Vet These Policies
Sonja Haggert | Mar 9, 2023
YOU LOVE THEM LIKE family. You want them to have the best care possible. You have insurance for yourself, your family, your home, your car and your upcoming vacation. Why not for your pet?
One of our friends recently opted for pet insurance—after multiple trips to the vet, with more than 20 medications prescribed. Intrigued by the idea of pet insurance? Here are eight choices and what they offer:
- Pets Best covers everything, including medications, physical therapy and even acupuncture. It also covers senior pets and makes it easy by paying the veterinarian directly. You can decide if you want a $5,000 annual cap on reimbursement or unlimited coverage. You can also customize your policy. Payment options are monthly, quarterly or semiannually.
- Trupanion may be your choice if you prefer to avoid paying deductibles. It will also pay the veterinarian directly, and there’s no cap on the number of claims you can submit. There is, however, a limit to how much you can customize your policy.
- Lemonade is great for digital claims. Your claim can be reimbursed within minutes through an app on your phone. The coverage isn’t available in all states.
- ASPCA offers complete and accident-only coverage. Coverage starts at $10 a month and allows you to adjust the reimbursements to suit your budget.
- Pumpkin plans can have annual caps on reimbursements, such as $20,000 for dogs and $15,000 for cats, though pet owners can also pay up for unlimited coverage.
- Healthy Paws doesn’t cover hip dysplasia, a common dog problem, if a pet is six years or older at the time of enrollment.
- Prudent Pet offers acupuncture and chiropractic care coverage if a veterinarian recommends it. It may have a longer claim-processing wait time than some of the other policies.
- Nationwide covers cats and dogs, but also exotic pets. This will likely be your only choice if you have a mini pig, bird or some unusual species. You have to call to get a quote.
With all these offerings, how do you decide what you need? Your choices for pet insurance break down into three broad categories: wellness and routine care, accident and illness, or accident only. Be aware that pet insurance does not cover pre-existing conditions.
Reimbursement can become complicated. Some policies have a maximum amount they’ll pay. Others cover a portion of your bill, somewhere between 70% and 90%. Most have a deductible, the amount you must pay before reimbursement.
Your premiums will be based on the breed of pet you have. Those with a higher risk, due to common illnesses or injuries, are more expensive. Your pet’s age is also a factor, and so is the size of the deductible you select. In 2021, the average cost to insure a dog was some $50 a month, while the average cost for a cat was around $30.
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Suppose I have unlimited resources (which I don’t) but am simply looking for a good deal. Is pet insurance a good deal? Are insured medical costs “negotiated down” with pets as they are with humans? Someone with unlimited resources at average risk shouldn’t want human health insurance because on average you’ll get what you put in minus the insurer’s cut. But humans are crazy not to have health insurance because the prices are so much higher without insurance. So I wonder if the same is true for pets?
I investigated one pet insurance policy which advertised a $18,000 lifetime limit. It turned out to be a maximum of $1,500 in each of twelve categories. My pet would have to be a very unfortunate kitty to ever qualify for more than a fraction of the $18,000.
I’m reminded of Yakov Smirnoff, the Ukrainian American comedian whose tagline was/is “What a country!” as he marveled at the many things Americans take for granted.
Sonja, thank you for your time and effort in compiling this helpful list.
A while back I briefly looked into pet insurance, but with all our dogs at the time being older and with plenty of pre-existing conditions, it wasn’t a good option for us. But maybe with younger and healthier dogs it could be.
Good advice. I tend to also like to know what’s out there.
We found a choice not listed here, ManyPets. We’ve only had little Danny (and the policy) for one year, and Danny has been perfectly healthy, so we haven’t had a chance to truly test the policy. But we like their quick response when we submit a bill for checkups/tests.
As humans well-being’s is being discussed similar to pets I’d also consider the health providers. Everyones in businesses to turn a profit.
A hospital told a friend he’d never exit a wheelchair. He sought a second opinion, he was then advised to have surgery. Since surgical intervention he’s had nothing but positive feedback tenously walking and soon hopes to exceed his prior gaits strength, range of motion, and steady gait including short runs.
Like humans loaded down with meds, I’ve watched numerous veterans exit treatment indulge in explosive PT/OT with a passionate plus and the bodies self healing methods prevail.
I’d suggest some breeds of canine would rarely concede to hip-rollers, and a daily multi-meds regimen. It’s difficult decisions ahead for all involved if in that position.
Insurance is insurance. LTC providers are falling by the way side, or raising premiums to unsustainable rates for many.
These are daunting decisions you’re discussing, affecting all involved both physically and emotionally no doubt.
Sonja…hope my comments below were not misconstrued. Your article was both informative and interesting. I meant to convey that we just need to be careful in choosing, as different companies offer different choices, as you did a good job of pointing out.
I agree they are a mixed bag. I like to think that more information is better than less.
Good article Sonja. I guess “caveat emptor” would apply here. The choices do seem like a mixed bag.
The best advice on pet insurance I ever received: Check with your personal vet.
As long as they aren’t brand new and have been around awhile, they will usually know which policies are likely to pay based on both 1) what they have seen happen from other policies in the past, and 2) the individual history of your individual pet. (age, breed, health conditions, etc)
No other individual source is going to be as good to ask as your personal vet.
Good advice. I tend to like to know what’s out there.
I completely agree with your comment Check with your personal vet. My experiences with Vets has been they are caring and competent professionals. Like all things insurance my decision to buy a particular type of insurance is based on if the insurance is necessary to protect my financial security from the financial risk of an unexpected event that I can not otherwise afford. I decided last year to add an umbrella policy to my insurance coverage but have not purchased pet medical coverage.
In the Humble Dollar guide Jonathan has a section What Insurance? that I have found useful in my insurance thinking. With pets and people the safeguards insurance provides heals the wallet but not the heart.
Interesting, Sonja. Did you find published actuarial data by breed?
No.