PET INSURANCE COMPARISON
- Virginia Kilmer
- 6 days ago
- 5 min read
BELLA’S STORY
Little Bella (above) is only 5 years old but she developed a life-threatening medical problem called HGE (hemorrhagic gastroenteritis) and then she developed a complication with her colon that caused her great pain when she tried to poop.
Bella ended up in the Emergency Room at the University of Gainesville Veterinary Hospital. Just to be able to diagnose her problem, it was going to cost about $4,000 for a rectal exam and testing, including an ultrasound.
Wow! And that was just for the diagnostics, that didn't include any cost for surgery or treatments as needed. If she did not receive further care, the recommended alternative was to euthanize her. What a devastating choice!
Would you have $4,000 to $10,000 to spend to provide care to save your pet's life? Would insurance make it possible to provide care in situations like little Bella's case?
By the way, Bella's story has a happy ending thanks to our wonderful Guardian Angel Donors who donated for her care. She was given a full rectal exam under anesthesia because of the pain and rather than the worst-case scenario, which was a tumor, the veterinarian discovered a simple stricture and it took a few simple procedures to relieve the stricture in her colon. The cost of the simple care was still $4,500 including hospitalization and procedures, but our donors made it possible to save little Bella. We are happy to report that Bella is now healthy and happy at home and living her best life with her adoptive family (see below)!!
TO GET INSURANCE, OR NOT
Whether or not to get pet insurance depends on your individual circumstances, your pet's health and breed, and your budget. Pet insurance can offer financial protection against unexpected and costly veterinary bills, but it's not always the most cost-effective solution for all pet owners.
Here's a more detailed look at the pros and cons:
Pros:
Better Care:
Having pet insurance can help you provide better preventive care and treatments that you might otherwise not be able to provide for your pet. For example, many pet owners do not provide for regular dental care for their pets and dental disease can lead to bacterial infections and medical issues for your pet that are even more costly and dangerous to their health.
Financial Protection:
Pet insurance can help cover the cost of unexpected illnesses, injuries, and emergency treatments, which can be very expensive.
Peace of Mind:
Knowing that you have financial support in case of a pet emergency can provide peace of mind for pet owners.
Can Cover Routine Care:
Some policies offer coverage for routine care like wellness checkups and preventative treatments, which can help keep your pet healthy in the long run.
Can Be Affordable:
Pet insurance policies are often affordable, and premiums can be customized to fit your budget.
Cons:
Premiums Can Be High:
Pet insurance can be expensive, especially for older pets or those with certain breed-specific health risks.
Not All Conditions are Covered:
Most policies exclude pre-existing conditions and some breed-specific illnesses.
High Deductibles and Co-pays:
Many policies have high deductibles and co-pays, which can reduce the amount of reimbursement you receive.
May Not Be Worth It for All Pets:
If your pet is young and healthy, or if you have a well-established emergency fund, pet insurance might not be necessary.
Claims Can Be Rejected:
There is a risk that your insurance company will reject your claim, especially if the condition was not covered or was a pre-existing condition.
Factors to Consider:
Age and Breed:
Younger pets and those from breeds with higher health risks may benefit more from pet insurance.
Budget:
Consider your budget and whether you can afford the monthly premiums and potential deductibles and co-pays.
Financial Situation:
If you have a well-established emergency fund, you may not need pet insurance.
Type of Policy:
Choose a policy that covers the types of conditions your pet is most likely to experience, such as accidents and illnesses or a more comprehensive plan.
HOW TO DECIDE ON AN INSURANCE PROVIDER
1. Research Different Providers:
Compare different pet insurance companies and their policies to find the best coverage and price for your needs. We have provided you with a chart that compares 7 common insurance providers, but there are many more available. Some of these companies are national and some may be available through your local insurance broker.
There are also many websites that provide you with comparisons between what they say are the “best” or “top 10” providers. Be careful to look at them objectively, including the providers offered by your insurance broker and on websites because they may be receiving incentives to recommend a particular insurance plan.
2. Select Your 3 Highest Priorities:
Try to decide the 3 most important criteria for an insurance plan for you and your pet and compare those 3 options to narrow down your search.
Example 1: If your pet is young and healthy and you are able to afford the wellness veterinary care, exams, vaccinations and treatments, but you would want coverage if they were in an accident or had an injury, then focus on plans that provide accident/illness coverage only which will be much lower cost than a full coverage plan.
Example 2: If your pet is getting older and you are concerned about the costs if they were to become ill and the cost of the diagnostics and treatments, then you will want to focus on a full coverage plan that provides for all the diagnostics and medical care. You will also want to look at whether pre-existing conditions are covered.
It may also be critical for you that the insurance provider pays the veterinarian up front. That is a critical factor because most insurance plans reimburse you and do not pay the veterinarian at the time of service. Trupanion, for example is one insurance provider that pays right at checkout which is when most veterinarians want payment in full. We also provided you with a few other options of providers who may pay the veterinarian, Embrace, Petplan and Pets Best, but you will want to make sure that can actually be set up with your primary care veterinarian and the specialist facility you would use.
3. Contact the 3 Providers you selected:
Once you have narrowed your choices to 3 providers, contact each of them to get their detailed coverage and claims manual. The manual may identify some details about coverage and claims that may be important in your decision. For example, a provider may have dental coverage, but when you look at the details of the plan, it only covers dental if your veterinarian performs and documents an annual dental exam and that you are following a veterinarian recommended plan of dental care. You could be facing denials for coverage if you don’t comply.
4. Read your Pet Insurance Policy Before Signing:
Ask for a copy of the insurance policy and claims manual before signing an agreement with the insurance provider. There may be requirements or exceptions for coverage in the policy that you need to meet in order to have claims paid. If there is something in the policy that you can’t or would not want to have included, try to negotiate that change to the policy before signing with the provider.
Ultimately, the decision of whether or not to get pet insurance is a personal one based on your circumstances. Consider your pet's needs, and your budget to determine if it's the right choice for you and your beloved pet. Think of what you would be able to do if you were faced with a situation like Bella’s.
PET INSURANCE COMPARISON CHART
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