By Therese Pope, a freelance writer based in California.
Managing the Cost of Your Pet Insurance Premium
As pets age, they are prone to certain medical conditions which require veterinary care on a regular basis. Senior dogs and cats suffer from health issues ranging from arthritis to diabetes to hip dysplasia. The National Canine Cancer Foundation reports that cancer is common in dogs and the incidence increases as they age. Because pets age faster than humans, medical treatment needs can increase over a much shorter period of time.
Pet Insurance Premium Options
When determining premium costs, pet insurance providers take into consideration the pet’s age, breed, and where they live. As mentioned above, due to the fact that pets age at a fairly quick pace pet insurance premiums rise as the pet ages.
Based on your budget and the needs of your aging pet, you can choose from several plan options. For instance, Pets Best offers a comprehensive Accident and Illness plan, as well as a budget friendly Accident Only plan. Be sure to read your pet insurance policy so you know what is and what isn’t covered, for instance pre-existing conditions aren’t covered by any pet insurance provider.
To adjust your monthly premium, companies such as Pets Best allow you to choose from a variety of annual deductibles and reimbursement percentage options.
Annual Versus Per Incident Deductibles
Before a provider starts covering vet costs, you must first meet your deductible. Most pet insurance companies offer one of two deductible options: annual or per incident.
An annual deductible is paid only once during the policy year.
Per incident deductibles are paid for each incident/vet visit. Depending on the type of incidents and how many times they happen, you could pay multiple incident deductibles during the policy year.
What is a Copayment?
A copayment is the portion you pay for each veterinary bill you submit as a claim. For example, if you chose Pets Best’s 80% reimbursement option, after you’ve met your annual deductible, you’d pay for 20% of the veterinary bill and Pets Best would cover the other 80%. You pay for all vet services at the time of your appointment and then file a reimbursement claim. The pet insurance provider processes your claim and then reimburses you when the claim is processed.
Reduce Premiums with a High Deductible & Low Reimbursement
When managing your pet insurance premium it comes down to the out-of-pocket costs you are willing to take on. By choosing a high deductible and low reimbursement plan, you keep your pet insurance premiums at a minimum while maintaining quality coverage. As your pet ages and premiums increase, this may be a good option for you. Conversely, by choosing a low deductible and high reimbursement level, you can expect to pay higher monthly premiums.
It’s important to continue insurance coverage for older pets. Pet parents often make the mistake of canceling their coverage when pets hit their senior years. Senior pets can still have unexpected accidents and/or develop chronic illnesses which require frequent veterinary visits.
By managing your premiums, you can save money on your pet insurance costs and still have peace of mind knowing that your older pet is covered – just in case they suddenly become ill or require ongoing medical care.
Pets are Family and Deserve the Best Vet Care!
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