The Ins and Outs of Pet Health Insurance

Pet health insurance is becoming more common than ever before. Many companies are promoting great coverage or low monthly premiums. But how do you pick an insurance company? What type of policy should you pick? Do you really need insurance for your pet? There are so many questions pet parents have, let us help guide you to narrowing down exactly what you’re looking for.

The Kind and Age of Your Pet Matters 

To start, let’s narrow down which pets you are going to be shopping for. Do you have a new puppy or younger pet, or are you looking to purchase a policy for an older pet? Perhaps you have a bird, snake, or other exotic pet for which you would like to purchase a pet health insurance policy? First, most insurance companies have age restrictions for when you can enroll a pet. There is a minimum age and a maximum age at which a pet owner can purchase an insurance policy. These ages will vary from company to company and there is no standard.

Additionally, many insurance companies will only provide coverage for cats and dogs. Currently, only Nationwide Insurance will provide insurance policies for exotic pets. So if you are shopping for a pocket pet or an exotic pet, your choice of providers is currently limited to one company. Your pet’s breed also matters. Companies are able to limit coverage or not provide coverage for certain diseases related to your pet’s breed. So, when shopping for a policy be sure to read what is excluded to see if your pet may not be covered for certain conditions based on his breed.

Notes About What is Covered by Pet Health Insurance

How much of your pet’s veterinary care would you like to have covered? Do you want your pet’s wellness care to be covered? Are you just looking for a policy to cover your pet in case of an emergency or an accident? Do you want to purchase a policy that will cover holistic/alternative medicine? (This includes acupuncture, chiropractic adjustments, etc. To know what is classified as “holistic” care it’s best to check with the insurance company before you purchase a policy.)

What about dental care, medications, special diets, and supplements? The more care the pet health insurance policy covers, the higher the monthly premium will be. Some insurance companies will cover wellness care, dental coverage, and holistic medicine, but at an additional cost. While others will exclude special diets, supplements, and exams even if it is to treat a medical condition. It is important to read the fine print of the policy because certain accidents and care may not be covered regardless of your pet’s breed.

Important to note – insurance companies will not reimburse the cost for care of pre-existing conditions. Each insurance company will create its own definition of a pre-existing condition (generally, it is a condition or illness that your pet has shown symptoms of before you purchased a policy). This is important to consider because some insurance providers will have a “waiting period” before coverage begins. This means that if your pet is diagnosed or shows symptoms of a disease during this period, the insurance company can consider it a pre-existing condition. The length of time a waiting period varies among companies. Some have waiting periods as long as 2 weeks, while others are as short as 3 days.

Other Factors to Consider When Selecting a Pet Health Insurance Company

Some insurance companies provide incentives to encourage enrollment, such as multi-pet, military, AAA, and AARP discounts. So if you’re interested in a policy, remember to inquire about potential discounts. Some companies will also offer trial periods or waive the waiting period during promotional periods.

There are other things that you may consider to be beneficial when picking a pet health insurance company. For example, how claims are submitted can be an important factor for you. Many companies will accept claims via fax or mail. However, some companies are now processing claims via email making getting reimbursed for your pet’s care significantly quicker. Another thing to consider is their customer service and rating with the Better Business Bureau. You may want to have a company that has a 24 hour customer service line. And you should check to see what rating each company has with the Better Business Bureau as it may influence your decision.

To help organize your thoughts we have a comparison chart for some of the major pet insurance providers. While this is not a comprehensive list, it can help answer some of the most commonly asked questions and can help you narrow down which pet insurance provider is right for you. [Download Insurance Company Comparison]