Pet Insurance Rates
If you are trying to compare different pet insurance plans that are on the market, you are most likely seeking the plan that will offer the highest possible reimbursement in the event of a claim. Pet health insurance rates vary from plan to plan. Benefits and eligibility guidelines are often difficult to understand. If you explore available options, you will clearly see that no two cases are the same. Many different scenarios come to mind. We can review some of the common ones to help you understand how different plans and pet insurance rates work.
First, you should find out if a plan specifies a network of participating veterinarians. That means that you can only take your pet to see those veterinarians who are approved by the insurance company. Why do insurance plans and veterinarians create these networks? It works the same way for them as it does for regular people doctors. By signing up with these plans, the vets agree to accept a smaller payment from the insurance plan. However, in return for this smaller payment, the insurance agrees to make the payment very quickly. Some plans will pay only for those vets who are in their specified network. Others will pay for a vet who is not participating, but they will pay a lesser amount. You also have to look at the options for deductibles offered by various plans. Some of them charge you a yearly deductible, which is the amount you pay out of pocket before the plan processes your claim. Other companies charge you a deductible per incident. Next, you should check to see if a plan limits its payable benefit. Some plans tell you they will reimburse you for 80% of whatever you spend, minus your deductible and co-pay. Others limit you to reimburse of UCR, also known as "usual, customary, and reasonable"-in other words, their idea of what a vet should charge. You usually lose out on UCR reimbursements.
Most companies offer three or four tiers of coverage. You can choose the tier that fits your budget, and some let you select your deductible. If you find a company that has three tiers, and each tier lets you choose from three deductibles, you have a choice of nine different payment levels. That gives you a lot of latitude in selecting coverage! Each level provides some level of protection from economic euthanasia-having to put your pet down simply because you can't afford care.
The least expensive plans at a minimum pay for lifesaving emergency veterinary care-to save your pet after a traumatic accident. Typical costs include diagnostic procedures and lab tests, x-rays, surgery, medications, and hospitalization. Often these plans cover dental injury sustained in an accident, as well.
The second level of insurance covers the lifesaving treatments mentioned above plus the same treatments when they are necessary to treat illness. The third or last level of care reimburses you for spaying or neutering, ordinary vaccines including rabies, heartworm testing, and the cost of the annual physical. You can also choose dental cleanings, extraordinary vaccines such as for lyme's disease or bordatella, or even chiropractic care.
In Scenario One, your pet is hit by a car and requires abdominal surgery. He requires x-rays, lab tests, surgical intervention including anesthesia, supplies, plus an overnight stay at the veterinary hospital that add up to a $2,500 veterinary bill. You have a $100 deductible per incident, and the rest is covered by your insurance at 80%. Therefore, you pay 20% of $2,400. Your insurance company reimburses you $1,920. In Scenario Two, the vet diagnoses your pet with cancer. The exam, tests, estimation of prognosis, and formulation of a treatment plan can cost $225. Suppose tumor removal costs $1,500. Let's estimate $2,000 in chemotherapy. Care costs $3,725: Most people would be forced to euthanize the pet if they had to spend this amount. But your insurance repays you $2,900.
It's important to buy a plan when your pet is healthy, and preferably when he's young. That's when costs of insurance are cheapest. As your pet ages, he may develop medical conditions that will exclude him from coverage. If a pet has developed symptoms of a condition or illness during one benefit year, he might not be eligible for coverage at re-enrollment time for that particular condition. However, there are plans that let you add a rider for continuing care coverage. Keep in mind that even if your pet does have an excluding medical condition, you can still buy coverage to pay for his care in the event of an accident.
You can request quotes from various pet insurance providers and compare costs before you make your final decision. The best insurance plan for you is the one that will save you the most money. Return from Pet Insurance Rates to the Pet Health Insurance Home Page |
