Finding the Best Pet Health Care Insurance

Are You In good Paws? Consumer spending on pets hit a record 36 billion last year and health care cost were a big chunk of that amount. The best health care insurance can be a helpful solution but you must select your pets policy very carefully. Unfortunately many pet insurance policies are filled with exceptions and often times pre-existing conditions are not covered. Even with these exclusions most policies are still pricey. The average pet health care insurance runs around $300 annually, while the average annual spending on veterinary services is about $75 per animal according to market research firm Packaged Facts. So, pet insurance can be confusing, expensive and may not even cover things my pet needs most but elieve it or not the right pet insurance policy really can help keep your vet costs down. Here are some basic tips to help make sure you are in good paws with whatever company you choose.

Price: The average price for a pet insurance plan is about $25 per month. Make sure that you find out whether the premiums increase as your pet gets older. Some pet insurers raise them after your pet hits a certain age milestone such as seven or eight.

Coverage: most pet insurance plans come with two options — those that pay a high percentage of the claim and those that pay a hundred percent up to a fixed price cap for every diagnosed condition. While the second option can save you in the short term, if your pet develops a chronic problem such as arthritis, that price cap could be reached quickly, leading you to pay the entire bill.

Exclusions: Some policies will not fully cover specific pets at all because of their genetic makeup. However, most policy simply state that they will not cover “congenital” or “pre-existing” health conditions. That could end up roling out many of your pets ailments. Find out what your pet may face because of its breed and ask the company to tell you specifically just what is and is not covered.

Accidents: Some pet insurers offer policies that cover accidents only. These insurance policies tend to be much less expensive and a smart option for young, healthier pets. They can also come in handy if your pet is a big eater: PetCare’s accident plan covers everything from fixing broken bones to removing swallowed foreign objects.

I personally do not have pet health care insurance for my dog but I would be curious to hear from you and about your experiences if you have an insurance policy for your pet.

Sources: SmartMoney Magazine April 2006