7 Dos & Don'ts About Pet Health Insurance - Members Plus Credit Union

Published May 2, 2016
Category Coffee Break

Pet Health Insurance Can Save You Big Bucks

Pet health insurance can save you hundreds or even thousands of dollar should your pet contract a serious illness or have a bad accident. However, it is important to choose a policy wisely if you want to receive speedy compensation for medical costs. Following are seven important do’s and don’t’s to bear in mind when shopping for insurance coverage for any pet.

Do Research Various Insurance Agencies

While some insurance agencies are arguably better than others, in most cases it is a matter of choosing the insurer that offers the best coverage for your particular pet. Research your options carefully before choosing an agency, as it can be costly to switch insurers later on.

Do Read the Fine Print

Always read the fine print before signing your name on the dotted line; otherwise, you may be in for a few unpleasant surprises when you attempt to claim compensation for costly medical treatment. Pet health insurance companies always place conditions on receiving compensation and knowing these conditions can help you determine what plan to buy and who to purchase coverage from.

Do Get a Health Exam Beforehand

Not all insurance agencies require a health exam; however, it is always a good idea to get one done before buying insurance. Doing so will help you know if later health problems are recent or due to a pre-existing health condition. Because existing conditions are not covered, knowing when a condition first started can help you know what to expect from your insurer.

Don’t Delay

Don’t assume a pet that is healthy now will remain healthy long-term. Buy insurance before your pet has health problems as it is difficult and costly to buy insurance after your pet gets older and/or has been seriously ill.

Additionally, many pets engage in dangerous behavior such as leaping from balconies, fighting with other neighborhood animals and running in front of cars. You never know when a pet will seriously injure itself and require emergency treatment.

Don’t Assume You are Fully Covered

Don’t assume that your insurance policy covers every single condition your pet has or will ever have. Most pet health insurance agencies do not provide coverage for either hereditary conditions or pre-existing ones. There are frequently limits to how much money you can claim for a particular condition or illness. Furthermore, it is not uncommon for pet insurers to deny coverage for incidents for which your animals may be at fault (i.e. if your dog runs in front of a car or your cat swallows a plastic toy.)

Don’t Choose the Cheapest Option

Be wary of any health insurance plan that seems too good to be true. Such plans often are, as they may have a very high deductible, not provide ample coverage or have strict limitations regarding which veterinarians you can work with. While you naturally want to save money when buying pet insurance, make sure the plan will actually be cost efficient and provide proper care in the long run.

Don’t Buy a Pet Until You Have Thought Through Medical Payment Options

If you do not yet own a pet, stop to consider costs before buying one. Pet owners who fail to do so are often faced with the very difficult choice of either figuring out how to pay for expensive care on a limited budget or having the pet put down.

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