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How does pet insurance work?

If you've ever owned a pet, you know it's expensive, but it's worth it (just look at these pictures of cute puppies!). According to PDSA, the leading British veterinary organization the average cost of owning a dog is between $ 27,000 and $ 42,000 depending on the breed. This includes everything from adoption costs to groceries to lifelong veterinary fees. While cats are a bit cheaper, they are between $ 21,000 and $ 31,000. These numbers are only averages and do not take into account emergency surgery or other unforeseen medical costs. Just as you should invest in health insurance for yourself and your family, you should also invest in your pet. How does top pet insurance work? First we tell you what it is.

What is pet insurance?

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Pets are expensive, but health insurance can help reduce some of the costs .

How does pet insurance work? Similar to personal insurance, pet insurance is a health insurance for pets that reimburses the owner for certain medical expenses and visits to the veterinarian. It is not all inclusive and some diseases and diseases are excluded. Therefore, make sure you research various policies before committing to one.

How does pet insurance work ?: The details

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The best way to think about pet insurance is to compare it to catastrophe insurance: it doesn't cover everything (including routine checkups), but it's there if You need it most, for example in emergencies. If you sign up for pet insurance, you will need to take your pet to an exam to determine existing conditions as they are not covered.

Most pet insurance plans require a monthly payment and cost a few hundred dollars a year. This means that most of the unforeseen or medical emergency costs are partially reimbursed. We say in part because pet insurance, like health insurance for people, requires a small additional payment, with the insurance covering the rest. In contrast to health insurance, however, with pet insurance you have to pay in advance out of your own pocket and in full and then claim a reimbursement. The reimbursement can be made by direct payment or by post and usually takes 2-3 working days (longer in the case of complicated claims).

The reimbursements are usually structured in three ways:

  • Deductible: During the pet insurance will cover part of the bill, you still have to cover part. This part is called a deductible and can range from $ 0 to $ 1,000 depending on pet insurance.
  • Refund Level: This is the percentage of the payment that the pet insurance covers after your deductible. Usually this value is between 50% and 100% depending on your pet insurance.
  • Annual maximum: Unfortunately there is an upper limit for pet insurance, which is called the annual maximum. This is the maximum amount that pet insurance pays in medical bills each year. Once you have reached your annual maximum, you will have to pay additional veterinary fees out of your own pocket.

How does pet insurance work ?: Exclusions

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Pet insurance does cover a lot, but is also subject to restrictions and does not cover 100% the needs of your pet. While standard pet insurance covers most accidents and illnesses, there are some exclusions. Exclusion varies by policy, but common are:

  • routine checkups
  • pre-existing conditions
  • hereditary diseases
  • dental diseases
  • behavioral problems
  • hip dysplasia
  • care

There are caveats to the above. Some insurers cover curable, pre-existing conditions, but do not offer reimbursement for the treatment of the incurable.

How does pet insurance work ?: Costs

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The average monthly cost of pet insurance is between $ 25 and $ 70 Dollars for dogs and between $ 10 and $ 40 for cats. Similar to traditional health insurance, pet insurance costs vary due to a variety of factors, including medical history, age, and more. The costs also vary depending on the coverage requirement: you can choose a plan with a low deductible and high reimbursement amount to keep the cost per incident low (but higher every month), or vice versa. Most plans also offer the option to purchase "endorsements" or add-ons to improve your core coverage. Examples of notes include exam fees, routine checkups and prescription feed.

In addition to the coverage, the following factors play a role in the monthly cost of pet insurance:

  • Species: Dogs are more expensive to insure than cats. Males actually have the highest premiums and females the lowest.
  • Breed: Large pets usually have more health problems than smaller ones and are therefore more expensive to insure.
  • Age: The older a pet is, the more expensive the insurance is because they usually have more health problems than younger pets.
  • Location: The premiums vary depending on where you and your pet live. Densely populated areas are the most expensive.

Pet insurance is not a requirement and not everyone has it. Ultimately, it is your decision whether or not pet insurance is worthwhile.

Do you have pet insurance for your pet? Tell us what kind!


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