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eLearning Series:
Your Most Popular Insurance Questions
Answers For Health and Home
Insurance
( 50 articles
in this series )
Pet Health
Insurance Plans
Many pet owners dread the news that Rover
or Kitty are seriously ill or injured. Too often, an
anxious pet-lover is forced to make a fiscal decision when
veterinary
care is needed, and quite a few have had to endure the heartbreak of saying good-bye to a beloved pet that could be saved --
but only at a cost prohibitive expense. To many of us, a pet
is a member of the family. Treated sometimes like a child,
the animal is companion, friend, confidante, and even dinner
guest! It is no surprise that the insurance industries realized
the advantages of this widely untapped market, and fortunately
for us pet lovers, health insurance for pets is no longer a
wished for ideal, but a new reality!
There are some similarities to health insurance for humans;
for example, be sure to read the fine print! The most
common misconception is the myth that all the distraught pet
owner
needs to do at the time of an emergency is to present an insurance
card, and no money changes hands. Nothing could be further
from the truth! As a matter of fact, most pet insurance plans
will require the pet’s owner to make an upfront payment at
the time of service. Later on, a claim may be sent to the insurance
company, and a reimbursement is made.
Many
plans cost as little at $30 a month, but it is imperative
that the pet owner understands the scope of coverage. Minimum
cost implies minimum coverage. For example, one major pet health
insurance plan will cover the same illnesses and emergencies
at different plan levels, yet those who choose to purchase
a minimum plan will receive less of a reimbursement than those
who choose a more expensive plan.
In addition to the foregoing, pet
insurance is not without its complications. For example, benefits are limited when it
comes to an initial diagnosis. While your veterinarian may
charge $150 to examine Rover’s bite wound after he had a run-in
with the neighbor’s Doberman, the insurance plan will only
cover about $92. If Rover needs to undergo anesthesia, the
insurance is willing to pay and extra $44, but will not pay
any more. In addition to the foregoing, if the bite wound is
considered a secondary diagnosis, and Rover is instead treated
for a puncture wound, then the coverage for the bite wound
is reduced to only $65 in its entirety. On the other hand,
if you choose to purchase the higher level plan, then a similar
situation will result in the reimbursement of $154 for the
examination of the bite wound, $74 for anesthesia, and $108
in case of the bite wound’s being a secondary diagnosis.
Some
pet owners don’t think that such coverage is worth the
money, but they had best think again! While a pet is young,
veterinary visits are few and far between, but once Rover ages,
new problems crop up. Additionally, if Kitty begins to venture
into the great outdoors, the risks and potential for injury
increases. Also, it is noteworthy that pet health insurance
does not only cover the catastrophic injuries, but even the
mundane dental cleanings, shots, heartworm medication, flea
prevention, and more.
In closing, concerned pet owners owe it to their furry (or
feathered) friends to ensure that adequate care will be available
in case of an emergency. Yet, they owe it to themselves to
become well educated in the multifaceted aspects of pet insurance,
and the exclusions and limitations. To this end, here are some
suggestions:
1. Understand the deductible
The pet’s age and even pre-existing conditions may change
the deductible the plan applies. Additionally, a co-payment
may be charged that can run as high as 20% of the veterinary
fee.
2. Understand the exclusions
Just like human insurance, pet insurance too has exclusions.
They may vary from company to company, and often deal with
pre-existing conditions. Other exclusions may apply to dental
care, vaccinations, etc.
3. Know the caps
The insurance plan will only pay a certain amount per covered
incident. Discuss hypothetical fees with your veterinarian
and find out if these caps are realistic. Additionally, are
these caps applicable to a lifetime treatment, or to a per-occurrence
charge?
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by SolveYourProblem.com : 2005
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