How to Choose the Best Insurance for Your Dog - Canine Campus Dog Daycare & Boarding

Dogs are important family members and, like humans, deserve the best medical care. Thanks to developments in veterinarian care and quality nutritional products, dogs are enjoying a longer lifespan than ever before. As a responsible dog parent, it’s important you are prepared for medical costs for your dog. One way to do this is through a pet insurance policy.

A serious illness or injury can take a financial toll, even if the patient is a dog. For example, cancer treatments can easily run as high as $5,000, surgery to fix a torn ACL can cost about $3,000. Pet insurance is sold with the promise that, by covering your pet’s medical bills, you won’t be forced to consider “economic euthanasia” in dire circumstances.

The Pet Insurance Industry is Growing

About 1 percent of pets are covered by a health insurance plan in the U.S. and Canada, according to the North American Pet Health Insurance Association. However, pet insurance coverage is growing at a rapid pace. Some employers even offer it as an employee benefit.

There are 16 pet health insurance companies in North America. The major brands are:

How the Plans Work

Like health insurance for people, pet policies come with a variety of deductibles, co-payments and premiums. However, with pet insurance you usually have to pay the veterinarian bills in full and wait for reimbursement from the insurance company. One exception to this is with Trupanion. This company has started disbursing payments directly to veterinarians on the date of service.

The cost of coverage varies depending on different criteria, such as the age and breed of your dog. Coverage options (such as the amount of your deductible) impact premiums as well. Embrace and Healthy Paws pay a flat percentage of covered costs (usually 80 percent) after your deductible is met. Other companies base their reimbursements on “usual and customary” costs of veterinarian care in your area. Embrace lets you choose the annual maximum coverage amount ($5,000, $8,000, $10,000 or $15,000). Healthy Paws and Trupanion do not have an annual ceiling.

What Pet Insurance Covers

Some companies allow you to choose the types of coverage you want, and others offer a pre-determined set of coverages. Most plans will cover or let you choose to cover conditions such as:

Accidents
Motor vehicle accidents
Illness (including arthritis, cancer and colitis)
Wellness coverage for routine care
Hereditary conditions
Congenital conditions
Chronic conditions
Diagnostic treatment
X-rays, blood tests, ultrasound
Surgery
Hospitalization
Prescription medications
Emergency care
Specialty care
Alternative treatment

Most plans exclude pre-existing conditions and spay/neuter procedures.

Compare Pet Insurance Providers

Before you select a pet insurance policy, take the time to research different companies. A side-by-side comparison will show the difference in plans, premiums, deductibles, co-pays, sample reimbursements and plan details, including exclusions and additional features.

Use this tool to compare pet insurance policies.

Check Out the Insurer’s Track Record

You want to make sure you are buying a policy with a reputable company. Make sure they are dependable, have experience and recommendations.

How long has the company been in business? Are they a trusted financial service? How many policies do they have in-force? Do they have veterinarians on staff that help develop policies.

Research What’s Covered – and What Might Affect Coverage

Different policies have different coverage. Find out what each company covers, what’s excluded and how your dog’s age and breed might affect coverage and/or premiums. If you are unsure about any policy, term or premium, call customer support to get your questions answered before you enroll.

Choose the Right Coverage

Take some time to think about what coverage you want, such as:

Accidents and illnesses
Preventative care
Vaccinations
Flea and heartworm prevention
Blood tests
Chronic conditions
Surgeries and hospitalization
Prescriptions
Exams
Hereditary conditions

Discuss your dog’s health with your veterinarian. Dog DNA testing will provide you with a clinical analysis of your dog’s health risks, such as a genetic mutation that increases the risk your dog might develop a specific disease. Discuss any concerns you might have about your dog’s health with your veterinarian before selecting an insurance policy.

Consider Reimbursement Type

There are two ways pet insurance carriers calculate reimbursement. Here is basic information on each type.

Percentage of invoice

This type of reimbursement is based on the itemized bill you receive from your veterinarian after treating your dog. Most companies will pay a certain percentage of the total bill.

Benefit schedule of allowances

Under this reimbursement type, the insurance company lists everything that is covered under your plan with a pre-determined reimbursement amount. The reimbursement amount is adjusted annually.

Other factors that may affect your reimbursement amount include a per accident deductible or an annual deductible.

Review Cost Vs. Value

Consider the monthly premium and reimbursement amount based on the type of coverage and deductible you choose (or are offered by the company).

Be sure to find out all the details about deductibles. You will want to know how deductibles impact your premium. While a lower premium might sound good, don’t limit the amount of benefits you’ll receive when you really need them.

Enroll Young and Healthy Pets

It’s important to enroll your puppy or dog when they’re young and healthy to avoid limiting coverage and paying a higher premium.

Ask About Discounts

Some companies offer discounts for various situations, such as having more than one pet enrolled. Also check to see if your employer offers pet insurance as an employee benefit.

Above all, the benefit of pet insurance is the promise of long term care for your dog when the time comes. Pet insurance can get expensive as your dog ages; make the investment as soon as possible. Rest assured you will be saving money as well as peace of mind knowing you will be able to save your dog’s life if the situation arises.

Is your dog enrolled in a pet insurance policy? What factors would you encourage other pet owners to consider before selecting a policy? Please comment below…