At first thought, buying insurance for an animal may
seem silly. But, anyone who has owned pets that were in accidents or suffered
serious illnesses knows that treatment costs can run into the thousands of
dollars. Like any other type of insurance, it can be good to have on hand just
in case. But, not all policies are created equal. Here are some tips for
evaluating the options and choosing the one that best meets your needs.
Benefit Schedule or A Percentage of Treatment Costs?
One of the most important things to look for when
evaluating policies is how the carrier will pay out claims. Some use a benefit
schedule , which is a list of treatments and the maximum amount the company
will pay out for each one. Depending on where you are located, this may not be very
much at all, leaving you footing a larger portion of the bill than expected. To
avoid any surprises, you may want to consider plans that pay a flat percentage
of treatment fees.
Considerations for Genetic Conditions
Many breeds of cats and dogs are more likely to
develop specific health problems due to genetic and hereditary factors. If you
own a pet who is at risk for health problems, such as hip dysplasia in Labrador
retrievers or progressive retinal atrophy in poodles, it is important to have a
full understanding of coverage for genetic conditions. Remember, although
insurance companies are designed to help pay for treatment, they want to do so
as little as possible.
What about Pre-Existing Conditions?
Like human insurance, many providers may not offer
coverage for any conditions that existed before the policy was put in effect.
Will a company offer coverage? If so, is there any sort of waiting period? If
your pet develops a condition during the length of the original policy, will
this condition be excluded as pre-existing if you renew the plan? Some plans
may differentiate between curable and incurable pre-existing conditions; the
former may be eligible for coverage should it occur again while the latter may
be permanently excluded from treatment.
Per-Incident Limits
Another important facet to be on the lookout for is
whether there are per-incident limits in place for reimbursement. This means
that the company may only pay out a set amount of money per occurrence. For
example, the insurance company may only pay out 3,000 for treatment resulting
from your dog getting hit by a car—if it costs more than this, you would be
responsible for the rest. Some insurance
companies simply have annual limits.
Specialists and Alternative Treatments
Just like people doctors, there are many
veterinarians who specialize in a particular area of medicine, such as
dermatology or cardiology. Look for treatment plans that include these doctors
as a standard part of the package, not as an add-on that must be purchased
additionally. As alternative therapies are gaining more traction in the Western
world, your veterinarian may recommend visiting complementary practitioners as
part of a treatment plan—ideally, a plan would provide coverage for this as
well.
Kelli Cooper is a freelance
writer who blogs about all things pets; if you are in need of pet insurance in
Canada, she recommends visiting Kanetix
to compare quotes from various providers. 