Q & A: Pet Insurance
By Dr. Kim Everson, DVM
Question: Should I have pet health insurance for my pet?
Answer: With the Affordable Care Act (a.k.a. “ObamaCare”) on the tip of everyone’s tongue nowadays, we veterinarians are getting more and more questions about health insurance for pets. The short answer to your question is a resounding “Yes!” Having pet insurance can take a lot of stress off of pet owners when faced with the prospect of paying for emergency or specialty care. No one likes to admit it, but pet health care decisions often boil down to the financial constraints of the owner. Insurance removes this barrier to care allowing owners to more easily select the type of care they wish for their pet.
Just like in the human health care arena, there are numerous pet insurance companies with even more types of available plans. There are two main categories of pet health insurance: 1) that which covers preventative care as well as accidents or illness, and 2) that which is primarily to assist with unexpected expenses in emergency situations.
Coverage for preventative care generally includes annual or semi-annual physical examinations, vaccinations, heartworm and intestinal deworming, flea and tick control, screening laboratory tests, spaying and neutering and prophylactic dental cleanings.
Many pet owners start investigating pet health insurance after out-of-pocketing an unexpected and costly accident and illness. Certainly this is not the ideal time to consider purchasing catastrophic coverage for your pet’s care! In fact, most pet insurance companies have a waiting period before coverage begins to make sure there are no pre-existing conditions. Even so, quality affordable insurance plans are available for older pets; the insurance company may request a copy of the complete medical records before providing coverage.
Premiums may vary according to the age and breed of the pet. Just as with people, the cost of care generally increases with age, so too do pet insurance premiums. Some breeds are known to generally have more medical problems, so there may be a surcharge for certain breeds. The risk of some diseases is reduced or eliminated in spayed or neutered pets, so discounts may be available for sterilized animals. Some pet insurance companies also offer discounts for multiple insured pets, service dogs and microchipped animals.
One of the most common questions veterinarians face is “how does pet insurance actually work?” In human hospitals, you show proof of insurance before receiving the necessary care. The hospital then collects payment directly from the insurance company and sends you a bill for the remainder. In veterinary medicine, the most common scenario is as follows: the pet receives the necessary care; the owner pays the clinic in full directly, then submits a claim to the pet insurance company for reimbursement. Some insurance companies require the veterinarian to fill out brief paperwork verifying the care provided.
Because there are so many options available for pet health insurance, it is impossible to recommend a single “best” company or plan that is suitable for every pet and every family situation. An excellent resource for guiding interested owners through the process of selecting pet health insurance is the book Your Guide to Understanding Pet Health Insurance by Dr. Doug Kenney.
Pet health insurance, like that for humans, is very beneficial for providing optimal health care. Thorough research and understanding of the components of the various plans—deductibles, co-pays, premiums, exclusions—is key to purchaser satisfaction.
Originally printed in Pet Journal, December 2013