Pet Health Insurance Products
Today insurance companies are offering a dizzying array of products. From auto, medical home, etc. there are specialty lines like motorcycle policies, home warranties and last but not the least pet health plans. Pet Health Insurance may seem like a new concept but it has been there for a long time. Europeans have been indemnifying their pets since decades and even till today UK has the most mature pet health insurance market with more than 18% of pets covered.
According to the American Kennel Club veterinary costs have sky rocketed by 60% since 2000. Consequently an increasing number of pet parents are going in for health insurance for their pets today. Pet Insurance is available for accidents and infirmity. There are different types of pet health insurance depending on pet's needs and type of pets. Age and size of pet also ascertains the type of plan best suited for any pet. A traditional pet health insurance is basically of three types:
- Basic Coverage - This is usually affordable. It recompenses for injury, sickness, bee sting, poisoning etc. and also for cancer. This is usually applicable for all types of pets irrespective of type, age or size. This kind of coverage has capitation on reimbursements per injury or sickness and a capitation on reimbursements per policy tenure. The deductibles are also low around $75 to $100 annually. This plan is good for younger pets as they don't require much medical attention.
- Comprehensive - This is a high-priced coverage but one gets more reimbursements in this. It practically covers all the medical expenses of pets. Expenses on prescriptions, tests, lab fee etc. are also covered. This coverage also has capitation on reimbursements per injury or sickness and a capitation on reimbursements per policy tenure and the deductible range from $75 to $100 annually. This plan is useful for people with older or weaker pets which frequently fall ill. It is also beneficial for those pets which are on a particular medication for a continued period of time.
- Pet Well Protection - This plan covers for expenses on precautionary treatments, diagnosis, immunizations etc. There are no deductibles for this plan, however for other medical services the deductibles are around $50.
Apart from these three plans there are some other types of pet health packages which are not insurance policies. These offer discounts on various services like vaccinations, sterilization, dental cleanings, veterinary services, surgical treatments, hospitalization etc.
Pet Health insurance aims to minimize financial costs involved in pet care. Different pet insurance companies have different plans to offer. Some provide coverage for pets below a certain age while some have a lot of deductibles and limitations. All have their own advantages and disadvantages, what one needs to remember before opting on any plan is that it should allow the owner to obtain medical attention for their pets at any veterinary practitioner. The plan should have low deductibles and low co-payment amount. Always before selecting Pet Insurance, owners should ensure which plan is most suitable for them and their pets and whether they are ready to invest their time and money for pet care.
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