What You Should Know About Pet Health Insurance

Pet insurance is still relatively new and the percentage of cats and dogs covered by pet health insurance is still very low. However, the number of pets being insured is rising quickly by some insurance experts by as much as 20 percent a year. With that many people opting to purchase pet health insurance for their dogs and cats, what should be considered before they put their money down?

1. The Preexisting Condition Clause and Pet Health Insurance

This is an important aspect of purchasing pet health insurance. Unlike the health care reform that most insurance companies must comply with concerning preexisting conditions in humans, for pets there is no provision. Almost every pet health insurance policies will exclude preexisting conditions in your pet. Many of those policies will also exclude any illness that is considered hereditary in your pet. An example is hip dysplasia, a common in many breeds and not covered by most pet health insurance policies.

2. Preventive Maintenance and Pet Health Insurance

Most pet health insurance carriers will charge you extra for preventive maintenance for your dog or cat. Preventive maintenance is considered a wellness rider onto the pet insurance policy and can run a pet owner $200 to $500 a year. These riders usually cover checkups, vaccines, parasite detection, and dental cleaning. A pet owner should calculate the annual numbers and compare their out of pocket costs to the cost of the wellness riders.

3. Your Pet's Age and Pet Health Insurance

Many pet health insurance carriers have some restrictions when it comes to the age of your dog or cat. If your pet is too young and has not had all their vaccinations or are not showing any preexisting conditions, most pet health insurance carriers will not issue a policy. On the opposite end, if your dog is over 8 years old or your cat is over 10 years old they will not be covered by pet health insurance. The one caveat is coverage for accidents or emergencies for your pet; however, those premiums are quite high.

4. The Right Coverage for Pet Health Insurance

Because pet health insurance is just beginning to boom, coverage and costs are very erratic. Some pet health insurance policies can be as cheap as $300 a year up to over $1000 for better coverage. Many pet health insurance carriers will pay anywhere from 60 to 90 percent of the claims; however there are usually limits on the expenses for diagnostics and treatments for your dog or cat.

5. Paying Claims for Pet Health Insurance

It is important to understand that pet health insurance claims are not much different the other insurance claims. Pet owners are required to pay the vet for the treatment of their dog or cat and then file a reimbursement claim with the insurance carrier. It is important to verify with the insurance company how long a typical claim takes. Most should be no longer than 20 days to turnaround.