How to Compare Pet Insurance

For my friend Heidi Schmidt, the idea of putting her cat to sleep was something that she couldn't reckon with. Her cat Bumble was gravely sick and her veterinarian bills were mounting. Luckily, Heidi had gotten pet insurance three years ago and she was able to afford it all. Minus the usual deductible, and her co-payment, the pet insurance company was able to reimburse her for most of the cost of Bumble's treatments. Another pet parent may have not been so lucky.

If you own pets, the idea of not being able to pay for their health care could make you sick.

This is why so many people are turning to pet health insurance and what this article will attempt to do is answer most of the questions posed by pet owners seeking information.

What does pet insurance do exactly?

Health insurance for pets may help you pay your veterinary bills if your pet has an accident, gets sick, or needs routine preventive care. Most plans cover dogs and cats, and some plans cover other types of animals.

If you are considering getting health insurance for your dog or cat, here are some things to consider when doing your research:

First, shop around and compare pet insurance companies. This is one of the most important things to do since not all companies are "created equal"

Be aware that policies and premiums vary widely. Compare monthly or annual costs, and the differences in deductibles, co-pays and coverage limits. These may limit payouts by incident, annually, or your animal's lifetime.

Second, read carefully the clauses on deductibles, co-pays, coverage limits, and exclusions before you buy. Pre-existing problems and hereditary conditions like dysphasia in certain dog breeds, such as retrievers and German shepherds, are normally not accepted in most policies.

Third, figure out your finances. - Make sure you add up the total costs of the policy for the anticipated life expectancy of your pet. You also need to be aware that the age of your pet affects the premium. The older your pet gets, the higher the premium.

Questions to ask when you compare pet insurance companies:

• Can I choose my vet? - Does your insurance plan allows you to get the vet of your choice or do you have to choose from a "network" or designated care giver?
• Is there a waiting period? - Most policies have a waiting period and it might be different for accident or illnesses
• Do you cover routine wellness exams? - Most plans will not cover wellness or routine care though some policies give you an option if you pay extra
• Does it cover neutering or spaying?
• Does the plan include prescription drug coverage? - Some plans include prescription drugs others won't
• Do you cover claims annually or by incident? - Find out the maximum coverage. Some plans will have a maximum per incident others will have a maximum per year.
• If the coverage is by incident, is there a time limit?
• Is there a dollar limit for vet office fees? - Some companies will only reimburse " allowable" veterinary expenses. In other words, they set the price.
• If my pet has a pre-existing or hereditary condition, will this plan cover it?
• Does this plan cover chronic or recurring conditions?
• How long do you take to pay claims?
• Do you give discounts for insuring multiple pets?
• Does this plan cover advertising costs and rewards if my pet is lost or stolen?
• Does this plan make payouts if my pet is being treated and dies?

Do not hesitate to go online and get several quotes. The premiums will vary depending on the age and breed of your pet. You will be surprised at the differences in prices. Above all, don't rush to sign up unless the company has a money back guarantee. Some companies will refund your first premium within 30 days provided you do not place any claims.