How to Compare Veterinary Insurance Companies

As veterinary medicine becomes more sophisticated and more specialized it is also becoming more expensive. Pet health insurance is growing in popularity for many pet owners. Like humans, pets are now living longer and healthier than ever before. Advances in health care is improving quality of life for pets, and increasing cost as veterinarians acquire expensive specialized equipment and training to keep up.

Unlike health insurance for humans, animal health insurance usually doesn't cover upfront costs. Pet insurance companies only reimburse veterinary costs. You will still have to have the money to pay your veterinary bill, and then submit your receipts and claim forms to the insurance company who then sends you a check.

There are two major systems that the veterinary insurance companies use to pay claims. Some, such as Veterinary Pet Insurance (VPI) follow a schedule of payouts. Each type of injury or illness has a preset amount of coverage associated with it, and the company will pay up to that amount for each problem. How much you get back compared to how much you pay upfront to your veterinarian depends on how close the charges are to the insurance company's payout schedule.

The second system is for the pet insurance company to pay a percentage of each claim, regardless of the health problem. Pet's Best Insurance, and ASPCA Pet Health Insurance use this method.

Pet health insurance companies may also require a deductible, either for each incidence (each trip to the veterinarian) or for each problem (all veterinary visits are covered for a particular problem, even if repeated visits are needed). The good news is that most national pet health insurance companies allow you to choose any veterinarian you want to go to. Some individual hospitals or doctors may offer their own insurance that is only good at that particular practice, so make sure you know which you're getting if you sign up while you're at a veterinary hospital.

There are many options for coverage beyond the standard plans. Some companies offer routine wellness care. This may include annual exams, vaccinations, routine dental cleanings, and preventive medicine like heartworm and flea preventatives.

They may also offer a separate emergency care plan that would cover only serious unexpected injury, like if your dog that is hit by a car. These other plans may be available as add on services to a regular insurance plan, or they may be available individually.

Of the major national pet health insurance companies, VPI is currently the only one that offers coverage for birds, and other exotic pets. However, because the cost of care for exotics can vary drastically between veterinarians, check the payment schedule against your veterinarian's common service charges to decide if the exotic coverage would be a good value for you and your pet.

One of the similarities between pet health insurance and human health insurance is that generally, plan premiums will go up with age. Also, preexisting conditions aren't covered, unless it can be well documented that a particular heath issue has been cured at the time of application. Some pet insurance companies even have restrictions from coverage for breed-specific ailments.

Once you've decided on your policy and signed up with the company of your choice, know how to get the most out of your plan. Claim forms have one small line for the veterinarian to fill out a diagnosis at each visit. Many companies will actually require more information before approving a claim. They will fax your veterinarian for a copy of the exam records, or to request further information. To speed up the process, you can ask for copies of the exam records while you are at vet office to send in with your claim.

Also, it's a good idea to present the claim form to the receptionist at the veterinary hospital at the beginning of your visit. The doctor can then fill the form out for you while writing up the exam. If you wait until you are leaving, the vet may have moved on to another patient leaving you to wait for them to be free again to complete your forms.

Each plan will vary, so you need to carefully read each policy that you're considering and decide if it is the best fit for your needs. Don't feel pressured to sign up for a plan on the spot. You should always be given time to take the policy information home and make a decision with your family. Veterinary Health Insurance can bring great peace of mind regarding the rising costs of veterinary care. Make sure your choice represents what is in the best interest for you and your pet.