Posted in Pets & Animals

Your Pet Health Insurance Questions Answered

Most people are familiar with healthcare insurance for themselves and their family but what about their pets? Animal cover is a new idea in insurance to help cover the four-legged members of the family.

Granted, your workplace may not cover the insurance but it is very valuable to have in case your mammal becomes sick. Routine veterinary care may not be expensive but if your mammal was to become sick or injured, costs could quickly mount up and be beyond your ability to repay. The old adage of “better to be safe than sorry” is very true when it comes to insurance.

It is better to have it and not need it than to find yourself with a sick animal and no way of paying the vet bills. Most people are unaware or inexperienced when it comes to mammal cover but this article will cover some of the basics when it comes to what to expect in it.

What is pet insurance?

Pet insurance is healthcare insurance for your pet. Primarily this insurance is taken out by dog and cat owners. Really expensive pets can be insured for their value. Chances are that if you can afford a $500,000 horse, you can pay for the veterinary bills out of your own checking account. This is used by those who would not be able to afford if their pets became seriously ill and required extensive care. It is a way to manage veterinary costs in the same manner as normal healthcare coverage.

Is there a co-pay or deductible?

Just as you pay a deductible for your own health insurance, pet insurance also has a deductible. But it is a significant amount lower. Most deductibles are $50.00 per accident category.

It does not work in the same manner as typical healthcare insurance. At the time of the vet visit you will pay for the entire amount and then fill out a claim form that is then submitted to the pet insurance carrier.

The carrier will pay you a set amount for that procedure. The costs allowed per procedure vary and only the insurance company can determine what percentage you will have to pay after the deductible.

How much out of pocket will I be expected to pay if my pet needs surgery?

Unfortunately the downside to pet insurance is that you will have to pay for the entire amount out of your pocket before the cover company pays you a portion back. When you take your animal in for surgery you will need to take along a claim form that the veterinarian will complete.

After completing the form and filling out the claim information, along with attaching copies of the receipts and invoices, you will mail or fax the information to the insurance. After reviewing the information the cover company will mail out a check for the amount of the procedure they cover.

Some veterinary clinics will make payment arrangements with you in case of an emergency. If you have a long history of good payments to your vet, you can discuss this at a visit. Chances are high that he or she can work with you. The ultimate goal of both you and the vet is a healthy and safe animal.

Is there a limit on what my pet insurance will pay out?

Yes, there is a limit on how much of the procedure is covered by the insurance company. This amount varies depending on which cover plan you select, what your deductible is and how much the actual procedure runs. When you sign up for it, the company will provide you with a list of procedures they cover along with how much per procedure is covered.

Can I buy my pet’s medications online and then be reimbursed for the expense by the insurance company?

All FDA approved medications will be reimbursed. All you have to do is include the receipt from your purchase of the medication, fill out a claim form and submit the information to the insurance company. The insurance company can provide you with the allowed amounts they pay for medications.