What is pet insurance? Pet insurance is an actual financial product which helps to pay for the medical expense of your pets. It is much like health insurance for humans in a few ways.
For instance, both health insurance and pet health insurance use coinsurance and deductibles to determine just how much you’ll pay out-of Pocket for medical expenses. The deductibles can be low for dogs and cats, but can be very high for larger sized pets such as dogs. In addition, the deductibles may vary depending on the plan. Some plans have no deductibles, while others may have extremely high deductibles. So choosing pet insurance may be a balancing act between cost effectiveness and adequate coverage.
Another factor to consider when choosing pet insurance is the availability of “out-of-pocket” or deductible amounts. A “deductible”” is the amount you must pay out of pocket before your insurance kicks in to pay for any treatment. Most plans have a deductible amount that you must meet before coverage kicks in. And in fact, if you ever fall behind on your deductible payments your insurance company will not cover any costs until you settle your balance.
One more factor to consider when choosing pet insurance is whether you want a policy which provides coverage for both vet care and preventative care or one solely for vet care. There are a couple benefits of a policy which covers preventative care in addition to vet care. Your monthly premiums for this type of policy may be a bit higher but the cost of annual veterinary checkups and treatments will be substantially lower than paying for health insurance. On the other hand, if you do not have health insurance and would like to pay for preventative veterinary care out-of-pocked, the savings account will provide you with a convenient way to do so.
Finally, another important factor to consider when choosing pet insurance plans is whether you want your pet to be covered under the plan which is recommended by the American Pet Products Manufacturers Association (APMP). The American Pet Products Manufacturers Association recommends that pet owners purchase animal health cover plans that cover preventive care, diagnostic care, vaccinations, x-rays, and annual exams. For routine care, pet owners should choose a plan that meets their needs. Although the costs of annual vet checkups and other services may be high for uninsured pet owners, it is still advisable to purchase a plan that will cover preventative costs in the event that you veterinarian will have to perform the services without having cash in your pocket.
Other factors to consider when choosing pet insurance may include whether you are concerned about the age or breed of your animal and what veterinary services you will want to be covered. There are a number of plans available which offer coverage for a variety of animals such as dogs, cats, birds, horses, and many other pets. To find a list of companies that offer the services you want to cover, conduct a search on the Internet. A variety of comparison charts and quotes will be provided to help you make the right choice of choosing coverage that will meet your requirements.