| Pet Insurance – Is It Right
For You? |
What can you do if your pet has a serious illness or
accident? Veterinarian medical technology has paralleled
that of human medical technology in terms of increasing
sophistication over the past 10 years. But how can you
pay the bills? It's no cheaper for your dog to get
medical treatment than it is for you.
Pet insurance may be a good option for you. It became
available in the United States in 1982, and it has been
a bumpy road since then. About 30 different pet insurers
have come and gone between 1982 and the present.
Currently, 10 companies are offering this coverage in
the US and an additional 3 companies operating in
Canada. There are even more serving the European market.
Consumer experience with companies' claim departments
range from fair to pretty good. Those that have ranked
the carriers suggest that these three companies are
highly regarded by their customers - Embrace, PetPlan
US, and Petfirst Healthcare. At the other end of the
satisfaction scale are Pet Pratners (AKC), VPI, and
Hartville/ASPCA.
Even though we are a nation of animal lovers, pet
insurance hasn't caught on in a big way here. According
to the most recent statistics only about one percent of
pet owners in the United States insure their animals,
compared to about 19 percent in England and 49 percent
in Sweden. But given the advances in medical technology,
including everything from magnetic-resonance imaging
scans (MRIs) to bone-grafts and advanced cancer
treatments that are now available for dogs, it's worth
looking into -- especially in case of catastrophic
accident or illness.
How Does It Work: Pet insurance works a lot
like people insurance does. There are traditional Blue
Cross/Blue Shield-type plans where you pick the
veterinarian of your choice for services, pet HMOs and
even discount clubs, where, for an annual fee, you get a
discount on veterinarian services, animal health, and
grooming products.
Unfortunately, like people insurance, most pet
insurance policies involve a lot of fine print,
including coverage levels, waiting periods for policies
to take effect, exclusions, deductibles, payout caps per
incident, per year and per ailment, and extremely
limited coverage for older dogs, so do your homework
before you buy. Ask your veterinarian. He or she may
offer a locally-based discount plan for pets, which
might be better for you than one of the bigger plans,
depending on both your financial situation and the kind
of dog you own.
Watch Out For Pre-Existing Conditions:
Frequently, congenital and hereditary illnesses, as well
as pre-existing conditions, are not covered by pet
insurance. So if you have a large dog and it develops
hip dysplasia, you might be out of luck. Talk to several
companies before you buy. Some will insure shar-peis,
which are notorious for hereditary problems, with
accident-only coverage. Sometimes a 20 percent surcharge
is added for large-breed dogs. Ask about their
pre-existing conditions, as there are some questions as
to what constitutes a pre-existing condition.
Make sure you find out what the waiting period is for
your pet's insurance coverage. Also, ask if a telephone
call to a vet before the policy takes effect would count
as a diagnosis. Nearly all companies' premiums are based
on your dog's age, and some policies will insure dogs
for accident-only coverage after they reach the age of 8
or 10 years. Find out before you buy. Elderly dogs are
far more likely to be stricken by cancer than young
ones, and this is one situation where insurance can make
the difference between life and death for your pet.
Some Other Questions to Ask: Will the insurer
cover routine wellness care, such as inoculations
against distemper, rabies and other diseases? What about
testing and treatment for heartworms? Dental and eye
care? Does the policy cover neutering or spaying costs?
Cesearean sections? Nail trimming and grooming? Flea and
tick control? Does it pay for prescriptions? Some
insurance companies will do these things, but only if
you add on a "wellness rider" to your existing policy.
The cost for this additional protection generally runs
about $100 per year.
What are the deductible levels on the policy? Is
there a lifetime limit on payouts? What are the annual
caps on payment? What are the caps for specific
illnesses and specific incidents? For example, if the
vet charges $1,000 for mending Rover's broken leg, and
the insurer's cap on bone fractures is $500, you'll have
to pay that extra $500 out of your own pocket.
Can you pay for the policy on a monthly basis? Will
you get a discount for insuring extra pets? Are you
limited to the insurer's choice of veterinarians, or can
you choose your own? How long does it take, on average,
for a claim to be processed?
Costs for Traditional Plans: Let's look at two
of the larger U.S. traditional-style insurance plans --
where you go to the veterinarian of your choice --
available in most states, VPI and Ohio-based Petshealth
Insurance Co. Each offers three levels of insurance
coverage for your dog.
The first, called Basic by Petshealth and Gold by VPI,
includes coverage for accident, illness, non-elective
surgery and hospitalization, less deductible. Depending
on the age and sometimes the size of your dog, VPI
charges USD $101 - $146 for this plan; PetsHealth
charges $120 - $144. The mid-range plans, called Value
by PetsHealth and Advantage PLUS by VPI, cost $230 -$276
and $171 - $251, respectively.
The mid-range plans offer some preventive health care
screening services like testing for heartworms, as well
as basic accident and illness coverage. PetsHealth has a
top-level plan called Choice, costing from $362 - $434.
VPI has a wellness rider that can be added on to either
of its other plans for $99.
Both PetsHealth Choice plan and VPI's wellness rider
offer more in the way of coverage for routine veterinary
services, such as inoculations, testing and treatment
for heartworms, discounts for flea control and the like.
Deductible levels may also vary depending on the plan
you choose.
HMOs for Dogs?: What if you want to insure
your pet, but the breed is known to have congenital or
hereditary problems? Pet Assure isn't exactly an HMO,
but it offers its members discounts on all veterinary
bills and services as well as on many pet health and
grooming products, even if the condition your dog is
being treated for is hereditary or pre-existing.
The membership fees for these plans are fairly
modest, running about $100 per year, with discounts
usually averaging 25 percent for veterinarian visits and
treatments. The only catch is that you can only go to a
veterinarian who is involved in the program, the
equivalent of a "preferred provider physician." And
there may not be one in your area. But depending on your
finances and the type of dog you have, one of these
plans may be worth checking out. Maybe your local
veterinarian has this kind of plan in place. Ask.
Is Pet Insurance Right For You?: Pet
health insurance has its problems, but is well worth
looking into for most dog owners. In cases of
catastrophic accident and illness, it can and has been a
lifesaver for pets without draining the owners
financially, or forcing them to make a decision to have
a pet put down because they couldn't afford its medical
treatment. But be an intelligent consumer, and check out
all your options before you buy.
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