The Ultimate Pet Insurance Guide In UK And USA | How to Find The Best Insurance For Cats and Dogs

Good morning, humans and non-humans! If you have a pet or you are getting a pet soon, and you are wondering whether pet insurance is for you In UK And USA, you are in the right place. Medical costs are arguably the most expensive aspect of owning a pet, even small expenses and care items can add up quickly. An average vet visit can cost anywhere around 50 to 400 dollars. In case of emergency, or your pet needs any surgical procedure or treatment, the vet bill can easily go up to several thousand dollars. Luckily, with pet insurance, pet owners like us won’t have to go through financial and emotional stress, and it will also become much easier for us to make a decision if they get sick. In this video, I’ll go through the pet insurance basics, what to look for, the cost, tips I found helpful, recommendations, and the company we decided on. We are Furry Diary, and we make multiple videos a week on helping you provide the best care your pet needs. Please consider subscribing and tagging along our journey if you want to become a better pet parent. Let’s dive in.

Pet Insurance Basic

Pet insurance is health insurance that pays a portion of your pet’s medical bills to reduce the overall amount of veterinary costs. In the U.S, Different from human health insurance, there is no network, and you can use any licensed vet. However, instead of the insurance company paying the vet directly, most pet insurance companies require you to pay the vet upfront and then file a claim to get reimbursed. In recent years, there are more and more companies that do Vet Direct Pay, working with the vets and allowing pet owners only pay the uncovered portion when walking out of the vet. Here are several terms we need to get ourselves familiar with when talking about pet insurance. We, as pet owners, pay a premium, which is the monthly payment we pay to have our pets insured. And then the deductible is the amount of money we need to pay at the vet before any insurance kicks in. The deductible is often $250, $500, or $1,000, and few companies allow you to completely customize it. And remember, the higher the deductible is, the lower the monthly premium you have to pay. Depending on the policy and the company, there is an annual deductible and a per-condition deductible. Annual deductible means that you pay the same amount every year regardless of how many new conditions your pet develops. And per-condition deductible is the amount you are responsible for each time your pet visits the vet for a new condition. Some companies have lifetime per-condition deductibles, which means you only pay the deductible once in the animal’s lifetime for that condition. Every new condition has its own deductible. This option is good for certain breeds of animals that are prone to certain conditions. The reimbursement rate/percentage is the percentage that the insurance company will pay after you pay the deductible. This is often somewhere between 70% and 90%. You will also need to watch out for the maximum payout and policy limit: this will be the maximum amount of money the insurance company will pay for. And exclusions: what is not covered under the insurance policy. Spaying and neutering, annual checkups, vaccinations, and other wellness routines will most likely not be covered, but a lot of insurance companies also offer wellness add-ons to cover these costs. Some of the insurance policies also offer recovery packages, such as physical therapy, behavioral modification, and acupuncture, and some of them even cover cremation, boarding fees, and much more. But personally, I would not go that far, unless you really need it. I know this is a lot of information here to digest, so let’s take a look at an example: Let’s say I have an insurance policy for Example Cat, the monthly premium is $30, with a $250 annual deductible, 90% reimbursement rate, and an $8000 annual limit. let’s make up some crazy numbers here. Let’s say Example Cat suddenly gets sick and needs surgery, after everything his vet bills add up to $5000 dollars. In this case, we will first pay the$250 annual deductible, then the insurance kicks in at 90%. So $4275, is what the insurance company will pay. And we pay 10%, which is $475. So in total, we pay $725 for the $5000 bill. However, if the bill is way higher and it’s over the $8000 limit, the insurance will only pay up to that amount of money, and we have to cover the rest ofit.

Want To Look For In Pet Insurance

Let’s now talk about what you want to look for in pet insurance. If you are looking for a comprehensive policy, there are several conditions you want the policy to cover. These are common conditions for pets and some policies might not cover them all. Accidents: It should cover injuries and emergencies related to accidents, like bite wounds, cuts, broken bones, and swallowed items. It also includes all sorts of services related to accidents, such as X-rays, MRIs, and ultrasounds. Surgeries and Hospitalization: when you admit your pet to an animal hospital for treatment surgery, you want the insurance to cover fees associated with Pre-surgical care, MRIs/CT scans, X-rays, hospitalization, and rehabilitation. Illnesses: such as arthritis, ear infections, digestive problems, urinary tract infections and so much more.Cancer: You want your insurance policy to cover the cost of cancer treatment. This can include surgery, treatment, and follow-up visits. And the chronic disease is an ongoing injury or illness that can last a long time. Chronic conditions in pets often require regular medication and frequent visits to the vet’s office for monitoring. Common chronic diseases can include allergies, diabetes, asthma, and kidney disease. You also want your insurance policy to cover hereditary, congenital, and breed-specific diseases. These conditions can appear as early as birth, but problems often develop later in life. Some common ones include hip or elbow dysplasia, heart disease, and nervous system defects.

Cost Of Pet Insurance

In addition to what should be covered, the cost is another big aspect we care about. The cost of a pet insurance policy is determined by the pet’s age, pets tend to have more health problems as they age, so the premium is also higher as pets age too. Second is the species: for example, insurance for dogs is more expensive than for cats in general. Breed: Some breeds are more prone to developing certain health issues, therefore the premium is higher. And location: if you are living in a larger city in the U.S where the veterinary cost is higher, you will see a higher premium in reflection of that. And of course the coverage we have briefly mentioned. If you choose a higher reimbursement rate with a lower deductible, we are likely to see a higher premium. After understanding what determines the cost of our insurance policy, I have several tips to help you save some extras. Depending on your personality and how well you do with it, choosing a higher deductible will reduce the monthly premium. But please do more research on the breed and have a better understanding of your pet’s health and the likelihood of them developing certain diseases before making a decision. Second, check with your employer or company to see if they offer pet insurance as a perk. In recent years. More and more companies offer pet insurance and other pet care for their employees, as they use pet insurance as a way to demonstrate that they care about their employees. Third, check group discounts: if you are a military member, a member of AAA, or other active organizations, it’s likely they are gonna have some discounts as well. Next, some pet insurance companies offer a 5-10% discount if you enroll multiple pets. That’s also a good way to keep the cost lower while having all of your pets insured. Lastly, do some math and figure out whether and-on are necessary. For me, preventive care is very important and I want Manju to have the best life and keep disease at bay, so I would consider a plan with wellness and on. But again, all the creation, boarding fees, behavioral modification, and acupuncture, I personally don’t think those add-ons are necessary.

Tips I Found Helpful For Pet Insurance

In addition to all this information, here are some additional tips I would like to emphasize, and these are the things I found very helpful during my research. First, most insurance companies have a waiting period, anywhere between 5 days and 1 month to 6 months for some conditions. They have a waiting period because they want people to buy coverage before pets get sick. If you get a policy with a wellness package, note that the waiting period for the policy might be different from that of the wellness package. Pre-existing conditions are not covered. Any conditions developed during the waiting period are also considered pre-existing. To pass the waiting period, breeders, shelters, and vets often offer a 1-month trial with no waiting period. They usually have a code and require you to sign up within 24-48 hours after getting your pet. You can also do some additional research during this period, which you are already doing by watching my video, great, to either renew the policy after the trial or start a new one somewhere else. The next one is to note that, not all 50 states are covered in the U.S, while some other policies might cover other countries. For example, Lemonade only covers 36 states as of the time this video was made. If you’re traveling around or moving a lot, this is something you need to consider. The next one is that some companies charge a sign-up fee. For example, Trupanion charges a $35 one-time fee for people to sign up. Next is that some insurance companies also require an annual exam check for your pet to receive benefits. I personally think you should take your animal for annual exams, but if that doesn’t align with your value, please check the policy to see if they have such requirements. Please read the fine print for what’s not covered, because the websites are all pretty and they put so much emphasis on what’s covered, and often that carries away people’s attention leaving them without knowing some important conditions are not covered. Once you have decided that pet insurance is for you, sign up as early as possible because the price goes up every year. There is often an age limit, some insurance companies require pets to be at least several weeks old to be enrolled, and some exclude older pets to be enrolled. Remember that the cost is also associated with your location, so if you move, it’s likely you are gonna see a change in your monthly premium as well. The next one is that If your pet is too old or has been redeemed but not insurable by comprehensive coverage, then please consider an accident-only pet insurance plan, these plans don’t cover illnesses such as cancer, allergies, diabetes, and kidney failure, things like that, but at least you will have some protection when accidents happen. If you don’t think all these traditional pet insurance policies and plans are right for you, companies like Pawpalso offer an emergency fund with no restriction on the pet’s breed, age, or pre-existing conditions, whatsoever. I have checked in with the customer support team at Pawp, and it works in conjunction with traditional pet insurance plans, so that’s the way to go if you want to have the absolute best coverage for your pet. So hopefully so far I have convinced you so far that pet insurance will be worth it, but I can’t force you to buy pet insurance if you don’t want to, right? If none of these options sound like something you want to do, please consider opening up a savings account where you put in money consistently to save up for accidents. But still, accidents could happen before you have enough money in your savings account, so in this way, pet insurance is a financial safety net for the unknown.

Recommendations For Pet Insurance

After all this information, you might think, well it sounds very complicated, why can’t just tell me which one is the best and I’ll go with that? Unfortunately, I can’t, there isn’t really a one-size-fits-all type of option. Because people do value different things, right? So some people might want to get the lowest monthly premium, some others might want to have the best coverage for the pet, and other people care more about preventive care or even a waiting period. People want different things. However, while I was evaluating all the options, here are several companies I think were great for different aspects. First, Trupanion has very responsive and friendly customer service, it has a slider for people to customize their coverage, and it’s one of the few companies that provides direct payments to the vet. Note their deductible is a lifetime per-incident deductible. Second, Nationwide is one of the oldest companies that offer pet insurance. They have great coverage and a great wellness package, but their premium is a little bit higher than other companies. Third, Pumpkin offers straightforward plans with great coverage, and their claim process is painless. Also, their wellness package has no waiting period. Then, Lemonade is fairly new in the pet insurance space, and it has the lowest monthly premiums by far. However, it does not cover all 50 states in the U.S.Some other great pet insurance companies include Embrace, HealthPaws, PetPlan, PetFirst, and Figo.

Our Choice For Pet Insurance

Well, in the end, I would also love to share our personal experience getting pet insurance. We got Mochi and Manju from an ethical and reputable breeder, and she offered us a one-monthTrupanion trial. It was an offer code and we were required to call them or go online to activate it within 24 hours after bringing home the kittens. This one-month trial had a waiting period and started right away. The deductible for our trial was $250 with a wellness package included. I had a couple of questions about renewing the policy and contacted their customer support multiple times. Their support team was very responsive and very knowledgeable and addressed all my concerns and questions. Overall it was a very positive experience. However, after bringing the kittens for their first routine check, I realized that I valued preventive care a lot and these routine items can cost quite a bit. And unfortunately, Trupanion does not offer a wellness add-on. I then did more research on companies who offered wellness packages and did more math, and finally decided on Pumpkin. More specifically, their comprehensive package plus the wellness add-on. One good thing about their policy is that their waiting period is two weeks, and it would start before our trial ended. Also, there was no waiting period for the wellness add-on, and they could even pay for the wellness items up to 14 days before your enrollment date. We were then able to get our money back for the wellness check. We have submitted two claims so far, and the process was smooth and quick. Both took around 2 days. We have not used the comprehensive coverage yet, but from other people’s reviews, it seemed that most people had a positive experience.

Outro For Pet Insurance

Well, this video was a super long one with all sorts of information-packed, please feel free to go back and rewatch any portion of it. If you found the video helpful, please give it a like, it really helps us to reach more pet owners like you. We are Furry Diary, see you in our next video, bye!

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