet insurance provider and plan that is right for you and your pet. For more information, or to compare plans, please click here.