A 60-second read by Victor Cannillo: For many of us, our four-legged companions have become a part of our families. Perhaps you have thought about whether pet insurance is something you should consider for your pet, but don’t know much about it.
Below we outline a brief summary of pet insurance to help you determine whether it might be right for you and your furry friend.
What is pet insurance: Pet insurance is similar to health insurance, but for pets. The vast majority of pet insurance only applies to dogs and cats. However, there is an “exotic pet insurance” that will cover accidents, illnesses and examinations, as well as lab fees, prescriptions, x-rays, hospitalization and more.
What are the costs: Policies vary in cost depending on a variety of factors, such as the amount of coverage, age of the pet, breed, gender as well as the veterinary-care cost in the area you live in. Average monthly premiums could range anywhere from $10-$100 a month, depending on the type of plan you are looking for.
Is pet insurance accepted at all veterinarian offices: Pet insurance is accepted by most licensed veterinarians. Of course, contact your intended veterinarian to double check.
How would pet insurance work when I bring my pet to the vet: Unlike health insurance where the insurance company directly pays the doctors, pet insurance works a little differently. First, when you go to the vet, you will pay the fees up-front. Then, you would file a claim to the insurance provider and be reimbursed later. Depending on the coverage you chose, not all checkups and/or procedures will be covered.
Is there a resource to compare costs from different insurance companies: The Pet Insurance Review website allows you to compare premiums from different pet insurance companies.
If I purchase pet insurance should I expect to save money: Not necessarily, especially if you don’t take your pet to the vet often. Pet insurance is good to have if you want peace-of-mind for a potential emergency with your pet such as surgery or treatment for a prolonged illness.
Talk to your financial planner to see if pet insurance fits into your budget and might be a good option for you.
Contact Baron Financial Group with any questions.