How Can I Choose Best Pet Insurance – Pet Health Insurance: Are you a pet owner and looking for the best tips for selecting your pet insurance? If yes, here is a concise post on how to choose pet health insurance.
A pet insurance policy can help you plan for your pet’s healthcare—and offset costs for routine care, unexpected injuries and illnesses.
Here are 8 tips to help you choose the best pet insurance policy for your family.
1. Compare Pet Insurance Providers
Before you decide to enroll your pet in a pet insurance policy, compare pet insurance providers. A side-by-side comparison will show the difference in plans, premiums, deductibles, co-pays, sample reimbursements and plan details, including exclusions and additional features.
2. Check Out the Insurer’s Track Record
Look at the pet insurance provider’s track record for dependability. The key to choosing a pet health insurance provider you can count on is to go with the company that has proven stability, experience and recommendations.
How long has the provider been in business? Are they a trusted financial service? How many in-force policies do they have? Do they have veterinarians on staff who know pets’ needs and help develop policies?
3. Research What’s Covered — and What Might Affect Coverage
Some pet health insurance plans may have exclusions for conditions that are pre-existing, hereditary, congenital, or related to breeding, and may apply restrictions on your coverage when you file a claim.
Before you enroll, make sure you know and understand what factors may affect coverage, such as your pet’s breed and any pre-existing conditions. Find out how often, and why, your premium will increase. Ask if the amount of claims you submit will affect your premium. If you are unsure about the policy language, call the pet insurance provider and ask Customer Care to explain in a way that is easily understood by you.
4. Choose Coverage that Works for You
Do you want coverage for known routine wellness (vaccinations, flea and heartworm prevention, wellness exams and tests), unknown medical care (chronic conditions, surgeries and hospitalization, prescriptions, exams, lab tests, illnesses, injuries) or complete care with coverage that includes hereditary conditions and wellness?
5. Pick the Type of Insurance Reimbursement That Works for You
There are two ways pet insurance providers calculate reimbursement: they use either a percentage of invoice or an annual benefit schedule of allowances.
An invoice is the itemized bill your veterinarian hands you after treating your pet. If you choose to enroll your pet in a percentage of invoice plan, you’ll be reimbursed a percentage of what you paid your vet. For example, Nationwide pet insurance’s Whole Pet with Wellness plan reimburses 90% of your invoice, less your annual deductible.
A benefit schedule of allowances lists everything that is covered under your plan with a set amount for reimbursement. The reimbursement amounts renew annually.
There are a couple of other factors that can affect your reimbursement amount: whether you’ve chosen a per-incident deductible or an annual deductible.
6. Review Cost and Value
There’s no point in buying a pet insurance policy just because it’s cheap if it doesn’t cover what your pet needs. Are you interested in wellness, medical or complete care? Your monthly premium and reimbursement amount will vary based on the type of coverage and deductible you choose.
Deductibles are worth taking into consideration: A per-incident deductible is applied to every incident and can reduce your monthly premium. A low annual deductible will result in a higher premium while a higher deductible will result in a lower premium. However, don’t base your purchase on cost alone. While a lower premium may sound great, you don’t want to limit the amount of benefits you’ll receive when you really need them.
7. Enroll Young and Healthy Pets
It’s important to enroll pets when they’re young and healthy to avoid limited coverage due to pre-existing conditions and to reduce the cost of your policy. Just as with human health insurance, pet health insurance premiums can increase as the policyholder ages.
8. Ask About Discounts
Did you know you might be able to score a discount on your premium? Nationwide pet insurance offers a 5% discount to families with 2-3 pets and 10% to those with 4 or more pets.
Those already enrolled in another Nationwide policy (such as home, auto) are also eligible for an additional 5% discount on select Nationwide pet insurance policies that can be combined with one of the multiple pet discounts.
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