What You Need to Know about Pet Insurance
When it comes time to buy pet insurance, think of it much the same way you would think of buying coverage for yourself. You’re dealing with a business that is supposed to help cover the costs of healthcare, but it’s still a business. Be prepared to ask and answer a lot of questions, even if they seem odd. For example, your insurance company might ask if you use pet doors that open into a fenced in area. They aren’t being nosy; they just want to assess the type of potential risk they are going to be involved in.
The Cost Can Change
One of the reasons you want pet insurance is so that you can manage your pet’s health without laying out a lot of money each time you take him or her to the vet. For that reason, it’s important to ask about more than the premium. Premiums can change, and if you have to pay a significant portion of the bill, you might want to look for a different plan. Also, the cost can change depending on what they cover. If your dog has an excluded illness or treatment plan, you may not be saving much by going with a plan that only covers wellness visits and shots.
Not All States Are Covered
This is especially true when you shop online. Ask about coverage areas so that you know your state is covered, as well as any states you might frequent with your pet. Some pet insurance companies may even have specific networks you have to go through, which can be helpful or cumbersome, depending on who your veterinarian is.
Time Matters
Some insurance companies have a waiting period. You’ll need to know what that is so you know when coverage starts. They might also have yearly premium increases, and it can be helpful to know when those take place so you can plan ahead. You should also ask about cancellation policies.
In some cases, you won’t know what kind of exclusions the insurance company has until after you pay the premium. It’s always a good idea to ask for a list in advance, but you may not get it. In such cases, you need to know about the cancellation policy as it pertains to timing and percentage of potential refund. If your pet has a health issue that isn’t covered, you won’t want to keep the policy, but you also want to make sure that you get as much of your payment refunded as possible.
From pet doors to major health concerns, be prepared to be upfront and honest when dealing with pet insurance. Don’t wait until your pet has a significant health issue before you get coverage, because it may not go into effect as soon as you would like to offer any financial benefit. At the same time, you should have a list of questions to ask the insurance companies so that you know you are getting the kind of coverage you need at a price you can afford.
