Types and Benefits of different Pet Health Coverage

The zooming cost of providing care and medical attention to pets is taking a heavy toll on the pockets of pet owners today. In 2007 U.S pet owners spent around $20 billion at veterinarian offices. A latest "Business Week" article projected that Americans spend more than $41 billion every year on their pets which is more than the gross domestic product of all but 64 countries in the world. However gradually this idea of pet health insurance is sinking in and more and more people are opting for it. With the development in medical technology, incurable conditions and diseases can now be diagnosed and treated in pets, for e.g. cancer. If pets are insured for such treatments, owners can save themselves from a lot of money trouble.

The cost of insurance depends on the pet's age, size, health status, and the type of care selected by the owner. A traditional pet insurance premium has deductibles, co-pays and capitation. There are mainly three types of pet health insurance coverage. The companies selling these plans get licenses from the states where they are trading and so have to adhere to the regulatory system of that state. The different types of plans are:

Basic
Comprehensive
Pet Well care Protection

The table below differentiates amongst the three plans:

	Basic	Comprehensive	Pet Well Care
Price	Reasonably priced	High-priced	Reasonably priced
Level of reimbursements for procedures	Lowest level - cap on reimbursements per injury or sickness and a cap on reimbursements per policy tenure	Highest - cap on reimbursements per injury or sickness and a cap on reimbursements per policy tenure
Coverage	Accidental injuries, bee sting, insect bites, burns poisonings and illnesses, Lacerations, Bone fractures , falls	Accidental injuries, all the medical expenses, prescriptions, lab fee, medications, diagnostic procedures, Lab tests, X-rays, Surgery, Hospitalization	Precautionary treatments, diagnosis, immunizations, biannual physical checkups, flea and/or heartworm preventive.
Annual Premium	$140	$250	$144
Deductibles	$75 to $100 per year	$75 to $100 per year	$75 to $100 per year
Suitable For	Younger pets	Older and Weaker pets	Suitable for both young and old pets

Not many pet owners are aware of the concept of Pet health insurance, though the idea is pretty old. Pet owners should decide and weigh the offers of different insurance companies and then decide which the right one is. They must know whether it is logical to pay the annual premiums incase of an emergency situation. Owners must also keep in mind that these plans do not cover and consider pre-existing conditions, so any accidents or illness in the past can not be recompensed.

Get Free Pet Insurance Quotes Now