Pet Insurance in US
Buying pet insurance is important, and we’re there for you every step of the way. Find out what you should consider when buying a blanket to protect your pet.
What is pet insurance?
Pet insurance is like health If something bad and unexpected happens to your beloved cat or dog, pet insurance will reimburse you for expenses covered such as veterinary bills. Pet insurance can help you save on veterinary expenses and can give you peace of mind when it comes to your pet’s health and budget.
How does pet insurance work?
Here’s an overview of what to do if you have insurance and your pet needs medical attention:
Talk to a licensed veterinarian. Pet insurance does not require you to stick to a network.
Pay the veterinarian in advance. Unlike health insurance, the veterinarian does not charge the costs to the insurance company.
Submit an application (a simple form and an invoice from your veterinarian).
Wait for the decision. If you’ve been an attentive buyer and read the policy, you shouldn’t be too surprised at what’s happening.
Receive payment by direct deposit or mail.
Pet insurance will not refund you all the money you spent on veterinary expenses. The amount of the refund depends on some important features of your policy.
This is the speed with which the insurance company covers eligible expenses. Most pet insurance companies have reimbursement rates between 70 and 90 percent. Plans with higher payout rates will cost you more in terms of your monthly premium. For example, if you have a $2,000 refund request and your payback rate is 80%, you can expect to get $1,600 back.
Before your pet insurance goes into effect, you must first pay a certain amount of money yourself, called a deductible. You’re probably familiar with the deductibles of other types of insurance (such as health insurance or car insurance).
Let’s say you have a $200 pet deductible. If you use the example above, you’ll have to pay $200 out of your own pocket for an invoice of $2,000, then the pet insurer will refund you $1,440 (80% of the remaining $1,800).
Your pet insurance policy may have an annual deductible or an excess per accident, which means you are responsible for paying the deductible again for each incident that requires veterinary care.
Some policies limit the amount paid in claims for your pet, which means the insurance company will stop reimbursement after reimbursing you a certain dollar amount. There are also unlimited plans for payments that are always cheap and can provide the highest level of security.
Typically, there are five different types of payment limits you might encounter with pet insurance:
Per accident – A maximum amount for each individual illness or injury. Limits can be up to $7,000.
Per year: the maximum amount for each twelve-month period of the policy. Limits can go up to $20,000.
Per life – The maximum amount that the insurance company pays during your pet’s life. Limits can be up to $200,000.
By body system – The maximum amount that the insurance company reimburses for a body system such as the digestive system, musculoskeletal system and nervous system.
Per benefit plan – A maximum amount based on a list of allowances for specific health conditions. For example, a maximum asthma allowance of $500 per year
The cost of pet insurance
Part of the pet insurance coverage is to pay the monthly premium. You must continue to pay these recurring costs, otherwise your coverage will end (or “expire” in terms of insurance).
The average monthly cost of pet insurance  can vary from:
$11 to $30 for cat insurance
$18 to $50 for dog insurance
Rewards are determined by a number of factors, including
Types: Cats cost less than dogs, and small pets are cheaper to insure than larger ones
Breed – a pet susceptible to certain diseases justifies a higher premium.
Age: Older animals are more expensive to insure than younger ones.
Types of pet plans and what is covered
Pet insurance can be divided into three types: accident and health plans, accident-only plans, and wellness plans. The first two are quite self-explanatory: one covers your pet if he gets sick (for example, vomiting or diarrhea) or if he is injured in an accident (such as being hit by a car); the other concerns only the latter. A comprehensive plan for injuries and illnesses costs more, but it protects the wallet and pet in many other circumstances.
Pet Insurance FAQ
How do I know which veterinarians accept pet insurance?
You don’t have to worry! You pay the veterinarian for their services (as you normally would) and then send that invoice to the insurance company using an application form. Any reimbursement to which you are entitled will be paid to you directly by the insurer.
This is different from human health insurance, where the insurance company pays the doctor (not you) directly. That is why, for human health insurance, it is necessary to confirm whether the doctor is working with a particular insurance company.
Isn’t pet insurance a scam?
At Policygenius, we only offer products that we believe in and would buy for ourselves. And this applies to pet insurance. Many people think that pet insurance is a “scam” if you don’t get more money back than you pay for it. This is the wrong way to think about pet insurance (and any insurance). Pet insurance is all about having a safety net in case of high and unpredictable healthcare costs for your furry best friend.